As of recent, Nebius has been experiencing a very frustrating, yet intriguing price action. What investors must know is that those violent swings are amplified by something sitting right under your noses… that thing is called Gamma.
Source: BarChart
As of September 17th, the chart above shows where dealers are considered short or long gamma. Using near-term expiries, dealers are net short gamma under $222.87 ($223) and net long gamma after. Now, this is indicative of what happened today, which presents the issue with GEX analysis, as it changes every single day. Gamma exposure is entirely dependent on the underlying stock’s changes in price, fundamental news, and dealer positioning.
During market close, we flagged a few things that were unusual. Because of our findings, we believe that for tomorrow’s session, dealers will actually flip short gamma at $230. Below is an in-depth analysis providing evidence for our claim and what this means for Nebius stock.
