Options traders are showing greater concern about AI risks than interest-rate risks. The Cboe VIX Index jumped to 18 on Monday, with options volume on the gauge exceeding double the 30-day average. Semiconductor and data-center stocks dragged on the S&P 500. One investor purchased at least $3.6 million in 31-strike call options expiring mid-November. Analysis from Carrick Lane indicates the equity market views the Fed as already decided and focuses more on AI. The MOVE Index measuring Treasury volatility reached the 92nd percentile, but this bond volatility does not appear to impact stocks.
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