QCOM Options Traders Lay $19M on Deep In-the-Money Call as Stock Approaches 52-Week High

June 3, 2026

By TrendSpider Editor

QCOM Options Traders Lay $19M on Deep In-the-Money Call as Stock Approaches 52-Week High

A single deep in-the-money call contract on Qualcomm Incorporated caught the market's attention on Wednesday, with a $18,991,470 premium tied to a $155 strike expiring June 18, 2026, signaling a high-conviction directional bet as QCOM trades at $247.24. The stock is up 2.66% on the session, placing it well above the midpoint of its 52-week range of $121.99 to $259.92 and within striking distance of that annual high. With expiration just two weeks away and the contract already deep in the money, this flow suggests an institutional player is either locking in gains, rolling a position, or expressing continued confidence in near-term upside.

Key Drivers of the QCOM Stock Move

Main Catalyst: A single call contract at the $155 strike expiring June 18, 2026 printed with a volume of 1,997 contracts and open interest utilization of 84%, carrying a total premium of $18,991,470. The contract is deep in the money with QCOM currently trading at $247.24.
Bull Case: The sheer size of the premium at nearly $19 million on a deep ITM contract with a two-week expiry points to a well-funded trader expressing strong conviction that QCOM will hold above $155 through June 18. With the stock already up 2.66% on the session and trading near its 52-week high of $259.92, momentum is clearly aligned with this positioning.
Bear Case: Deep ITM calls with short time to expiration are often used to hedge existing short positions or unwind longer-dated exposure rather than initiate fresh bullish bets. The 84% open interest utilization also raises the possibility this is a closing transaction rather than new money entering the trade, which would strip away the bullish interpretation.

The forward setup for QCOM looks constructive on the surface, with the stock holding close to its 52-week high of $259.92 and showing a solid intraday gain of 2.66%. The June 18 expiration date means this contract will resolve quickly, keeping all eyes on price action over the next two weeks. Qualcomm continues to navigate a complex macro backdrop for semiconductor names, balancing strong demand from its mobile and automotive chip segments against ongoing concerns about China exposure and the broader AI infrastructure spending cycle. Any catalyst between now and June 18, whether macro-driven or company-specific, could determine whether this massive premium pays off in full or gets absorbed into a rolling position.

QCOM Unusual Options Activity

One unusual contract was flagged in Wednesday's session:

Type: Call | Strike: $155 | Expiry: June 18, 2026 | Volume: 1,997 | Open Interest Utilization: 84%

The contract is deep in the money relative to QCOM's current price of $247.24 and carries a total premium of $18,991,470. With no put activity flagged in today's session, the unusual options flow is entirely call-sided, representing a one-directional signal worth monitoring as expiration approaches.

QCOM Seasonality

June has historically been an active month for semiconductor stocks as investors reposition ahead of mid-year earnings previews and developer conferences that often move chip names. With QCOM's June 18 expiration aligning with options expiration week, volatility around that date tends to run elevated across the sector.

QCOM Relative Performance

QCOM's 2.66% gain on Wednesday puts it in strong standing relative to the broader semiconductor space on an intraday basis. Trading at $247.24, the stock sits approximately 95 dollars above its 52-week low of $121.99 and within roughly $12.68 of reclaiming its 52-week high of $259.92, suggesting QCOM is among the stronger performers in its peer group over the trailing year.