At the start of European trading this morning, ASML Holdings - Europe's largest tech stocks - flash-crashed over 7% from the close last night, on massive volume.

Within seconds, the stocks was halted, and when it reopened it was back up to unch...

That drop was the biggest intraday since October 20222, and immediately prompted the usual 'fat-finger' excuses.

But with the chatter of gamma squeezes across so many of these mega-cap tech companies...

...we can't help but feel like this is some options unwind and a canary in the coalmine for Masa-son and his SoftBank squeezers.

Potentially confirming that view, while erroneous trades are sometimes canceled, there were no cancelations for ASML as of midday, data compiled by Bloomberg show.