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Pony AI Inc (ADR) put volume heavy and directionally bearish

Bearish flow noted in Pony AI (PONY) Inc (ADR) with 19,424 puts trading, or 12x expected. Most active are 5/1 weekly 10 puts and Apr-26 10.5 puts, with total volume in those strikes near 11,700 contracts. The Put/Call Ratio is 7.42, while ATM IV is up over 2 points on the day. Earnings are expected on May 19th.

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