🐻 ZM $3.4M Bearish Risk Reversal — Smart Money Bets Zoom Fades Through September!

📅 April 9, 2026 | 🔥 Unusual Activity Detected

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🎯 The Quick Take

Someone just executed a $3.4 million bearish risk reversal on ZM — simultaneously selling $2.3M worth of $90 calls and buying $1.1M worth of $80 puts, both expiring September 18, 2026. With ZM trading at $83 at the time of the trade, this structure collects a small net credit (~$0.10/share) while expressing a clear bearish view: keep the stock capped below $90 and ideally push it below $80 before September. Both legs hit with Z-scores of 59-68 — well into "extremely unusual" territory — confirming this is a high-conviction institutional move, not a routine hedge.

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📊 Company Overview

Zoom Video Communications (ZM) is the enterprise video communications platform that became a household name during the pandemic and has since been fighting to prove it can grow in a post-COVID world:

• 💻 What they do: Provides cloud-based video conferencing, phone, messaging, and contact center solutions for businesses and individuals globally
• 💰 Market Cap: ~$25.7B
• 🏢 Sector: Software — Application
• 📈 Exchange: NASDAQ
• 📊 Current Price: ~$83-$84
• 🤖 Key Story: Transitioning from pandemic darling to AI-powered enterprise communications platform, with Zoom AI Companion and Contact Center as the growth engines — but revenue growth remains stubbornly low single-digit

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💰 The Option Flow Breakdown

📊 The Tape

🤓 What This Actually Means

Let me break this down in plain English:

• 🐻 Bearish risk reversal / collar structure: Sell the $90 calls to fund the $80 put purchase. Net credit ~$0.10/share, meaning this trader collected premium while locking in downside protection (or pure bearish exposure).
• 📐 The geometry: With ZM at $83, the $90 call is 8.4% out-of-the-money upside and the $80 put is 3.6% out-of-the-money downside. The put is closer to the money — a classically bearish setup.
• 💸 $2.3M in calls sold (3,108 contracts at $7.30): If ZM stays below $90 through September, the call seller pockets the full $2.3M premium.
• 🛡️ $1.1M in puts bought (1,554 contracts at $7.20): Provides significant downside payoff if ZM drops toward or below $80.
• 📊 Vol/OI ratios are extreme: The $90 call shows 6.1x Vol/OI and the $80 put shows 8.3x Vol/OI — both classified as HIGH_ACTIVITY, confirming these are new position openings, not rolls or hedges on expiring contracts.
• 🎯 Z-scores: $90 call at 68.22 (EXTREMELY_UNUSUAL) and $80 put at 59.39 (EXTREMELY_UNUSUAL) — both trades are statistically anomalous vs. historical ZM flow patterns.
• 🤝 MID fills on both legs: Executed at bid-ask midpoints simultaneously at 10:17:33, the hallmark of a programmatic institutional two-legged order, not retail trading.
• 📅 September 18, 2026 expiration: A Triple Witch expiration (quarterly futures and options) — 162 days away. Enough runway to capture Q2 earnings, any summer conference updates, and the September OPEX itself.

What's the thesis?

Two interpretations, both bearish:

Interpretation 1 — Pure bearish directional play: This trader expects ZM to drift lower or stay range-bound through September. By selling the $90 call, they collect premium that essentially pays for the $80 put, creating a nearly free bearish bet. If ZM drops below $80, the puts profit substantially. If ZM stays between $80-$90, the premium nets slightly positive. The only losing scenario is a rally above $90.

Interpretation 2 — Collar on existing long stock position: The trader may own shares of ZM and is using this structure to hedge a long position. Selling the $90 call caps their upside at $90 while buying the $80 put protects them on the downside. The net credit means the hedge costs nothing — in fact it pays a small premium. This is the "free hedge" trade favored by institutions sitting on large equity positions heading into uncertain macro periods.

In either case, the message is the same: the trader does not expect ZM to trade significantly above $90 by September. The $80 put purchase signals they think downside risk is meaningful.

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📈 Technical Setup / Chart Check-Up

YTD Performance

ZM is trading around $83-$84 as of April 9, 2026 — a stock stuck in no-man's land. After the pandemic collapse from its $559 peak in late 2020, ZM has been grinding through a multi-year base-building phase, trading in a roughly $65-$105 range over the past two years. The current $83 level sits well below the 2025 highs and right in the middle of this extended consolidation zone.

