Volatility in AI-related momentum stocks reaches four times the level of the S&P 500.

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Market volatility in AI-related momentum stocks has surged to four times the level of the S&P 500, according to ChainThink data from July 19, 2026. The three-week volatility ratio has more than quadrupled in recent weeks, reaching a record high. The group includes companies such as NVIDIA, Super Micro Computer, Palantir, D-Wave Quantum, and CoreWeave. The ratio previously peaked at approximately twice the S&P 500 level during the 2020 market crash. The U.S. momentum stock index has declined 24% since July, potentially marking its worst monthly drop since 2008.

ChainThink reports that, on July 19, according to The Kobeissi Letter, the three-week volatility of U.S. momentum stocks relative to the S&P 500 index has risen to four times its historical level, marking a new all-time high; this ratio has more than quadrupled over the past several weeks.

This group of momentum stocks includes high-growth tech stocks such as NVIDIA, Super Micro Computer, Palantir, D-Wave Quantum, and CoreWeave, all benefiting from the AI boom.

For comparison, this ratio peaked at approximately 2x during the market crash in 2020 amid the pandemic and at around 1.8x during the dot-com bubble burst.

The U.S. momentum stock index has fallen 24% since July, potentially marking its largest monthly decline since the 2008 financial crisis.

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