SPX gamma blanket shed 38% Friday — mild by recent standards. August saw 65-74% drawdowns, July ran 40-78%. This is a normal exhale.
Gamma dropped from +$893M to +$552M, SPX gave back 29 points. Vol put/call spiked to 1.66 on concentrated put buying at 7,600-7,675 — right in the flip zone.
But $552M is still stronger than any August session in the last three weeks. And the flow underneath tells a different story: 7 of 10 volume strikes were calls, concentrated 7,715-7,760, with 7,750 absorbing...
$NVDA's old H100 just exposed how strange the AI boom has become.
A three-year-old chip should be losing value. Instead, its reported rental price jumped 22% in one month to $3.28 per hour.
Run it all day, every day, and that's about $28.7K in gross revenue per year.
But no, it's not a "free GPU in 14 months."
That calculation assumes nearly 100% usage. Real owners still pay for electricity, cooling, networking, repairs, financing, downtime and platform fees. The clean math looks much better...