The Volatility Paradox: Cheap Mag 7, Expensive Tech, And A Market On Edge
The volatility paradox
Volatility markets are sending mixed signals. Mag 7 options look unusually cheap relative to the broader tech complex, even as Nasdaq volatility remains historically elevated versus the S&P 500. The recent compression in tech vol has been extraordinary, but beneath the surface, skew remains well bid and vol-of-vol is swinging violently. Meanwhile, Goldman sees opportunities to add upside exposure across AMZN, SPY and Korea. A market where volatility is resetting, but conviction remains far from settled.