$Alibaba(BABA)$ It's hard to picture a situation where a stock gets a string of positive news, shifts its whole story, and starts climbing, yet someone keeps buying puts day after day as it rises.
125BMarket cap of $64B, net cash of $64B...so paying $61B for a company expected to generate $15B of free cash flow in 2026. That's ridiculously cheap. The market must be assuming that FCF will drop off a cliff in the future for PDD to be trading at these levels.