You are obviously very intelligent...

It have come to realize that people tend to tell me:

You are obviously very intelligent...

What does this mean?

Do I appear unintelligent but because people know I have completed a bachelors degree and am in a graduate program, I must be intelligent and they are just reassuring themselves that this is the case?

Or do I actually appear intelligent and people are so in awe of my brainpower they must say it out loud as some sort of compliment?

I vote for the first one.