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

2026-07-03

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.