QCOM Unusual Options Activity: A $1.07M Call Bet Signals Bullish Momentum as Shares Climb

By TrendSpider Editor

Unusual options activity is lighting up QUALCOMM's tape on Thursday, September 17, 2026, led by a notable $1,069,440 call contract at the $190 strike that points to growing bullish conviction heading into October. QCOM shares are trading at $188.69, up 2.08% on the session, as this options flow adds

QCOM Unusual Options Activity: A $1.07M Call Bet Signals Bullish Momentum as Shares Climb

Unusual options activity is lighting up QUALCOMM's tape on Thursday, September 17, 2026, led by a notable $1,069,440 call contract at the $190 strike that points to growing bullish conviction heading into October. QCOM shares are trading at $188.69, up 2.08% on the session, as this options flow adds fuel to an already positive day. The stock sits within a broad 52-week range of $121.99 to $259.92, placing today's price closer to the lower half of that band and suggesting significant room to the upside if momentum continues.

Key Drivers of the QCOM Stock Move

• Main Catalyst: Two unusual options contracts totaling $1,102,840 in combined premium hit the tape today. The dominant trade is a call sweep at the $190 strike expiring October 16, 2026, with a size of 1,114 contracts and open interest utilization of 23%. A smaller put contract at the $190 strike expiring October 9, 2026 carried 40 contracts but registered a striking 200% OI ratio, flagging elevated relative activity even at modest size.
• Bull Case: The $1,069,440 call purchase at $190 is out of the money relative to the current price of $188.69, meaning traders are paying a meaningful premium to bet that QCOM will push through $190 and hold above it before the October 16 expiration. Combined with a 2.08% intraday gain, this call flow suggests institutional or informed participants are positioning for continued near-term upside.
• Bear Case: The $190 put expiring October 9, 2026 is currently in the money at the current price of $188.69, with a 200% open interest ratio indicating that new positions exceed existing open interest by double. This could signal a hedging strategy against the call trade, or an independent bearish bet that QCOM fails to hold above $190 within the next three weeks.

The forward setup for QCOM is a tug-of-war between near-term momentum and longer-term headwinds baked into the 52-week range. At $188.69, shares remain roughly 27% below the 52-week high of $259.92, yet are nearly 55% above the 52-week low of $121.99, placing the stock at a crossroads technically. The $190 level is clearly in focus for options traders, with both a call and a put anchored to that exact strike in the coming weeks. Whether the stock can clear and sustain that level will likely determine the near-term trend. The total premium of $1,102,840 across just two contracts reflects a high level of conviction from participants on both sides of the trade, making price action around $190 a critical near-term battleground.

QCOM Unusual Options Activity

• Contract 1: Call | Strike: $190 | Expiry: October 16, 2026 | Volume: 1,114 | Open Interest Utilization: 23% | Status: Out of the Money
• Contract 2: Put | Strike: $190 | Expiry: October 9, 2026 | Volume: 40 | Open Interest Utilization: 200% | Status: In the Money

QCOM Seasonality

Mid-to-late September has historically been a transitional period for semiconductor names as investors begin positioning ahead of fourth-quarter earnings cycles. With both options contracts expiring in October, traders may be anticipating a near-term catalyst or volatility event around QCOM's upcoming earnings window.

QCOM Relative Performance

QCOM's 2.08% gain on Thursday places it in positive territory on a day when attention to the semiconductor space remains elevated. At $188.69, the stock has recovered meaningfully from its 52-week low of $121.99, but the gap to the 52-week high of $259.92 underscores that QCOM has significant ground to reclaim relative to its own recent peak performance, making options plays around the $190 level a technically meaningful inflection point.