Cboe Global Markets is an underrated stock. Per @Kalshi_Finance, it jumped 10% premarket after extending its S&P 500 options license through 2051. x.com 

Cboe looks better than CME or ICE because it has a net cash position, a strategic-review catalyst, higher growth and better five-year performance at equivalent profitability. The trade-off is earnings more concentrated in its S&P 500 options franchise. x.com 

Intercontinental Exchange, CME Group and Cboe are in the first inning of a de-rating, as the rush to defend them against crypto perpetual futures competition shows. With few near-term catalysts to make them work, they are worth revisiting in 12-24 months. x.com 

Cboe and MIAX stand to benefit long term as wealth passes from risk-averse generations to more risk-seeking ones. Baby boomers hold at least $93 trillion in assets, per Visa, more than Gen X and millennials combined. Barriers to entry remain substantial, since only a few exchange groups run the US listed-options market and few genuinely new operators have entered in 15 years. x.com  x.com 

Cboe Global Markets looks like a pretty decent long-term buy at current levels, according to a quantitative screening model. x.com 

CME, Cboe and ICE face disruption from regulated perpetual futures, which could undermine their business model. On May 29 the CFTC approved Kalshi's US Bitcoin perpetual and gave Coinbase a no-action letter for offshore perps. Perps traded about $92.9 trillion in 2025, and Kraken is launching CFTC-regulated contracts too. Markets see Cboe as most exposed, then CME and ICE; Cboe fell over 17% in a week. Stock perps could eventually challenge CME and Cboe S&P 500 products. x.com 

Cboe Global Markets' drop on futures launches by Coinbase and Kalshi looks overdone. Coinbase depends on crypto while Cboe is half as expensive, and it is doubtful prediction-market players will attract many futures traders. The price is holding support, making this a low-risk entry. x.com 

Cboe Global Markets will in all probability trade higher a year from now, because its selloff overweights a spectacular new threat that barely touches the business. The scare was Hyperliquid perpetual futures: $1.4B of SpaceX perp volume made headlines, but open interest was about $100M and the product only filled a gap before the SpaceX IPO. Cboe is an extraordinarily high-quality business, derivatives are needed for hedging, and incumbents can copy perps, as Cboe plans for BTC and ETH. x.com  … Show more

Cboe's fundamentals are inflecting positively and should stay attractive if the war worsens or fails to improve, while the competitive threat won't move serious volume. Many of the policies behind that threat are likely to be rolled back within the next few years, and Cboe has also been a takeover target. x.com 

Intercontinental Exchange is an overlooked, high-quality name in the financial infrastructure selloff. It runs 12 regulated exchanges and marketplaces, most notably the NYSE, and is still led by founder Jeffrey Sprecher, who built it from the struggling Continental Power Exchange bought for $1,000 in 1997. Nasdaq's passive QQQ flows have weighed on the NYSE, but the NYSE is not going anywhere and its popularity picks up during tech routs. x.com