The AI Volatility MonsterThe VIX remains comfortably subdued. AI volatility doesn't. Tech volatility continues to decouple from the broader market, semiconductors are operating in a new regime and emerging markets have become increasingly driven by Asian AI exposure. Massive AI capex, increasingly concentrated market leadership, and unprecedented retail participation in leveraged semiconductor trades have fundamentally changed the market's volatility dynamics. The latest charts suggest this is more than a temporary phenomenon.New extremes