Key technical observations:

• 📉 No trend: ZM has failed to establish a clear uptrend since the post-pandemic collapse. Each attempted breakout above $100 has been sold.
• 📊 Mid-range position: At $83, ZM sits between the strong $80 gamma support below and the $90-$95 resistance cluster above — exactly the range this options trade is designed around.
• 🔄 Choppy action: Low institutional conviction in either direction until a credible AI monetization story develops.
• 📈 Near-term positive GEX bias: Net GEX is bullish at current levels, which actually supports the call seller — dealers short gamma will be buying stock into rallies and selling into dips, keeping price pinned in a range.

Gamma-Based Support & Resistance Analysis

Current Price: $83.93

The gamma exposure map shows clearly defined levels where market makers have significant positioning:

🔵 Support Levels (Below Current Price):

• $82.50 — Immediate support: 2.57B total gamma, net GEX +1.47B (1.7% below price — tight floor)
• $80.00 — Key structural support: 3.74B total gamma, net GEX +1.96B (4.7% below — this is the $80 PUT STRIKE!)
• $77.50 — Secondary support: 2.27B total gamma, net GEX +0.95B (7.7% below)
• $75.00 — Deep support: 1.05B total gamma, net GEX -0.61B (10.6% below — turns slightly bearish here)

🟠 Resistance Levels (Above Current Price):

• $84.00 — Immediate resistance: 3.88B total gamma, net GEX +2.19B (just 0.1% above — practically at current price, a tight ceiling)
• $85.00 — Strong resistance: 4.74B total gamma, net GEX +3.33B (1.3% above — the densest gamma overhead)
• $86.00 — Secondary resistance: 1.12B total gamma, net GEX +1.01B (2.5% above)
• $90.00 — Extended resistance: 2.25B total gamma, net GEX +1.77B (7.2% above — THIS IS THE $90 CALL STRIKE!)
• $95.00 — Far resistance: 1.39B total gamma, net GEX +1.07B (13.2% above)
• $100.00 — Ceiling: 3.22B total gamma, net GEX +2.99B (19.1% above)

What this means for the trade:

The gamma structure is almost perfectly aligned with this options trade. The $80 put strike sits exactly on a major gamma support level (3.74B total gamma). A break below $80 would mean breaking through significant dealer hedging activity — which, if it happens, could be explosive to the downside. The $90 call strike aligns with a resistance level (2.25B gamma) that has been capping price movement. The densest gamma concentration is at $84-$85, which suggests the market is naturally pinning ZM right near where it is now.

Net GEX Bias: Bullish — Total call GEX (31.3B) dominates total put GEX (10.1B). This means dealers are net long gamma on ZM, which reinforces range-bound behavior: they buy dips toward $80 and sell rallies toward $90. This environment is ideal for the call seller — dealer activity itself will suppress ZM upside.

Implied Move Analysis

Options market pricing for key upcoming expirations:

• 📅 Weekly (Apr 10 — 1 day): ±$1.52 (±1.81%) → Range: $82.65 - $85.70
• 📅 Monthly OPEX (Apr 17 — 8 days): ±$3.33 (±3.95%) → Range: $80.85 - $87.50
• 📅 May OPEX (May 15): Upper $89.70, Lower $78.65
• 📅 June Triple Witch (Jun 19): Upper $91.71, Lower $76.64
• 📅 July OPEX (Jul 17): Upper $93.06, Lower $75.29
• 📅 August OPEX (Aug 21): Upper $95.74, Lower $72.61
• 📅 September Triple Witch (Sep 18 — THIS TRADE!): Upper $97.09, Lower $71.26
• 📅 Yearly LEAPs (Mar 2027): ±$23.84 (±28.32%) → Range: $60.33 - $108.02

Translation:

The options market's own implied range for the September 18 expiration is $71.26 to $97.09. This trader's structure sits precisely inside this range — the $80 put is 11.4% below the market midpoint of the range, and the $90 call is 7.1% above the lower half of the range. The $90 call being sold sits well below the September implied upper band of $97.09, meaning the market thinks there's meaningful probability ZM could reach $90 — but the trader is betting it won't get there and collecting premium for that view. The fact that the put at $80 is closer to the current price than the call at $90 reinforces the directional bearish lean.

