NVIDIA CorporationNVDA
Mentioned
Impact on stocks 1
Artificial Intelligence
NVIDIA CorporationNVIDIA CorporationOptions traders are pricing far larger swings in semiconductor stocks than in the broader S&P 500, with the gap between the Cboe SMH Volatility Index and the Cboe Volatility Index recently reaching nearly 47 volatility points and remaining close to 45. That premium is more than double its size during the April 2025 broad market panic, when the VIX surged above 50, and comes as the sell-off erased roughly $3.3 trillion from global chip stocks by the recent low. The PHLX Semiconductor Index broke below 12,000 but has since climbed back above that level, though the rebound has lacked force and the volatility premium has barely retreated. Goldman Sachs's high-beta momentum basket fell roughly one-third from its June peak, with its July decline the worst since April 2009, yet roughly two-thirds of stocks across the S&P 500, S&P 400, and S&P 600 remain above their 200-day moving averages. The S&P 500 advance-decline line recently broke to a record high and is now testing that old breakout level, while traders watch whether the SOX can hold 12,000 to suggest the market is digesting the AI unwind rather than letting stress escape the chip trade.
NVIDIA Corporation