[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fCKEkOnMlViZ3Z-R7DdXa3wXeWUbhTuoqWkzmIeQTGPg":3},{"data":4},{"displayed_date":5,"split_tested":6,"publish_date":7,"enforce_gated_content":6,"email_capture_popup":8,"authors":9,"id":11,"meta_default_title":5,"audience":12,"thumbnail_url":13,"free_content_html":14,"meta_default_description":5,"preview_text":15,"title":16,"web_url":17,"subtitle":15,"content_tags":18,"newsletter_list_id":5,"platform":12,"status":19,"hidden_from_feed":6,"subject_line":16,"slug":20,"created":21},null,false,1763982015,true,[10],"Nicholas Crown","post_5bb4c159-a53d-48fc-b824-72323ff586bb","both","https:\u002F\u002Fbeehiiv-images-production.s3.amazonaws.com\u002Fuploads\u002Fasset\u002Ffile\u002F21114ff4-a317-4ec7-a1d9-9114e5e75138\u002FChatGPT_Image_Nov_20__2025__01_33_02_PM.png?t=1763667193","\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> NVIDIA isn’t just a stock anymore. It’s a religion. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> But, most importantly, it’s the market’s adrenaline button. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> Every quarter, investors gather around the same ritual: \u003C\u002Fp>\u003C\u002Fdiv>\u003Cdiv style=\"padding-bottom:12px;padding-left:37px;padding-right:27px;padding-top:12px;\">\u003Cul style=\"color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:24px;list-style-type:disc;margin:0px 0px 0px 25px;padding:0;\">\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> Whisper numbers \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> Options volume exploding \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> Analysts predicting “the most important print of the year” \u003C\u002Fp>\u003C\u002Fli>\u003Cli style=\"margin:10px 0px 0px 0px;\">\u003Cp style=\"text-align:left;\"> A stock everyone assumes \u003Ci>must\u003C\u002Fi> go up \u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> But this time, something different is happening, and there’s a good chance you didn’t notice it. \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"font-weight:700;\">\u003Cb>The entire options market has stopped believing in the upside. \u003C\u002Fb>\u003C\u002Fspan>Not “less upside.” Not “muted upside.” \u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\">\u003Cspan style=\"font-weight:700;\">\u003Cb>Zero upside.\u003C\u002Fb>\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fdiv>\u003Cstyle>\n  p span[style*=\"font-size\"] { line-height: 1.6; }\n\u003C\u002Fstyle>\u003Cdiv style=\"padding-bottom:12px;padding-left:15px;padding-right:15px;padding-top:12px;\">\u003Cp style=\"color:#2D2D2D;color:var(--wt-text-on-background-color) !important;font-family:'Helvetica',Arial,sans-serif;font-size:16px;line-height:1.5;text-align:left;\"> And when you look at the numbers, the illusion becomes impossible to ignore. \u003C\u002Fp>\u003C\u002Fdiv>","Everyone’s still chasing the AI story while the market quietly prices the upside at zero.","NVDA’s Illusion: All the Excitement, Zero Upside","https:\u002F\u002Fletter.nicholascrown.com\u002Fp\u002Fnvda-illusion",[],"confirmed","nvda-illusion",1763666755]