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🎪 Catalysts

🔥 Upcoming Catalysts

Q1 FY2027 Earnings — Expected Late May / Early June 2026 📊

Zoom's fiscal year ends January 31, so Q1 FY2027 will cover February through April 2026. This is the next major checkpoint:

• 📊 Revenue growth trajectory — analysts expecting low to mid single-digit growth; any miss would be bearish
• 🤖 Zoom AI Companion monetization update — how many enterprise seats are paying for AI features?
• 📞 Zoom Contact Center growth — the company's most credible new revenue vector
• 💼 Enterprise vs. SMB cohort dynamics — enterprise churn has been a persistent concern
• 📈 Guidance for Q2 and full year FY2027 — the key number the market will trade on

Zoom AI Companion — Ongoing Monetization Story 🤖

Zoom has been rolling out AI Companion features across its platform. The critical question:

• 💰 Can Zoom convert its massive free-tier AI Companion users into paid premium seats?
• 🏆 Competition from Microsoft Teams (Copilot), Google Meet (Gemini), and Cisco Webex is intense
• 📊 Any concrete data on AI ARPU uplift would be a positive catalyst; continued silence would reinforce the bear case

Enterprise Contract Renewals — Rolling Risk 📋

As enterprises reassess communication stacks post-pandemic normalization, Zoom faces ongoing renewal pressure:

• 🔄 Large enterprise contracts signed during 2020-2021 are cycling through renewal waves
• 💸 Companies are actively consolidating tools (Teams + Zoom = expensive; many choosing one)
• 📉 Net Revenue Retention (NRR) staying below 100% would confirm bearish concerns

Macro Environment — Tech Valuation Reset 📉

With tariff uncertainty and macro headwinds active as of April 2026:

• 💻 Enterprise IT budget tightening pressures software renewals and expansions
• 📊 ZM's ~31x forward P/E leaves it vulnerable to multiple compression if growth disappoints
• 🌍 International revenue exposure creates FX headwinds in a strong-dollar environment

Board / Capital Allocation Decisions 💼

• 🔄 Zoom has an active buyback program; execution pace matters for sentiment
• 📊 Any M&A announcement (rumored acquisitions of contact center or AI tools) could gap the stock either direction

✅ Recent Catalysts (Already Happened)

Q4 FY2026 / Full Year Results — Early March 2026 📊

Zoom's most recent quarterly report: the company continued its transition narrative with modest revenue growth in the low single digits. Enterprise segment showed better retention than feared, but the market reaction was muted — underscoring that ZM has become a "show me" story. The stock has traded sideways in the $80-$88 range in the weeks following.

Zoom AI Companion Expansion Announcements 🤖

Zoom has been incrementally expanding AI features including meeting summaries, AI-drafted emails, and AI-assisted contact center workflows. While technically impressive, the market has yet to see these features drive meaningful ARPU expansion.

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🎲 Price Targets & Probabilities

Using gamma levels, implied move data, and the catalyst calendar, here are the scenarios through the September 18, 2026 expiration:

📉 Bear Case — Trade Wins Big (35% probability)

Target: Below $80

How we get there:

• 😰 Q1 FY2027 earnings disappoint on revenue growth or guidance cut
• 💸 Enterprise renewal weakness drives NRR further below 100%
• 📉 AI monetization fails to show measurable ARPU uplift — competitors erode further
• 🌍 Macro deterioration pressures enterprise software spending broadly
• 📊 Break below the $80 gamma support triggers dealer de-hedging, accelerating the decline
• 🔄 Stock breaks below the $77.50 secondary support, opening path to $75 and below

Trade P&L at $75: $80 put worth ~$5/share, net P&L ~+$4.90/share on the put leg (plus $7.30 call premium retained) = substantial profit Trade P&L at $70: $80 put worth ~$10/share, net P&L ~+$9.90/share on the put leg = near maximum reward scenario

This is the scenario where ZM's bear thesis plays out fully. The collar structure generates maximum value — the short call expires worthless and the long put is deep in-the-money.

