$META current price 778.6, up 5% in 24 hours. This round of gains is tied to the “Trump trade”—the market is betting his policy will be positive for tech giants, pushing up valuations. Looking only at the price and open interest of 33,000 shares, it has risen a bit but there’s no breakout in volume, so it doesn’t look overheated. Funding at 0 means longs and shorts are locked in a standoff—neither side can decisively outbid the other. I think the Trump policy narrative can still support $META ’s valuation premium in the short term. The downside risk for the bull case is that if Trump pivots toward antitrust enforcement or the policy story fails to materialize, the valuation could quickly pull back. Shorts aren’t paying right now, but once a short squeeze starts, they’ll have to run.

Trading tag: #TradFi #链上美股 #META

Where do you think this thesis is most likely to be wrong?