Intel options volume surges 3x as stock rallies 35%

Call Options Dominate Intel Positioning

Intel's stock rallied approximately 35% from its summer lows, and options flows reflected sustained confidence. Of the $320 million in buyer-initiated premium that moved through Intel options, $231 million went to calls. That breakdown matters: approximately 72 cents of every dollar wagered on Intel options was bet on the stock going higher, not lower.

The call-to-put ratio underscored the bullish tilt. Around 270,000 call contracts were purchased compared to fewer than 140,000 puts, a nearly two-to-one skew toward upside exposure. At-the-money calls were trading at roughly a $2 premium to equivalent puts, a skew that reflects elevated demand for upside participation.

Broader Market Sentiment Shifts

Intel wasn't alone. AMD options volume nearly doubled its average, with 107,000 calls bought against 71,500 puts. CrowdStrike and SpaceX both posted bullish options flows that exceeded their respective 30-day averages, suggesting renewed appetite for risk across the tech sector.

The Cboe Volatility Index dropped more than two points to settle at 15.4, marking its lowest reading in a week. The VIX decline followed the Federal Reserve's first interest rate hike since 2023, and the S&P 500 gained more than 1% on the session. Lower volatility paired with equity strength typically signals investor comfort with near-term conditions.

Specific Bets on Intel Upside

The most notable individual contract was the October 2 $115 call on Intel, which would require the stock to climb an additional 7.7% from its September 17 level to pay off. That bet reflects trader conviction that momentum persists. Whether it holds depends on earnings, product cycles, and macro headwinds—but the options market was pricing in continued strength.