Analyst Divyang Shah said equities, led by AI and tech, faced heavy selling last
Friday and VIX briefly climbed above 20 while the VIX futures curve steepened.
The volatility shock has since eased: spot VIX remains slightly above
pre-selloff levels, near-month futures have converged with spot, and the futures
curve has moved down modestly but stays upward-sloping. Shah said the pattern
suggests the spike did not trigger a structural shift in sentiment—risk tone
remains broadly constructive, though investors are cautious on recent AI/tech
gains as Friday’s losses are absorbed.