Intel Xeon 6 processors are shown to CNBC at Intel's advanced packaging facility in Chandler, Arizona, on November 17, 2025. Tony Puyol Semiconductors are a runaway train — up 17 of the past 18 sessions — and options traders are buying increasingly expensive call options to chase the rally higher. The VanEck Semiconductor ETF (SMH) tracking the sector is up more than 30% this month after a 5% pop Friday, and implied volatility is rising alongside the price, meaning it's getting more expensive to trade options around the group. The latest catalyst was Intel earnings overnight, which sent shares of the stock up 23%, a rally that almost triples the expected move implied by the options market on Thursday. Intel's market value suprassed $400 billion for the first time since the Dotcom Bubble in 2000. Advanced Micro Devices , one of Intel's longtime competitors, surged in unison, adding 15%.…