A US judge has issued a ‘sealed’ ruling in the case about Google’s online search monopoly. This decision has led to a more than 4% rise in Google’s shares during after-hours trading, hitting a record high. The ruling requires Google to share some information with its competitors but does not force the company to sell its Chrome browser or the Android operating system. The uncertainty about Google’s future has been removed. As a result, the high implied volatility in its options is likely to decrease. For traders, this “volatility crush” is an important short-term event, making it hard for those holding long calls or puts. We expect the value of these options to drop significantly due to the decline in volatility alone. With this in mind, selling option premiums is now a smart strategy for the next few weeks. Since the risk of a breakup is gone, the extreme premiums that were previously priced in no longer make sense. This is a chance to sell covered calls against long stock positions or to sell cash-secured puts at prices where we are comfortable owning the shares. Looking at the numbers, shares surged past $220, setting a new record. Meanwhile, the 30-day implied volatility, which was around 45% in late August 2025, is expected to drop toward its yearly average of below 30%. This quick decline in volatility creates a good opportunity to collect premiums. The market signals that the worst is over, and we should adjust our strategies accordingly. For guidance, we can refer to Microsoft’s antitrust case from the early 2000s. After the final judgment lifted the breakup threat, uncertainty faded, allowing the company’s strong performance to drive its stock up in the long term. We expect a similar rally and stabilization for Google, supporting strategies that benefit from time decay and lower volatility. For a more defined risk approach, traders might consider credit spreads, like bull put spreads. This strategy profits if the stock remains stable or increases while also capitalizing on the drop in volatility. It enables participation in this event with a clear and limited risk profile.

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