The Cboe VIX index jumped to 18 on Monday, and options trading volume surged to more than twice its 30-day average, as semiconductor and data center stocks dragged down the S&P 500. This move occurred after a new round of debate among tech leaders and politicians about whether AI development is moving too fast. John Marshall of Carrick Lane stated that despite the probability of a Federal Reserve rate hike this week rising to over 90%, the equity market currently seems to believe the FOMC is a done deal and is more concerned about AI risks. He noted that while interest rate volatility has not completely disappeared (the U.S. Treasury volatility index MOVE rose 10 points last week to the 92nd percentile), bond volatility no longer appears to be the primary factor influencing the stock market.