Big Tech AI Wire Meets Long Gamma Buffers at the Open

Early wire headlines are heavily focused on enterprise AI moves and tech cost shifts. Benzinga reported that OpenAI's GPT-6 pricing dropped 50 percent, while Microsoft is pushing Copilot discounts for large enterprise customers. Benzinga also noted that Kevin O'Leary is shifting focus toward uranium energy trades over big tech, while Cathie Wood's ARK Invest flagged potential oil declines toward $30 to $35 if the Strait of Hormuz reopens. On the retail front, MT Newswires reported an expanded Fire TV deal between Best Buy and Amazon. While news feeds carry headline chatter, the dealer book paints a controlled picture across major equity indices. SPY opens at 772.67, sitting above its gamma flip at 769.07. With dealers positioned in long gamma, their hedging activity acts as a buffer against aggressive directional sweeps, pinning expected range between the 770 put wall and the 776 call wall against a 1.08 percent expected move. QQQ reflects a matching setup. Spot trades at 745.74 with its gamma flip down at 739.66. Long gamma positioning holds price action between the 743 put wall and the 750 call wall under a 1.01 percent expected move. Across small caps, IWM sits at 285.74 above its 283.99 flip, anchored right against its 285 put wall with the call wall sitting higher at 290. Across all three major indices, sitting above the zero-gamma line means dealers absorb intraday volatility by counter-trading moves, keeping the tape constrained until a wall gives way. Positioning prices range rather than direction. What you do with these levels is your click.