The volatility gap between the Nasdaq‑100 and the S&P 500 has widened to its
largest level since 2008 as investors ramp up purchases of Nasdaq puts,
signaling concern about a pullback in tech, particularly the AI
sector. Semiconductor ETF SMH plunged more than 5% on Thursday, underscoring
weakening momentum in recent tech leaders. Call demand has cooled but remains
elevated. Analysts note summers are typically quieter, though tech volatility is
expected to stay above the broad market.