QCOM Options Traders Pile Into $2.6M Put Position as Qualcomm Shares Rise 2%

By TrendSpider Editor

A notable bearish options bet is flashing warning signs for Qualcomm Incorporated even as the stock climbs today. A single put contract totaling $2,617,500 in premium hit the tape on Thursday, dwarfing a comparatively minor call position and suggesting at least one large player is hedging against me

QCOM Options Traders Pile Into $2.6M Put Position as Qualcomm Shares Rise 2%

A notable bearish options bet is flashing warning signs for Qualcomm Incorporated even as the stock climbs today. A single put contract totaling $2,617,500 in premium hit the tape on Thursday, dwarfing a comparatively minor call position and suggesting at least one large player is hedging against meaningful downside over the next several months. QCOM currently trades at $176.08, up 2.00% on the session, but sits well off its 52-week high of $259.92 and remains closer to its 52-week low of $121.99, a backdrop that gives the bearish bet added context.

Key Drivers of the QCOM Stock Move

• Main Catalyst: Two unusual options contracts were flagged today with a combined total premium of $2,649,550. The dominant position is a put at the $160 strike expiring June 17, 2027, with a size of 1,500 contracts and a premium of $2,617,500. A smaller call at the $182.50 strike expiring October 16, 2026 carried just $32,050 in premium with a size of 500 contracts.
• Bull Case: The call position at the $182.50 strike, expiring tomorrow, reflects a near-term bet that QCOM can push above current levels quickly. Today's 2.00% gain shows positive price momentum that could support that short-dated thesis, and the stock has considerable room below the 52-week high of $259.92, suggesting recovery potential if sentiment shifts.
• Bear Case: The $2,617,500 put premium at the $160 strike expiring in June 2027 is the overwhelming story here, representing over 98% of total unusual premium activity. That strike sits roughly 9% below the current price of $176.08, and the position has eight months to play out, implying a well-capitalized trader is positioning for sustained downside pressure rather than a short-term dip.

The imbalance between the put and call premium today is striking. With zero additional call contracts flagged and all meaningful unusual activity concentrated in a single long-dated put, the options flow leans decidedly bearish on a net basis. Qualcomm operates in a highly competitive semiconductor landscape where mobile chipset demand cycles, geopolitical headwinds around China revenue exposure, and the ongoing push into automotive and AI edge computing all factor into the longer-term outlook. The June 2027 expiration gives this put position enough runway to capture potential macro or company-specific deterioration well beyond the current quarter. Traders watching QCOM should weigh today's price strength against the possibility that smart money is using the bounce to establish downside protection at scale.

QCOM Unusual Options Activity

• Contract 1: Call | Strike: $182.50 | Expiry: October 16, 2026 | Volume: 500 | Open Interest: 16% OI ratio | OTM | Premium: $32,050
• Contract 2: Put | Strike: $160.00 | Expiry: June 17, 2027 | Volume: 1,500 | Open Interest: 15% OI ratio | OTM | Premium: $2,617,500

Total unusual premium flagged today: $2,649,550 across 2 contracts. The put-to-call premium ratio is heavily skewed bearish, with the June 2027 put accounting for approximately 98.8% of total unusual premium activity. Both contracts are out of the money relative to the current price of $176.08.

QCOM Seasonality

October has historically been a transitional month for semiconductor names as the industry heads into earnings season and year-end demand forecasts come into focus. A put position established in mid-October with a June 2027 expiration spans the typically volatile November earnings period as well as the first half of 2027, capturing multiple potential catalysts for the position to move in or out of the money.

QCOM Relative Performance

QCOM's 2.00% gain on Thursday places it among the stronger movers in the semiconductor space today. However, the stock's current price of $176.08 reflects a significant pullback from its 52-week high of $259.92, representing a decline of roughly 32% from that peak. The 52-week low of $121.99 remains a reference point for just how wide the trading range has been, underscoring the volatility that makes a long-dated put position a meaningful directional bet in this name.