Futubull Volatility Hunter | Intel Surges Nearly 11% in a Single Day, SPCX Swings Wildly: How to Skillfully Capture 'Uncertainty Rent' and Harvest Volatility Premium?

Hello everyone, and welcome to this week's 'Bullish Volatility Hunter'.

Around June 18, $Intel (INTC.US)$ CEO Lip-Bu Tan was interviewed on the tech podcast 'No Priors.' After the news broke, Intel's stock price jumped nearly 11% in a single day, hitting a new high. It rose another 4%+ in pre-market trading on June 22, leaving many wondering exactly what was discussed in the interview that got the market so 'excited.'

First topic: Intel’s collaboration with Terafab

Lip-Bu Tan mentioned that Intel is working with Terafab to advance automation in its production lines. This partnership signals that Intel intends to leverage external resources to compress manufacturing costs, moving away from a closed, in-house approach. For investors, lower costs should ultimately translate into higher profit margins.If gross margins begin to recover in upcoming quarterly reports, this narrative will shift from 'expectation' to 'realization.'

Second topic: Positive signals on progress toward the 1.4-nanometer process node

Lip-Bu Tan said he was 'encouraged' by the company's progress on its advanced process node (14A). He did not provide specific figures, but his wording was clearly more confident than in previous quarters. Whether Intel can succeed in its foundry business and win major clients hinges critically on whether the 14A process can be delivered on schedule. Each roadmap update prompts the market to reassess this question.

Third point: Talent reinforcement is accelerating

Over the past year, Intel has brought on board several senior semiconductor executives, including seasoned professionals from SK Hynix. At its core, manufacturing competition is about people—and the talent puzzle is falling into place. This is a concrete development that can be observed and verified.

Meanwhile, last week $SpaceX (SPCX.US)$ followed a typical post-IPO price trajectory: an emotion-driven sharp rally, followed by profit-taking pressure, leading to consolidation as the market awaits key upcoming catalysts (such as index inclusion or bond issuance).

The more volatile the market, the more expensive options become—not because the stock will necessarily surge or plunge, but because no one knows what will happen, so the 'insurance premium' naturally rises. Both Intel and SpaceX are currently in this state,which is precisely the signal option sellers should watch—buyers are betting on direction, while sellers are collecting 'rent on uncertainty.'

IV Structure Analysis

Intel (INTC)

An IV rank of 90 and a percentile of 99% mean that, over the past year, Intel’s options have almost never been as expensive as they are today. On 99 out of every 100 days, options were cheaper than they are now.It is a strong signal for options sellers.Historical patterns suggest that implied volatility (IV) is likely to decline after reaching an extreme high, and option prices will fall as IV drops—allowing option sellers to gradually realize profits even if the underlying stock price doesn't move significantly.

SpaceX (SPCX)

SpaceX's historical volatility (HV) of 167.30% is substantially higher than its implied volatility (IV) of 93.99%,primarily driven by the extreme price movements during the first three days after listing (rising from $135 to approximately $202—a roughly 50% increase within three days).Such abnormal volatility in the immediate post-listing period does not reflect normal trading conditions. As the stock settles into regular trading cycles, HV is highly likely to gradually decline. Therefore, assessing SpaceX requires a two-step approach: First, the current IV level of 94% is already very high,so options are not cheap;second, the bulk of the current HV of 167% stems from the unsustainable post-listing surge,and it remains questionable whether this level of realized volatility can be sustained going forward.

Limited-time high IV premium option strategy

Intel (INTC)

Covered Call Strategy Reference

(The design images shown on screen are for illustrative purposes only and do not constitute any investment advice or guarantee; market conditions change rapidly, and displayed prices may not reflect actual market values.)

Suitable for:Investors who already hold Intel shares and wish to collect option premiums to lower their cost basis.

Suggested strike price: $150 (approximately 14% above the upper Bollinger Band at $132.47, with no significant concentration of trading resistance)

Reference expiration date: July 2, 2026

Reference premium: approximately $375 per contract, equivalent to a reduction in holding cost of $3.75 per share (actual prices can be checked in the Futubull app under: Stock → Options Chain)

Cash Secured Put strategy reference

（The design images displayed on screen are for demonstration purposes only and do not constitute any investment advice or guarantee; market conditions change frequently, and the prices shown do not reflect actual market conditions.

Suitable for:Investors who do not wish to chase higher prices and intend to establish positions in Intel at a lower price during a pullback, or those who already hold cash positions and seek to collect premiums.

Reference strike price: $115 (anchored near the 20-day moving average of $116.34 as a buffer zone)

Suggested expiration date: July 17, 2026

Reference premium: approximately $465 per contract, equivalent to a reduction in holding cost of $4.65 per share (actual prices can be checked in the Futubull app under: Stock → Options Chain)

SpaceX (SPCX)

Cash Secured Put strategy reference

Suitable for:Investors who intend to establish positions in SpaceX at a lower price during a pullback, or those who already hold cash positions and seek to collect premiums.

Reference strike price: $150 (approximately 18% below the current price and about 11% above the offering price of $135)

Suggested expiration date: July 17, 2026

Reference premium: approximately $450 per contract, equivalent to a reduction in holding cost of $4.5 per share (actual prices can be checked in the Futubull app under: Stock → Options Chain)

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Risk Warning

An option is a contract that gives the holder the right, but not the obligation, to buy or sell an asset at a fixed price at any time on or before a specific date. The price of an option is influenced by various factors, including the current price of the underlying asset, the strike price, the time to expiration, and implied volatility. Implied volatility reflects the market's expectation of the option’s volatility over a certain period in the future. It is derived inversely from the Black-Scholes (BS) pricing model and is generally considered an indicator of market sentiment. When investors expect greater volatility, they may be more willing to pay higher prices for options to help hedge risks, leading to higher implied volatility. Traders and investors use implied volatility to evaluate.Option priceto enhance attractiveness, identify potential mispricing, and manage risk exposure.

Disclaimer

This content is for reference only and should not be considered as an offer, solicitation, invitation, or advice to buy or sell any investment product or make any investment decision. It should also not be interpreted as professional advice. Options contracts are derivative products and may not be suitable for all investors. You should carefully consider your own investment experience, investment objectives, financial resources, and other relevant conditions before deciding whether to participate in such transactions. The risk of loss in trading options contracts can be substantial. In some cases, losses may exceed the initial margin deposited. Even if you have set contingent orders, such as 'stop-loss' or 'limit' orders, they may not prevent losses. Market conditions may render such orders unexecutable. You may be required to deposit additional margin within a short period. If you fail to provide the required amount within the specified time, your open positions may be liquidated. However, you will still be responsible for any shortfall in your account resulting from such liquidation. Therefore, before trading, you should study and understand index options and carefully consider whether such trading is suitable for you based on your financial situation and investment objectives. If you trade options, you should be familiar with the procedures for exercising options and the rights and obligations upon expiration.

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