Intel (INTC) has surged over 90% since March 2026, currently trading at $94. The stock recovered from ~$45 to nearly $100 – one of the most spectacular rallies in the chip sector.
What happened today:
- 28,999 put contracts at the $90 strike traded (Volume/Open Interest ratio: 58.70)
- This is extremely unusual volume for Intel options
- But: Smart money is shorting these puts – a bullish signal
Why this is bullish: When institutional investors short puts, they don't believe in a decline below the strike. For Intel, this means: The $90 level is seen as a safe floor.
What this means for traders:
- Those betting against Intel are getting squeezed
- Put buyers are paying extremely high premiums
- Call holders are profiting from the short squeeze
Background of the rally: Intel has delivered several positive news items in recent weeks:
- Collaboration with Tesla and SpaceX for Musk's Terafab project
- Strong free cash flow projections ($8.4B NTM)
- Positive analyst voices and upgrades
The combination of fundamental recovery and technical short squeeze makes Intel one of the most exciting plays in May 2026.