🎯 Base Case — Trade Wins Modestly (45% probability)

Target: $80-$90 range (between the strikes)

Most likely scenario:

• ✅ ZM muddling through with low single-digit revenue growth
• 📊 AI features generating interest but not yet measurable earnings uplift
• ⚖️ Enterprise renewals roughly stable, no major positive or negative surprises
• 🔄 Stock stays pinned in the $80-$90 band, consistent with dense gamma levels at $84-$85
• 📈 Dealer gamma hedging naturally keeps ZM in this exact range — perfect for this trade

Trade P&L in the $80-$90 range: Both options expire worthless (or nearly so), but the trader keeps the $0.10/share net credit. On 3,108 call contracts and 1,554 put contracts, the notional position benefits from complete premium retention on the sold calls ($2.3M). If the structure is a collar over a long equity position, the stock holding also appreciates slightly.

This is the bread-and-butter outcome for this trade: collect premium, expire worthless, move on.

📈 Bull Case — Trade Loses (20% probability)

Target: Above $90

What could go wrong:

• 🚀 Surprise acceleration in AI Companion monetization drives strong earnings beat and guidance raise
• 🤝 Major enterprise win or strategic partnership announcement (e.g., integration deal with hyperscaler)
• 💰 Takeout rumors or activist pressure triggers a premium bid
• 📊 Broad tech sector rally pushes ZM above key gamma resistance at $90
• 🎯 Short squeeze in a heavily-shorted stock (short interest has historically been elevated for ZM)
• 🌍 Macro conditions improve materially, re-rating enterprise software sector

Trade P&L above $90: The short $90 call moves into the money. Every dollar above $90 creates ~$310,800 in losses on the short call position (3,108 contracts x 100 shares). The $80 put expires worthless.

Trade P&L at $95: Short call loss = ~$1.55M; put worthless; net loss ~$1.44M after the call premium received Trade P&L at $100: Short call loss = ~$3.1M; net loss ~$3.0M — the position would be deeply underwater

This is why this trade is not purely "free money" — the short call creates theoretically unlimited upside risk if ZM breaks out above $90. That said, 20% probability reflects both the challenging fundamental setup and the dense gamma resistance at $85-$90.

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💡 Trading Ideas

🛡️ Conservative: "Fade the Bounce" — Bear Put Spread

Play: Buy the ZM September 2026 $82 puts, sell the ZM September 2026 $75 puts

Structure: $82/$75 bear put spread, September 18 expiration

Why this works:

• 📊 Captures the same directional thesis as the institutional trade but with fully defined risk
• 🛡️ Maximum loss is the net debit paid (roughly $2.50-$3.50 per spread based on current IV)
• 💰 Maximum profit: $7 per spread minus debit paid (~$3.50-$4.50 gain) if ZM below $75 at expiry
• ⏰ Same September expiration captures Q1 and Q2 earnings catalysts
• 📈 The $75 short put aligns with the secondary gamma support level, providing natural profit target
• ⚖️ Risk/reward approximately 1.3:1 to 1.8:1 — reasonable for a defined-risk bearish play

Position sizing: Risk no more than 2-3% of portfolio. 10 spreads at ~$3 each = ~$3,000 risk for ~$4,500 max profit.

Risk level: Low-Moderate (defined risk, directional) | Skill level: Beginner-Intermediate

⚖️ Balanced: "Pin the Range" — Covered Call Writing

Play: If you own or buy ZM shares, sell the ZM September 2026 $90 calls against your long position

Why this works:

• 🎯 Mirrors the institutional trade's call-selling leg directly
• 💸 Collect $7.30/share in premium immediately — that's 8.8% of the current stock price in income over 5 months
• 📊 The $90 strike aligns with dense gamma resistance — the market itself will work to keep ZM below $90
• ⏰ If ZM stays below $90, the call expires worthless and you repeat the strategy
• 📈 Even if ZM rallies to $90, you still profit: stock gains ($7) + call premium ($7.30) = $14.30/share total return from $83 entry
• 🔄 The dense gamma at $84-$85 means the near-term pin zone is well below your short strike

Position sizing: Cover 100% of long stock exposure. Collect ~$7.30/share premium per covered call sold.

