Intel Investors Snap Up Bullish Options to Chase Furious Rally

Investors are piling into bullish bets on Intel Corp., betting that a weeks-long rally following a string of investments from the US government, Nvidia Corp. and others will continue as the chipmaker seeks further tie-ups.

Implied volatility in three-month Intel options jumped this week to the highest level since the tariff-driven selloff in US stocks in early April. But rather than protecting against a decline, investors are buying call options that will profit from further gains.

The premium of calls over puts — the skew — jumped this week to the highest level in data going back to ...