The Cboe Volatility Index (VIX) crossed above 22 for the first time in four months, driven by a sell-off in AI-related stocks. One investor spent $1.7 million on 9,200 November VIX calls at the 20 strike and $1.1 million on 12,500 calls at the 23 strike, betting that volatility will stay elevated above 23 by mid-November. The Nasdaq fell 2%, its worst day since June 5th, while AI cloud provider CoreWeave dropped 13%. Nearly $27 million in premium was traded across nine VIX option contracts, representing 36% of total daily volume in VIX derivatives. Tesla, SpaceX and Meta will report earnings next week, posing a key test for markets.
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