Risk level: Moderate (defined upside cap, long stock downside) | Skill level: Intermediate

🎯 Aggressive: "Mirror the Whale" — Replicate the Risk Reversal

Play: Sell the ZM September 2026 $90 calls, use proceeds to buy the ZM September 2026 $80 puts (replicate the institutional structure)

Why this works (and why it's risky):

• 💥 Directly mirrors the $3.4M institutional trade structure — same strikes, same expiration
• 💰 Net credit of ~$0.10/share means you collect premium while establishing bearish positioning
• 📊 Breakeven: anywhere between $80-$90 the trade expires profitably (within the strikes)
• 🔄 Maximum profit if ZM falls toward $70-$75 — put gains substantially while call expires worthless
• 📈 Gamma structure validates both strikes as key levels

Why it could blow up:

• 🚨 The short call is the danger — it has unlimited upside risk if ZM breaks out
• 💸 A move above $90 generates losses that accelerate as ZM rallies further
• ⚠️ Naked short calls require margin and WILL be marked-to-market against you in a rally
• 🎢 Any unexpected positive catalyst (acquisition bid, surprise earnings beat) could be catastrophic
• ⏰ NEVER sell naked calls without a clear exit plan if ZM approaches $88-$89

Position sizing: Treat this as a margin-intensive position. Require 30% cash reserve relative to potential loss. Start with 10% of maximum desired exposure and scale only if the position moves in your favor.

Risk level: HIGH (short call has theoretically unlimited loss) | Skill level: Advanced — requires active management

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⚠️ Risk Factors

Don't get caught by these potential landmines:

• 🚀 ZM is a perennial takeout candidate: Multiple times over the past three years, acquisition rumors have sparked sudden 10-20% gap-ups overnight. With $3.5B+ in cash and no debt, ZM would be an attractive acquisition target for a hyperscaler or enterprise software giant. A confirmed bid above $90 would be catastrophic for the short call leg.

• 📊 AI monetization could accelerate faster than expected: Zoom has ~300 million monthly active users globally. If AI Companion premium attachments even modestly surprise to the upside in the May earnings report, ZM could re-rate quickly from a value/yield stock to an AI growth story. The market's appetite for AI pivots is well-documented.

• 🌍 September 18 is Triple Witch: Quarterly futures and options expire simultaneously. Triple Witch dates often see elevated volatility and unusual price action as large institutional positions roll. This could create sharp moves in either direction in the days surrounding expiration, particularly if ZM is near the $80 or $90 strikes.

• 📉 The net credit is slim (~$0.10/share): This trade isn't about collecting premium — the credit is negligible. The real P&L comes from directional movement. The structure essentially says "I'll cap my call-selling losses at zero if the stock barely rallies, and I'll profit if it drops." But there's very little cushion — a modest rally to $91 immediately creates net losses.

• ⚠️ Short call margin requirements are significant: Selling 3,108 calls (310,800 shares of exposure) requires substantial margin. Most retail brokers will require $15-25 per contract in maintenance margin, meaning this trade ties up $5-8M in buying power. Sizing this trade requires institutional-level capital.

• 🔄 Vol/OI spike could reverse: Z-scores of 59-68 indicate this is well beyond historical norms. If this trader is wrong and closes the position, the unwinding itself could move the stock. Track OI changes in the coming days to see if this is being accumulated or is a one-off.

• 💹 Implied volatility dynamics: ZM's IV is embedded in both option prices at $7.30 (call) and $7.20 (put) for strikes 8% apart. If realized volatility contracts, the long put will lose value faster than expected. Conversely, a spike in IV benefits the long put more than it hurts the short call at these delta levels.

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🎯 The Bottom Line

Here's the deal: A sophisticated institutional player just put on a $3.4M bearish structure on ZM that profits from one of the simplest outcomes in markets — a stock staying in a range or drifting lower. By selling the $90 call to finance the $80 put, they've created a position that collects premium at the top while buying protection (or directional exposure) at the bottom. The simultaneous execution at 10:17:33, the MID fills, and the extreme Z-scores all point to a single institution moving with conviction.

What this trade tells us:

• 🐻 Institutional money is positioning for ZM to stay below $90 through September — a view that the current range is a ceiling, not a launchpad
• 💰 The bearish risk reversal/collar structure is the preferred tool of large holders who want to express a bearish or neutral view while managing cost — paying nothing for downside protection is a classic institutional optimization
• 📊 Both Vol/OI ratios (6.1x on calls, 8.3x on puts) confirm these are fresh position openings — not hedges on existing options, not rolls — brand new capital entering the bear side
• ⏰ The September 18 Triple Witch expiration is deliberate — it captures three earnings reports, the summer AI conference cycle, and the natural quarterly rebalancing

This IS a bearish signal, with important context: The trade is not a catastrophic bear bet — it's a disciplined, credit-neutral structure that profits if ZM does what it has done for most of the past two years: grind sideways to slightly lower. The gamma data backs this up — the $84-$85 zone is a natural pin, the $90 call strike aligns perfectly with gamma resistance, and the $80 put strike sits on structural support that would need to break for the full payoff.

