$META 20251128 540.0 PUT$ META retraced over 25% from its high of 796, falling partly due to a recent earnings report that showed a huge drop in profit. This profit decline was a one-off event caused by a significant $15.9 billion non-cash income tax charge linked to new U.S. tax rules, which overshadowed a strong revenue beat and aggressive capex guidance for its AI push. The market also reacted negatively to the broader AI bubble fear, sparked by reports of investors like Peter Thiel selling his entire NVDA stake and Michael Burry taking bearish put positions on NVDA. I sold a Cash Secured Put (CSP) near the recent low, ready to own META at a discount. However, the market bounced off the usual 5% correction mark, and META quickly gained ground after announcing it was in talks to buy Google’s custom Tensor Processing Unit (TPU) chips for its AI development. This move signals an attempt to diversify its supply chain and reduce its heavy reliance on NVDA GPUs, quickly uprooting its primary supplier relationship with the company many consider the main cause of the AI selling off. The stock recovered fast, ultimately rendering my CSP useless as the contract expired worthless.