The chip rally has a dark side — and a rare market risk is at its highest level since 2015

The volatility spread between individual semiconductor stocks and the broader market index has widened to levels not seen since 2015. AMD and Micron are among chip companies trading with larger price swings relative to overall market movements. The spread measures the difference between the VIX index, which tracks S&P 500 volatility, and the SKEW index, which tracks volatility of individual stocks.

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