QCOM Options Trader Bets $1.2 Million on Downside With Deep Out-of-the-Money Put

By TrendSpider Editor

A notable bearish options contract surfaced in QUALCOMM Incorporated on Monday, with a single put position commanding $1,222,500 in total premium. QCOM shares are trading at $173.42, down 1.19% on the session, situating the stock in the lower half of its 52-week range of $121.99 to $259.92. The unus

QCOM Options Trader Bets $1.2 Million on Downside With Deep Out-of-the-Money Put

A notable bearish options contract surfaced in QUALCOMM Incorporated on Monday, with a single put position commanding $1,222,500 in total premium. QCOM shares are trading at $173.42, down 1.19% on the session, situating the stock in the lower half of its 52-week range of $121.99 to $259.92. The unusual activity adds a layer of caution to an already soft trading day for the semiconductor name.

Key Drivers of the QCOM Stock Move

• Main Catalyst: One unusual put contract was flagged today targeting a $125 strike expiring September 17, 2027, with 1,500 contracts changing hands and an open interest percentage of 489%, signaling the position is dramatically larger than existing open interest and is almost certainly a fresh directional bet.
• Bull Case: The $125 strike sits well below the current price of $173.42 and even further below the 52-week high of $259.92, meaning the stock would need to fall roughly 28% from current levels before this put moves into the money. Many traders may view this as a distant hedge rather than a high-conviction near-term short.
• Bear Case: The $1,222,500 in premium committed to a single out-of-the-money put contract reflects a serious capital allocation toward downside protection or a directional short bet. The contract's open interest reading of 489% above existing OI confirms this is a new, sizable position, not routine activity, and the expiry extending to September 2027 gives the trade nearly a full year to play out.

The bearish positioning arrives at a complicated moment for QUALCOMM. The stock has already surrendered significant ground from its 52-week high of $259.92, and today's additional 1.19% decline keeps selling pressure in focus. With the put strike at $125 sitting just above the 52-week low of $121.99, the trader behind this contract appears to be targeting a scenario where QCOM revisits its floor or breaks below it entirely over the next 11 months. Investors watching the stock will want to monitor whether additional unusual flow emerges in the coming sessions to either confirm or contradict this single bearish data point.

QCOM Unusual Options Activity

One unusual options contract was identified in QCOM today, accounting for $1,222,500 in total premium across the session:

• Type: Put | Strike: $125 | Expiry: September 17, 2027 | Volume: 1,500 contracts | Open Interest: 489% above existing OI

The contract is currently out of the money with QCOM trading at $173.42, requiring a decline of approximately 28% before the position reaches its strike price. The 489% open interest figure is the standout detail, confirming this was not a position built gradually but rather a concentrated single-session entry with clear directional intent.

QCOM Seasonality

October has historically been a transitional month for semiconductor stocks, with the sector often subject to volatility heading into year-end earnings cycles. A put expiring in September 2027 captures multiple earnings reports and potential cyclical inflection points in the chip industry, giving the position broad exposure to any deterioration in QCOM's fundamental story over the next several quarters.

QCOM Relative Performance

QCOM's current price of $173.42 represents a decline of roughly 33% from its 52-week high of $259.92, underperforming what many investors would expect from a leading mobile semiconductor franchise. With the 52-week low sitting at $121.99, the stock is trading closer to the bottom of its annual range than the top, a positioning that gives context to why a bearish trader may see further downside risk worth hedging or speculating on through the options market.