Hold INTC by Jun 14, 2027.

**Market context:** INTC has appreciated significantly since entry. The $28 puts are now deep OTM, providing protection \~$95 below current price (\~$125). IV on INTC Dec 2028 puts is currently 77.9%. **My analysis:** The protective value of the current puts is minimal at current prices. Rolling up to a strike closer to market price ($120-125) would restore meaningful downside protection but at significant additional premium cost given high IV. The theta decay on the existing puts is also working against …