Wall Street's VIX surges above 22 as AI stock sell-off drives options trading
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A sell-off in AI-related stocks pushed the Cboe Volatility Index (VIX) above 22 for the first time in four months, driven by losses in companies like CoreWeave and a 2% drop in the Nasdaq. Investors heavily purchased November VIX calls, including one trader buying 9,200 November 18, 20-strike calls for $1.7 million and 12,500 November 18, 23-strike calls for $1.1 million, wagering on continued market turbulence ahead of earnings reports from Tesla, SpaceX, and Meta.
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