ASML's deification day? Could consider following a bearish position.

$ASML(ASML.US) became a legend last night—closed at 1726 on 6/3, intraday hit 1743 to set a new all-time high, market cap became number one in all of Europe, JPMorgan directly raised the target price to 2200, everyone was shouting "lithography machine forever the god."

But the options flow on the same day gave me chills: someone spent 13.59 million USD in two batches to buy Puts, all concentrated at 1700. The far-dated July batch of 9.02 million is twice as heavy as the near-dated June batch of 4.56 million—this is not a temporary hedge, someone is seriously betting on a pullback. Pre-market, ASML has already dropped to 1683, -2.5%, this heavy contrarian bet is already paying off pre-market.

I don't doubt ASML's long-term logic, the lithography machine monopoly is real. But at this 1726 level, with IV Percentile already at 64, all the optimism that should be priced in is already in. The company having no problems doesn't mean the stock price won't spit out the sentiment in the short term—I'm betting on the latter, not the fundamentals.

The strategy is simple: July Bear Put Spread, buy 1700 Put, sell 1600 Put. Not buying naked is to fear IV backlash, the spread caps the cost, the maximum loss is the net premium paid, position capped at 1/3. If the stock price stands back at 1743 to make a new high, or if the AI capital expenditure data explodes again one day, then exit.