Soun is asymmetrical risk because business fundamentals are very healthy and profitability expected this year itself
Twlo earnings proved that voice ai is booming
Gaming company is planning to buy eBay
If Gme shorts start covering so will soun because soun is highly shorted as well and these funds does cover similar type risk assets at same time
Dealer Positioning:
6) NOPE (Net Options Pricing Effect) on Friday was 22x the 30-day median and accelerated through the day instead of fading.
7) Cumulative net delta: +15.37M shares-equivalent means dealers must hold ~$147M of long stock to be neutral. Firday directionalized. Gamma Exposure of: -$3.99M and today's flow created NEW short-gamma exposure for dealers
8) Monday 5/4 Gamma Cliff - 5/1 held 53% of gamma exposure. Monday morning starts with chain gamma at ~$2.9M vs Friday's ~$6.2M which dealer hedging requirements halved overnight, allowing the same news to move price more dramatically.
9) Smart money rolling from 5/15 to 6/18 straddle (likely for potential IV post earnings)
10) Max-Pain Asymmetry: 6/18 at $10 - institutional positioning
Volatility:
11) On 5/15 expiry at the 0.15 delta point, put IV minus call IV reads -0.27, meaning far-OTM calls are priced at 27 vol points over equivalent distance puts. SOUN's tail call-skew reversal is the structural footprint of persistent retail call demand.
12) Volatility of Vol (VOV) - 97th percentile of its 1-year range
13) Front-month IV (5/8, 7 DTE): ~170%. 240-day IV (~01/2027): ~90%. The ~80 vol-point spread is the steepest backwardation observable in the visible window.
14) SOUN exhibits IV smile, both tails are bid up to roughly equal IVs (~2.0 at 4P, ~1.8 at 16C, ATM ~1.25). Confirms retail call demand has been so persistent that OTM call IV has matched the natural put-protection bid.
Position:
5/15 Call Options going into earnings (Watching to sell before earnings based on price movement)
6/18 Call Options (Watching to buy after earnings from IV crush based on price movement)