Markets
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Luke Kawa

Strategists sound alarm over silver’s rally, recommend options trades for potential violent reversal

Silver’s ridiculous romp higher in 2025 and at the start of this year is showing some signs of fraying around the edges.

And with just how fierce the move higher has been, strategists are warning of the potential for intense downside as some of the key parts of the fundamental and technical theses for silver are starting to look less solid.

Michael Purves, CEO of Tallbacken Capital Advisors, who’s been bullish on the shiny metal, thinks it’s once again time to hedge long exposure.

On Thursday, he recommended selling $95 strike calls on the iShares Silver Trust that expire in February to purchase $75 strike puts.

Purves previously recommended that clients hedge their silver exposure on December 26 (its 2025 peak) before declaring that the coast was once again clear for longs on December 30.

“It might be surprising to know that speculative long silver futures positions are at 20 month lows, or that Open Interest is at five year lows,” he wrote. “Once again, hedging long positions is in order — particularly given the distorted put-call skew which allows [investors] to sell calls to finance long put positions.”

Viresh Kanabar, an investment strategist at Macro Hive, followed this up on Friday by flagging one of several key changes in the market structure for silver. The physical market tightness, cited by bulls as an important driver behind silver’s skyward ascent, is showing signs of reversing.

“1m forwards on physical silver have flipped back to contango,” he wrote. “This lines up with physical ETF outflows and evidence that high prices are weighing on industrial demand.”

Silver contango

“In short, we are not bullish on silver at these levels, instead, see increasing signs of risks skewing to the downside,” Kanabar added.

David Cervantes, founder of Pinebrook Capital Management, told clients on Thursday that he’s taken a short position in silver by owning put options on SLV with three months to expiry, noting that its outperformance of the stock market over the past 100 and 252 days has reached unprecedented levels.

“THIS IS HIGHLY SPECULATIVE AND A SMALL GAMBLE-SIZED WAGER WILL BE MADE OVER WHICH SLEEP WILL NOT BE LOST,” he emphasized.

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Luke Kawa
COUNTERPOINT
58m
The stock market makes just as much sense as it usually does right now

Does the stock market make sense right now? I don’t know. But it doesn’t not make sense.

Lightbulbs
markets
J. Edward Moreno

Fermi plunges after CFO, CEO depart

Fermi is down more than 18% in premarket trading after it disclosed in regulatory filings that its now former CEO, Toby Neugebauer, and its CFO, Miles Everson, departed on Friday and Monday, respectively.

The company dubbed its executive shake-up as “Fermi 2.0.” In addition to ousting Neugebauer and Everson, Fermi added Marius Haas as chairman of its board and Jeffrey S. Stein as director of the board.

Fermi, which was cofounded by former Energy Secretary Rick Perry, plans to build nuclear energy infrastructure to power data centers. But the cost to build out its power site is mounting while it still doesn’t have any customers secured, according its annual report released on March 30.

In September, Fermi announced that it had entered into a nonbinding letter of intent with a tenant to lease a portion of its Project Matador power grid site in Amarillo, Texas. That contract was terminated in December.

The company, which went public in October, is down about 75% from its IPO through Friday’s close.

markets
J. Edward Moreno

Marvell and Google reportedly in talks to develop new AI chips

Marvell Technology rose nearly 6% in premarket trading Monday after The Information reported over the weekend that the chip company is in talks with Google to develop two ‌new chips to run AI models.

Broadcom, which counts Google as its most important customer (having developed multiple generations of its TPUs), is down 1% as Marvell muscles in on its turf.

However, the custom chip giant still appears poised to benefit from Google’s chip deployment for years to come. Earlier this month, Broadcom disclosed in a regulatory filing that it had entered into a long-term agreement with Google to supply future generations of AI accelerator chips. That filing also revealed that Broadcom, Google, and Anthropic expanded a partnership that will see the Claude developer access 3.5 gigawatts of AI compute capacity beginning in 2027.

