The gamma squeeze is fueled by a surge in Dealer Short OTM Calls and Dealer Long OTM Puts, which create a hedging environment that can lead to strong price movements. Historically, gamma squeezes have caused an average price drop of 5% before recovery. In the case of Robinhood, its gamma squeezes have resulted in an average move of -1.86% (median: -0.60%). As the conference nears, the downside potential may increase substantially if more short option positions open.