How to Trade ZM (Zoom Communications) on Hyperliquid

What Is ZM

ZM is the NASDAQ ticker for Zoom Communications, Inc., the enterprise video, voice, and contact-center platform that emerged from the pandemic with a fortress balance sheet and a slower growth profile. The company reported fiscal 2026 revenue of roughly $4.9 billion, with Q4 FY26 coming in at $1.247 billion, up 5.3% year over year, and enterprise revenue growing 7.1%. Non-GAAP operating margin landed at 40.4% on the full year against a ~77% gross margin — this is a profitable, cash-generative software business, not a growth-at-any-cost name.

That profile — slowing top line, expanding margins, large net cash position — is why the stock has traded sideways for years even as the underlying franchise stayed sticky. The story today is less about seat growth and more about what management does with the cash pile, the enterprise base, and one very well-timed venture investment.

The Anthropic Angle

The reason ZM keeps showing up on AI watchlists despite being a video stock: Zoom Ventures wrote a reported $51 million check into Anthropic in May 2023 alongside a product partnership. Three years later, Anthropic closed a $30 billion Series G at a $380 billion post-money valuation in February 2026, and by late April was reportedly fielding preemptive offers around a $900 billion mark on roughly $50 billion of new capital, per Bloomberg.

Baird analysts have flagged that Zoom's stake is plausibly worth $2 billion to $4 billion depending on dilution assumptions — non-trivial against Zoom's ~$23 billion market cap. The trade thesis is straightforward: you're paying for a profitable enterprise SaaS business and getting Anthropic equity as an embedded option. The risk is that the option dominates the valuation, so anything that re-rates Anthropic — up or down — moves ZM more than its own fundamentals would.

The HIP-3 Perpetual

The Hyperliquid contract tracks the value of one share of ZM common stock. It settles in USDC, runs up to 10x leverage, and is deployed under the xyz HIP-3 builder. Pricing is referenced to the underlying NASDAQ tape, but the perp itself never closes — it trades nights, weekends, and through earnings windows when the cash market is dark.

Notional 24-hour volume sits around $298,000 at the time of writing. That is thin. It means market orders at size will pay meaningful slippage, funding can detach from rates on equity-borrow desks, and limit orders matter more than they would on a deep crypto-native book. There is no equity ownership here, no voting rights, no dividends — this is a synthetic for taking directional risk on Zoom around the clock, with the practical edge being access during the windows when AI-stake or earnings news actually breaks.

Key Trading Considerations

A few things worth flagging before sizing up:

• Q1 FY2027 earnings on May 21, 2026. This is the next scheduled catalyst and the first print since the Anthropic re-rating took hold. Q4 FY2026 broke an EPS beat streak with a small miss, so the consensus bar matters more than the headline this time.
• The Anthropic round is the wildcard. A confirmed $850B–$900B mark would meaningfully reprice the embedded stake; a delay, markdown, or down-round signal does the opposite. Expect the perp to move on Anthropic headlines as much as on Zoom's own numbers.
• Liquidity is not equity-market liquidity. Roughly $298K of 24h volume on the perp versus a ~$23B market cap on the underlying means basis can blow out around news windows. Size positions accordingly and check funding before adding.
• Crowded long. The stock pushed to a 52-week high near $109 on the Anthropic re-rating, so positioning is not contrarian here. Late longs at the highs into a binary earnings print is a known pattern — manage it.