Woofun AI data shows that the three-week relative volatility of US momentum stocks against the S&P 500 Index has quadrupled, reaching a historical high. This metric now exceeds the levels observed during the 2020 market crash and the dot-com bubble burst. The affected group includes AI-centric names such as NVIDIA, AMD, Palantir, D-Wave Quantum, and CoreWeave.

The US Momentum Stocks Index has declined by 24% since July, representing the largest monthly drop since the 2008 financial crisis. Previously leading performers are experiencing rapid loss of market favor amid this heightened volatility.