QCOM Unusual Options Activity: A $1 Million Call Bet Targets $175 With Eyes on December 2028
By TrendSpider Editor
A single unusually large call contract totaling $1,000,000 in premium hit the tape for Qualcomm Incorporated on Thursday, drawing attention to the chipmaker as shares trade at $164.80, up 1.06% on the session. The contract carries an open interest surge of 2,000%, signaling that this is far from rou
QCOM Unusual Options Activity: A $1 Million Call Bet Targets $175 With Eyes on December 2028
A single unusually large call contract totaling $1,000,000 in premium hit the tape for Qualcomm Incorporated on Thursday, drawing attention to the chipmaker as shares trade at $164.80, up 1.06% on the session. The contract carries an open interest surge of 2,000%, signaling that this is far from routine positioning. With QCOM sitting well off its 52-week high of $259.92 and well above its 52-week low of $121.99, the bet reflects a longer-term bullish thesis at a time when the stock remains in the middle of a wide trading range.
Key Drivers of the QCOM Stock Move
- Main Catalyst: One unusual call contract struck at $175 with a December 2028 expiration was flagged today, carrying $1,000,000 in total premium and an open interest reading 2,000% above the baseline, a strong signal of deliberate, directional positioning.
- Bull Case: The call is out of the money relative to the current price of $164.80, but the December 2028 expiration gives the trade over two years to play out. The buyer is targeting a move through $175, and given QCOM's 52-week high of $259.92, there is historical precedent for the stock trading meaningfully above that strike.
- Bear Case: QCOM is currently trading closer to the lower half of its 52-week range of $121.99 to $259.92, meaning the stock has already shed significant ground from its peak. A $1 million premium outlay on a single out-of-the-money call is a concentrated, speculative position that loses its entire value if QCOM fails to clear $175 before expiration.
The forward setup for Qualcomm centers on whether the stock can reclaim lost ground after trading well below its 52-week high. The two-plus-year duration of this options trade suggests the buyer is not looking for a near-term catalyst but rather positioning for a broader recovery or fundamental re-rating over time. Qualcomm's exposure to AI-driven smartphone upgrades, automotive semiconductor demand, and edge computing remain the key narratives that could drive that kind of multi-year appreciation. The 1.06% gain on the session today adds a modest tailwind, but the distance back to the $259.92 high underscores how much ground the stock still needs to cover to satisfy the most optimistic scenarios embedded in a trade like this.
QCOM Unusual Options Activity
One unusual contract was flagged in today's session, with zero puts and all activity concentrated on the call side:
- Type: Call | Strike: $175 | Expiry: December 15, 2028 | Volume/Size: 200 contracts | Open Interest Change: 2,000% above baseline | Positioning: Out of the money
The 2,000% open interest reading is the standout detail here. It indicates that nearly all activity in this contract is fresh positioning rather than a hedge against an existing holding, making it a high-conviction directional trade. With total premium of $1,000,000 and a long runway to expiration, this contract will be one to monitor as Qualcomm navigates the next two years of product cycles and macro conditions.
QCOM Seasonality
August has historically been a mixed month for semiconductor stocks as the market digests back-to-school demand signals ahead of the critical holiday production ramp. A long-dated December 2028 expiration bypasses near-term seasonal noise entirely, suggesting the options buyer is indifferent to short-cycle fluctuations.
QCOM Relative Performance
QCOM's 1.06% gain on Thursday places it in positive territory on the session, though the stock's position roughly in the middle of its 52-week range of $121.99 to $259.92 at $164.80 suggests it continues to lag the performance of its peak levels from the past year. The wide range reflects the volatility that has characterized the semiconductor sector broadly, and QCOM's recovery from its 52-week low is notable even as it remains far from reclaiming its highs.
More on QCOM
- QCOM Options Traders Bet Against Qualcomm With $1.49M ITM Put Position
- QUALCOMM Shares Tumble Nearly 6% as Selling Pressure Drags Stock Toward Lower End of 52-Week Range
- QUALCOMM Surges 5.50% to $204.95, Pushing Toward the Upper Half of Its 52-Week Range
- QUALCOMM Surges 7.29% as Shares Reclaim Ground Toward 52-Week Highs
- QUALCOMM Shares Drop 5.7% Friday, Erasing Recent Gains Amid Broad Selloff
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