The Kobeissi Letter(@KobeissiLetter):Volatility among tech stocks is historically elevated: The gap between the Nasdaq 100 volatility index, $VXN, and the volatility index, $VIX, is up to 12 points, the highest in at least 23 years. The difference has more than tripled since the start of May. This comes as $VXN surged +9 points or +43% over this period, while $VIX rose just +2 points, or +9% at the same time. By comparison, during the 2008 Financial Crisis and the 2020 pandemic, the gap peaked at 7 and 11 points, respectively. Put simply, investors are pricing in significantly more uncertainty for technology stocks than for the broader market. Market volatility is here to stay.

2026.06.28 16:08

Volatility among tech stocks is historically elevated: The gap between the Nasdaq 100 volatility index, $VXN, and the volatility index, $VIX, is up to 12 points, the highest in at least 23 years. The difference has more than tripled since the start of May. This comes as $VXN surged +9 points or +43% over this period, while $VIX rose just +2 points, or +9% at the same time. By comparison, during the 2008 Financial Crisis and the 2020 pandemic, the gap peaked at 7 and 11 points, respectively. Put simply, investors are pricing in significantly more uncertainty for technology stocks than for the broader market. Market volatility is here to stay.