To The Moon

Old Demoness Pelosi announced new positions the day before Trump's inauguration (probably coincidentally), most of which are similar in style to the previous ones, with the main layout still in AI, but with some stylistic changes:

1. Added AI application layer positions:

   1. Added $Alphabet(GOOGL)$ and $Amazon.com(AMZN)$ $Palo Alto Networks(PANW)$

   2. Opened a small position in Medical AI company $Tempus AI(TEM)$

2. Lowered hardware position by a small amount:

   1. Lowered position in $Apple(AAPL)$ (sold 31,600 shares)

   2. Maintained position in $NVIDIA(NVDA)$ (sold 10,000 shares while buying 500,000 in options)

3. Increased AI utility position: added to already ATM stock $Vistra Energy Corp.(VST)$

One of the main concerns is the position in NVDA, where new options were purchased at the same time as the strike.Most of her options positions remain in-the-money, also with the goal of exercising, so they can be described as "holding positions".

However, it is important to note that the options themselves are asymmetric underlyings with limited losses in the event of a major decline;

In addition, why did she use "sell after exercise" instead of "sell the option directly" to take profit?There may be two reasons, which are also worthwhile for a Leap Call trader to consider:

1. Tax avoidance. To a certain extent, it can reduce costs and Capital Gain Tax

2. Lower friction costs .Deep in-the-money options are less liquid, and it is difficult for the market to pick up such a large number of positions, and even if market makers force them, they may incur large spreads, resulting in significant friction costs.