This is absolutely the reason. Go look at AAPL skew. Skew doesn’t go negative in response to strong underlying, it goes negative when you have a relentless gamm

This is absolutely the reason. Go look at AAPL skew. Skew doesn’t go negative in response to strong underlying, it goes negative when you have a relentless gamma bid. Go look at the massive volume in single name flows. It’s not the only reason we rallied, but it’s the reason we went parabolic. Would NQs have printed 12500 without SoftBank? Yes. But it wouldn’t have been so aggressive.