To The Moon

Shares of Intel Corporation closed at $133.99 on the day, surging 10.64%. Following the sharp rally, investor attention shifted to the options market, where a series of sizable trades suggested institutional investors remain broadly bullish on the stock, despite some divergence in views regarding the pace of future gains.

Options Metrics Signal Elevated Expectations

Intel's implied volatility (IV) currently stands at 92.13%, with its IV percentile reaching 99.20%, placing options pricing near the top of its historical range. The elevated reading suggests investors are paying a significant premium for exposure to future price swings and continue to anticipate heightened volatility ahead.

Meanwhile, the IV-to-historical volatility ratio is 1.07, indicating implied volatility is trading at a modest premium to realized volatility. Overall, Intel options remain priced in a high-volatility environment.

The call-to-put volume ratio stood at 1.97, underscoring a clear bias toward bullish positioning.

Block Trades Highlight Long-Term Bullish Conviction

The most notable transaction of the session was a $27.3 million purchase of 6,500 call contracts expiring on Sept. 18, 2026, with a strike price of $97.50.

$INTC 20260918 97.5 CALL$

Source: Tiger Trade App

With Intel shares trading near $134, the position represents a deep in-the-money long call exposure. Such long-dated, deep ITM call purchases are often viewed as a high-conviction bullish strategy, allowing investors to gain leveraged upside participation while committing capital to a longer investment horizon.

The structure appears to reflect a directional bullish view rather than a short-term speculative trade, suggesting the buyer expects Intel shares to remain resilient or continue appreciating over the coming year.

A separate transaction involved the purchase of 1,910 July 2026 $95 call contracts, valued at approximately $7.8 million. Trades of this nature are frequently interpreted as a stock-replacement strategy, in which investors seek equity-like exposure through options while benefiting from leverage and capital efficiency.

$INTC 20260717 95.0 CALL$

Source: Tiger Trade App

Investors Simultaneously Set an Upside “Ceiling”

At the same time, market participants sold a substantial number of out-of-the-money call options, notably at the $140 strike for June 2026 expiration and the $160 strike for August 2026 expiration.

The activity effectively establishes potential resistance levels above the current share price, indicating that some investors are less confident Intel can sustain a rapid advance beyond those thresholds in the near to medium term.

Such call-writing strategies are commonly used either to harvest option premium or to offset upside exposure elsewhere in a portfolio.

Flow Analysis Remains Decisively Bullish

Across all notable block trades, bullish premium totaled approximately $41.09 million, compared with bearish premium of $10.59 million, resulting in a net bullish imbalance of roughly $30.51 million.

The dominant source of positive sentiment came from large-scale purchases of deep in-the-money call options, reinforcing the view that institutional investors continue to position for additional upside.

Bearish flows, by contrast, were concentrated in protective put buying and out-of-the-money call selling—transactions more consistent with risk management and profit optimization than with an outright bearish stance.

Taken together, the options flow points to a market that remains constructive on Intel's outlook, with investors broadly favoring further gains while acknowledging that upside momentum may face constraints at higher price levels.

Strategy Takeaway

Given Intel's exceptionally high IV percentile, options sellers may find opportunities in writing far out-of-the-money calls above the $150 strike to capture elevated time premium.

For investors seeking upside exposure with more defined risk, bullish spread structures—such as bull call spreads—may offer a more balanced approach, allowing participation in potential gains while mitigating the impact of expensive option premiums.