Investors are no longer hedging against a tech stock crash. The average 1-month put-to-call skew of the Nasdaq 100 index is down to 0 points, its 4th-lowest reading over the last 20 years. This measures how much more investors are paying for downside protection through put options than for upside exposure through call options, with the current reading indicating historically low demand for Nasdaq put options. This figure has dropped -0.25 points since March 2026, one of the largest 6-month declines on record. By comparison, the long-term average of this metric is 0.11 points. Meanwhile, the cost of options used to bet on or protect against large moves in the average Nasdaq 100 stock fell sharply last week, with 1-month implied volatility dropping -17 percentage points, to ~40%. Investors are extremely bullish on tech.