QCOM Options Traders Target Upside With $1.2M in Bullish Flow as Stock Climbs 2.55%

By TrendSpider Editor

Unusual options activity in Qualcomm Incorporated is drawing attention Wednesday, with over $1.2 million in total premium flowing across three flagged contracts, the largest being an $852,800 call sweep targeting the $195 strike. QCOM shares are trading at $168.62, up 2.55% on the session, sitting w

QCOM Options Traders Target Upside With $1.2M in Bullish Flow as Stock Climbs 2.55%

Unusual options activity in Qualcomm Incorporated is drawing attention Wednesday, with over $1.2 million in total premium flowing across three flagged contracts, the largest being an $852,800 call sweep targeting the $195 strike. QCOM shares are trading at $168.62, up 2.55% on the session, sitting well off the 52-week high of $259.92 while holding a substantial distance above the 52-week low of $121.99. The options positioning, dominated by out-of-the-money calls, suggests at least some traders are betting on a meaningful recovery from current levels.

Key Drivers of the QCOM Stock Move

• Main Catalyst: Three unusual options contracts totaling $1,220,031 in premium were flagged today, with two call positions accounting for the overwhelming majority of flow. The standout trade is a $195 strike call expiring January 15, 2027, with a size of 1,300 contracts and an open interest penetration of 28%. A second call at the $180 strike, expiring November 6, 2026, printed 1,000 contracts at a striking 98% of open interest, signaling a fresh and aggressive near-term position.
• Bull Case: The $195 January 2027 call represents $852,800 in premium committed to a strike that sits roughly 15.6% above today's price, implying a trader expects a significant directional move higher over the next two and a half months. The $180 call expiring in just two days with 98% OI penetration suggests a high-conviction, short-duration bet that the stock can push above $180 almost immediately.
• Bear Case: A single put contract at the $250 strike expiring November 6, 2026 is currently deep in-the-money, representing a position that profits with QCOM well below its current price relative to that strike. While the put size is small at just 7 contracts, the open interest penetration of 1,000% flags it as highly unusual. At $168.62, the stock remains far below the 52-week high of $259.92, and the gap between the current price and that high underscores how much ground has been lost.

The forward setup for QCOM is shaped by the broader semiconductor cycle and the company's ongoing reliance on smartphone chip demand, particularly from key customers navigating uncertain consumer spending trends. The two expiring-Friday calls at $180 create an immediate technical magnet heading into the end of the week, and market participants will be watching whether today's 2.55% gain has the momentum to build further. With the January 2027 call at $195 representing the single largest premium outlay today, longer-duration bulls appear to be positioning for a recovery runway that extends well past any near-term noise. If QCOM can reclaim levels closer to the mid-$180s or higher, it would meaningfully compress the gap between current price and the top of its 52-week range.

QCOM Unusual Options Activity

• Call | Strike: $195 | Expiry: January 15, 2027 | Volume: 1,300 | OI%: 28% | OTM | Premium: $852,800
• Call | Strike: $180 | Expiry: November 6, 2026 | Volume: 1,000 | OI%: 98% | OTM | Premium: $311,000
• Put | Strike: $250 | Expiry: November 6, 2026 | Volume: 7 | OI%: 1,000% | ITM | Premium: $56,231

All three contracts were flagged across a total unusual flow of $1,220,031 in premium. Call contracts account for two of the three flagged trades and represent the dominant directional bias in today's activity. The deep-in-the-money put expiring Friday carries an extraordinary open interest ratio of 1,000%, making it a statistical outlier despite its small size.

QCOM Seasonality

The November-to-January window has historically been an active period for semiconductor stocks, as investors position ahead of CES in early January and reassess chip demand outlooks heading into the new year. The placement of the largest call at a January 15, 2027 expiry aligns directly with that seasonal setup.

QCOM Relative Performance

QCOM's 2.55% gain on the session reflects relative strength within the semiconductor space on Wednesday. At $168.62, the stock is trading approximately 35% below its 52-week high of $259.92 and roughly 38% above its 52-week low of $121.99, placing it in the lower half of its annual range and leaving significant technical recovery potential for the bulls positioning through today's options flow.