Hey traders,

Back in the dot-com days, Pets.com became the poster child for all the money that poured into the internet with nobody asking questions.

I think AI has its version now. It’s a data center company with big-name backers, a lot of debt, and a stock sitting at its lowest price since shortly after its IPO.

Watch today’s Water Cooler video below to see:

I’ve been watching the options flow on it, and somebody’s loading up on puts. I’ll tell you who I think that is, why it matters for every AI name you own, and where I think this stock goes next.

It also explains a move a lot of people missed. Money ran out of bonds and into tech in late September, then ran right back. The QQQ now sits within a few cents of its September 16th close. I put the QQQ and TLT charts side by side so you can see the whole thing.

I’ll finish with the QQQ level I’m watching next week and how I’m trading AI with the Anthropic IPO about a month out. Grab a cup and meet me at the water cooler. It runs under seven minutes.

Your only option,

Mark Sebastian