TMTB Morning Wrap
This will be the last post of the year. Thanks for a great 2025 and all your continued support. Lots more to come for TMTB in 2026.
Good morning. Futures +22bps. Reminder today is QuadWitch + rebal/reconstitution so volumes will be heavy and skewed towards end of day. GS estimates this December options expiration will be the largest ever with over $7.1 trillion of notional options exposure expiring, including $5.0 trillion of SPX options and $880 billion notional of single stock options. SpotGamma said that dealers short gamma has been increasing aggressively on down moves, and that hedging flows are basically to sell or sell, meaning the cap could be lifted after today. Should be a fun one to end the year!
Stocks in Asia were up overnight: TPX +0.8%, NKY +1.03%, Hang Seng +0.75%, HSCEI +0.68%, SHCOMP +0.36%, Shenzhen +0.98%, Taiwan TAIEX +0.83%, Korea KOSPI +0.65.
BTC +3%. Treasuries seeing some pressure with yields up 1-2bps across the curve.
Have a great break!
Let’s get to it…
OpenAI
OpenAI’s New Fundraising Round Could Value Startup at as Much as $830 Billion
Softbank +6% overnight
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