According to Jinshi reports, the recent rally in tech stocks has shown signs of slowing, with traders' confidence in the market outlook wavering. The volatility gap between the Nasdaq 100 Index and the S&P 500 Index—a key gauge of market fear and expected volatility—has expanded to its highest level since the 2008 financial crisis.
This development is driven by a notable increase in investors' willingness to buy put options on the Nasdaq, reflecting growing concerns about a potential downturn in tech stocks, particularly the AI sector. On Thursday, the Semiconductor ETF (SMH) fell more than 5%, further confirming the weakening momentum of previously hot tech stocks.
Meanwhile, although the enthusiasm for call options has cooled somewhat from its peak, it remains at relatively high levels, indicating that the battle between bulls and bears is still intense. Investors should closely monitor the risk of further price volatility in tech stocks, especially those tied to AI themes.