Marvell’s reported new business would also be the latest in a series of wins for custom chips in general. Nvidia, the most valuable chip designer and GPU specialist, is also lower in premarket trading.

Google, with help from its custom chip designers, has been increasingly positioning itself as a competitor to chip giants.

Marvell, meanwhile, appears to have gained pride of place as an Nvidia partner while gaining exposure to the custom chip business that’s impressed Wall Street (and downstream AI customers). On March 31, Nvidia announced that it would invest $2 billion in Marvell as part of a strategic partnership, and the stock has been on a tear since.

Google in Talks With Marvell to Build New AI Chips for Inference

Google in Talks With Marvell to Build New AI Chips for Inference

However, the custom chip giant still appears poised to benefit from Google’s chip deployment for years to come. Earlier this month, Broadcom disclosed in a regulatory filing that it had entered into a long-term agreement with Google to supply future generations of AI accelerator chips. That filing also revealed that Broadcom, Google, and Anthropic expanded a partnership that will see the Claude developer access 3.5 gigawatts of AI compute capacity beginning in 2027.

Marvell’s reported new business would also be the latest in a series of wins for custom chips in general. Nvidia, the most valuable chip designer and GPU specialist, is also lower in premarket trading.

Google, with help from its custom chip designers, has been increasingly positioning itself as a competitor to chip giants.

Marvell, meanwhile, appears to have gained pride of place as an Nvidia partner while gaining exposure to the custom chip business that’s impressed Wall Street (and downstream AI customers). On March 31, Nvidia announced that it would invest $2 billion in Marvell as part of a strategic partnership, and the stock has been on a tear since.

markets
Claire Yubin Oh & Tom Jones

ASTS drops after BlueBird 7 launched into an incorrect orbit

AST SpaceMobile dropped 13% in premarket trading on Monday after the space internet company updated that its BlueBird 7 satellite, carried by Blue Origin’s New Glenn vehicle, was put into an incorrect position and will now be taken out of orbit.

“During the New Glenn 3 mission, BlueBird 7 was placed into a lower than planned orbit by the upper stage of the launch vehicle. While the satellite separated from the launch vehicle and powered on, the altitude is too low to sustain operations with its on-board thruster technology and will de-orbited. The cost of the satellite is expected to be recovered under the company’s insurance policy,” the company said in a press release.

Launched Sunday, April 19, BlueBird 7 would have been AST SpaceMobile’s eighth deployed satellite into low-Earth orbit as it races to catch up with SpaceX’s Starlink to put up the first satellite constellation capable of providing 5G connectivity anywhere in the world. The company continues to target approximately 45 satellites in orbit by the end of the year. (For context, SpaceX currently has more than 9,500 satellites deployed since 2019, though ASTS’s network plans to depend on less than 100 larger, more sophisticated satellites that individually gather signals more efficiently than Starlink’s mega constellation model.)

The incorrect positioning of the launch vehicle from Jeff Bezos’ Blue Origin rocket New Glenn has been blamed for the failure, though the cost of the satellite is expected to be recovered under AST SpaceMobile’s insurance policy.

For Blue Origin itself, the mission did have one major silver lining, as it successfully reused one of its New Glenn rockets for the first time ever, per TechCrunch. The New Glenn model was the result of a decade-long, multibillion-dollar development and was hampered by delays last year. However, as one of the largest reusable vehicles in the world alongside SpaceX’s Falcon 9, it’s also seen as a key way that Bezos’ company can challenge Elon Musk’s outer space supremacy.

SpaceX rocket launch chart
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Separately, Bezos’ main company and the source of the bulk of his wealth, Amazon, announced last week that it was acquiring Globalstar in a move to join the direct-to-device competition starting in 2028.

Nate Becker, J. Edward Moreno
19h
Oil jumps, stock futures fall as tensions rise and US fires shots at Iranian ship in Strait of Hormuz

The state of the war in Iran is at its most tenuous point since the ceasefire began.

Strait of Hormuz

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