IBM options volume nears 200,000 contracts as traders target quantum upside

Options activity in IBM surged after news it could receive $1 billion from the U.S. Commerce Department to support quantum computing. Nearly 200,000 contracts traded, about 15 times the 30-day daily average, with calls leading puts by almost 8:1. One large trade spent $2.7 million on more than 500 Dec. 15, 2028 260-strike calls, implying a move above $312 by expiry.