QCOM Unusual Options Activity: $2.94M in Bullish Call Flow Targets Strikes Up to $235

By TrendSpider Editor

Unusual options activity in QUALCOMM Incorporated is drawing attention Thursday as four call contracts totaling $2,942,305 in combined premium hit the tape, signaling a notably directional bet from options traders. QCOM shares are trading at $207.31, up 2.37% on the session, and sit in the upper hal

QCOM Unusual Options Activity: $2.94M in Bullish Call Flow Targets Strikes Up to $235

Unusual options activity in QUALCOMM Incorporated is drawing attention Thursday as four call contracts totaling $2,942,305 in combined premium hit the tape, signaling a notably directional bet from options traders. QCOM shares are trading at $207.31, up 2.37% on the session, and sit in the upper half of their 52-week range of $121.99 to $247.898. The concentration of call flow across multiple strike prices and near-term expirations suggests traders are positioning for continued upside heading into the summer months.

Key Drivers of the QCOM Stock Move

• Main Catalyst: Four unusual call contracts totaling $2,942,305 in premium were detected Thursday, spanning strikes from $200 to $235 and expirations ranging from June 5 to July 2, 2026. Every contract in the sweep was a call, with zero puts recorded.
• Bull Case: The largest single contract by size was the $200 strike call expiring June 5, 2026, which printed 1,240 contracts at 147% of open interest, generating $1,822,800 in premium. An options position at 147% of open interest indicates fresh, aggressive positioning rather than a roll or hedge, and the contract is already in the money with QCOM at $207.31.
• Bear Case: The $230 and $235 strike contracts are out of the money, requiring QCOM to rally an additional 11% or more from current levels before expiration. The $235 strike expiring July 2 carries only 200 contracts and represents a longer-odds bet, and the relatively short-dated nature of all four contracts means time decay will work against these positions quickly if the stock stalls.

The all-call, no-put structure of today's unusual flow is a clean directional signal with no ambiguity around hedging interpretation. QCOM has already reclaimed a significant portion of its 52-week range, trading well above the $121.99 low set over the past year, and the current price of $207.31 puts it roughly 16 points below the $247.898 high. The June 5 in-the-money contract is particularly notable given its tight expiration window, suggesting the trader behind it expects a near-term catalyst or continuation of today's momentum. With $2.94 million in total premium committed exclusively to the upside, the smart money posture here leans decidedly bullish into the back half of May and through mid-summer.

QCOM Unusual Options Activity

• Contract 1: CALL, $230 strike, expiring June 18, 2026 | Volume: 500 | Open Interest: 5% | Out of the Money | Premium: $427,550
• Contract 2: CALL, $230 strike, expiring June 18, 2026 | Volume: 603 | Open Interest: 6% | Out of the Money | Premium: $461,355
• Contract 3: CALL, $200 strike, expiring June 5, 2026 | Volume: 1,240 | Open Interest: 147% | In the Money | Premium: $1,822,800
• Contract 4: CALL, $235 strike, expiring July 2, 2026 | Volume: 200 | Open Interest: 1,000% | Out of the Money | Premium: $230,600

QCOM Seasonality

Late May and early June have historically represented an active period for semiconductor stocks as investors position ahead of mid-year product and guidance updates. The cluster of June expirations in today's flow aligns with a window that often sees elevated volatility and directional moves in chip names.

QCOM Relative Performance

QCOM's 2.37% gain Thursday puts it in strong standing relative to the broader semiconductor space on a single-session basis. Trading at $207.31, the stock has recovered substantially from its 52-week low of $121.99 and now sits closer to its 52-week high of $247.898, reflecting a recovery of roughly 70% off the lows. The aggressive call positioning seen today suggests options traders believe the stock has room to extend that recovery further in the weeks ahead.