QCOM Options Traders Bet Against Qualcomm With $1.49M ITM Put Position

By TrendSpider Editor

A notable bearish options contract surfaced in Qualcomm Incorporated on Tuesday, with a single put position carrying a premium of $1,494,215.60 drawing attention from traders monitoring unusual activity. At a current price of $188.59, QCOM sits well within its 52-week range of $121.99 to $259.92, bu

QCOM Options Traders Bet Against Qualcomm With $1.49M ITM Put Position

A notable bearish options contract surfaced in Qualcomm Incorporated on Tuesday, with a single put position carrying a premium of $1,494,215.60 drawing attention from traders monitoring unusual activity. At a current price of $188.59, QCOM sits well within its 52-week range of $121.99 to $259.92, but this options flow suggests at least one large trader is positioning for downside in the weeks ahead. The contract's in-the-money status adds urgency to the signal, as it reflects directional conviction rather than a speculative long-shot bet.

Key Drivers of the QCOM Stock Move

• Main Catalyst: One unusual put contract was flagged on QCOM, struck at $195 with a November 20, 2026 expiration, carrying a total premium of $1,494,215.60. The contract printed with a size of 797 and an open interest percentage of 132%, indicating volume exceeded existing open interest and suggesting this is a freshly initiated position.
• Bull Case: QCOM is up 0.59% on the session and remains well above its 52-week low of $121.99, reflecting underlying price strength. The current price of $188.59 gives the stock meaningful room before reaching levels that would bring longer-term technical support into question.
• Bear Case: The $195 strike is in the money relative to the current price of $188.59, meaning this put is already profitable at initiation and reflects a trader paying a significant premium to be positioned for further weakness. The 132% open interest ratio signals aggressive, fresh directional positioning rather than a hedge against an existing long.

With the November 20, 2026 expiration roughly seven weeks out, this trade captures a meaningful window of time that includes the potential for a quarterly earnings release, macro catalysts, and ongoing developments in the semiconductor sector. Qualcomm has been navigating a competitive landscape shaped by the rollout of AI-enabled mobile processors and ongoing questions about its licensing business and customer concentration. The single large put contract, rather than a cluster of positions, points to a concentrated institutional or high-conviction retail bet rather than a broad hedging campaign. Traders will be watching whether this flow is followed by additional bearish positioning or whether it stands alone as an isolated contrarian view against a stock that has held up reasonably well from its 52-week lows.

QCOM Unusual Options Activity

One unusual contract was identified in QCOM on Tuesday:

• Type: Put | Strike: $195 | Expiry: November 20, 2026 | Volume: 797 | Open Interest: 132% of prior OI | Status: In the Money

The single contract accounted for the entirety of the unusual options activity flagged for QCOM today, with a total premium of $1,494,215.60. The in-the-money designation at the $195 strike, relative to the current price of $188.59, means the put carries intrinsic value at initiation. No call contracts were flagged in today's sweep.

QCOM Seasonality

The fourth quarter has historically been a pivotal period for semiconductor names as the holiday production cycle peaks and forward guidance sets the tone for the following year. A late November expiration positions this trade to capture any volatility surrounding Qualcomm's next earnings event and broader sector sentiment heading into year-end.

QCOM Relative Performance

QCOM's modest gain of 0.59% on Tuesday places it in positive territory on the session, though the stock at $188.59 remains considerably below its 52-week high of $259.92, representing a discount of more than 27% from that peak. The 52-week low of $121.99 offers a reference point for how far the stock has recovered, with the current price sitting roughly in the middle of its annual range, leaving the outcome of this bearish options bet highly dependent on near-term catalysts.