If you're bearish on ZM:

• ✅ The bear put spread ($82/$75) offers defined-risk exposure that captures the same directional thesis without short call risk
• 📊 The $80 gamma support level is your key level — a daily close below $80 on high volume would confirm the bear thesis
• ⏰ Mark late May / early June as the Q1 FY2027 earnings checkpoint — any guidance cut is the trigger
• 💡 Watch the $85 resistance zone closely — repeated failures to break above $85 validate the range-bound/bearish setup

If you own ZM stock:

• 🎯 The covered call at $90 collecting $7.30 is a compelling income play for the next 5 months — that's 8.8% return on the stock price in pure premium
• 📊 The gamma structure confirms $90 is a natural ceiling that dealer positioning will reinforce
• ⏰ If ZM unexpectedly rallies above $87, start managing the covered call position to avoid being called away

If you're watching from the sidelines:

• 🎯 The implied range for September is $71.26 to $97.09 — ZM at $83 sits 18% above the lower bound and 17% below the upper bound. This is genuinely a "coin flip" zone, which is why the credit-neutral risk reversal structure is so appropriate
• 📊 Wait for the May earnings report before committing fresh capital — if ZM guides down, the bear thesis accelerates; if ZM surprises up, the bull case gets its first real test
• 📉 A break below $80 on the heels of a disappointing earnings report would be the signal to add to bearish positions

If you're cautious:

• ⚠️ ZM's cash-rich balance sheet and potential acquisition premium make naked short exposure dangerous — always use defined-risk structures
• 🛡️ The $80 gamma support is a genuine floor — don't expect a straight-line drop below without a catalytic event
• 📋 Monitor the September OI in both the $90 calls and $80 puts daily — if OI is growing, the institutional position is being built further

Key dates to mark:

• 📅 April 10, 2026 — Weekly expiration; watch ZM's behavior at the $82.65-$85.70 implied range
• 📅 April 17, 2026 — Monthly OPEX; $80.85-$87.50 implied range — key near-term pin zone
• 📅 Late May / Early June 2026 (est.) — Q1 FY2027 earnings — first major catalyst for this trade
• 📅 June 19, 2026 — Triple Witch; implied range $76.64-$91.71; approaching the strike boundaries
• 📅 Late August / Early September 2026 (est.) — Q2 FY2027 earnings — last earnings before expiration
• 📅 September 18, 2026 — THIS TRADE EXPIRES — Triple Witch; will ZM be inside the $80-$90 range?

Final verdict: The ZM risk reversal is a precision institutional trade, not a dramatic billion-dollar LEAP bet — but its elegance lies in its efficiency. The trader collected a net credit while establishing a bearish structure that wins in the scenario most likely given ZM's fundamentals: slow growth, range-bound price action, and no transformative catalyst. The gamma data validates both strike levels as natural market-maker activity zones. The $85 resistance and $80 support are not arbitrary numbers — they're where dealers hedge. This trader is betting with the dealer flow, not against it. For retail traders, the lesson is this: when institutions build bearish collars on enterprise software names with slowing growth, the path of least resistance tends to be sideways-to-lower. Position accordingly — with defined risk, patience, and a clear eye on the May earnings report as the first real test.

The $83 stock trapped between $80 gamma support and $90 gamma resistance. The institution is betting it stays trapped — or breaks lower. So far, the gamma map agrees. 🐻

Disclaimer: Options trading involves substantial risk of loss and is not suitable for all investors. This analysis is for educational purposes only and not financial advice. Past performance does not guarantee future results. Selling uncovered (naked) call options involves theoretically unlimited risk and requires significant margin. Always do your own research and consider consulting a licensed financial advisor before trading options.

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About Zoom Video Communications: Zoom Video Communications provides a cloud-based unified communications platform offering video conferencing, phone, messaging, and contact center solutions for enterprises and individuals globally, with a market cap of approximately $25.7B in the Software — Application sector.