CNBC analysis indicates that a key tech-stock volatility metric, the spread between Cboe's VIXEQ and VIX indexes, is reversing from record highs seen this summer. This suggests investors are shifting focus to macroeconomics and policy, with the U.S. bond market potentially replacing AI optimism as the primary market driver. The 10-year Treasury yield is approaching a three-year high of 5%, crude oil futures are back above $100 for the first time since May, and energy stocks in the S&P 500 Index hit fresh highs on Thursday, now up 43% for the year. Additionally, the end of earnings season is reducing volatility in AI-related trades.