Long Zoom

I identified a unique opportunity in Zoom when other Anthropic proxy plays were being bid up, but ZM was still being overlooked. Zoom owned equity in Anthropic from an early investment, had a massive cash position, and was trading at a cheap valuation while the market narrative still treated it like a dead COVID-era software name.

The setup was attractive because the common stock was cheap and the options were cheap as well. Using calls allowed me to express the thesis with defined risk while capturing the upside as investors started to recognize the Anthropic exposure and the strength of Zoom's enterprise business. The trade moved quickly, with the calls up roughly 100% to 200% as the stock rerated higher.