GPU Rental Prices：The Wealth Code
$CoreWeave, Inc.(CRWV)$ $NEBIUS(NBIS)$ are in an awkward position — especially CRWV. The key takeaway from earnings isn't in the financial results themselves, but outside the filings: GPU rental prices.
It's similar to how storage stocks are priced — earnings only become interesting after long-term agreements (LTAs) are signed; before that, it's all about whether storage prices are going up. For data centers, both of these companies are heavily leveraged and asset-heavy. Whether they can turn a profit depends entirely on whether GPUs can be rented at good prices. If GPU rental prices fall, even stellar earnings won't save the stock — because institutions will reason that if you're renting cheap but bought expensive, you won't be able to pay back your debt.
And over the past couple of days, GPUs have become more expensive:
So does the bearish put positioning on chips still count? That's a tough call. No matter how big the capital, it has to bow to the demands of the masses.
Where this demand surge is coming from is puzzling — could it be that DeepSeek's token price cuts triggered an explosion in demand? If so, that would also explain why IGV has bearish put block trades.
In any case, GPU leases becoming a futures product is quite significant — it provides a way to gauge the health of the AI/semiconductor sector.
It looks like SPY might ride the momentum all the way to the end of the month, when the Jackson Hole central bank symposium announces a rate hike.
Options activity on Hynix is very light — few are betting on it.
On the other hand, the South Korea ETF $iShares MSCI South Korea ETF(EWY)$ has several large block trades, with sustained bullish views on a rebound back to previous highs.
With GPU rental prices rising, it makes sense that GPU stock prices don't fall. Based on recent open interest accumulation trends, the Triple Witching pullback center of gravity is expected to shift higher, to around 210.
With the CEO personally buying 12 million shares of Intel stock at the $95 offering price, Intel stock has successfully reclaimed $100. The trade has become simpler — it feels like you can beat the market by selling puts on Intel. A Sell Put block trade opened on the November-expiry 92.5 put $INTC 20261120 92.5 PUT$ , with 9,557 contracts, notional value of approximately $10 million.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
