The CBOE Volatility Index (VIX) has experienced significant fluctuations, reaching its highest levels since October 2023. Initially surging to 15.80, the VIX later hit 16.03, marking the highest point in over eight weeks. The index continued to rise, eventually reaching 18.66, up 3.75 points, indicating a notable increase in market volatility. This period also saw a substantial interest in near-term out-of-the-money (OTM) calls for NVIDIA (NVDA), amounting to over $2M+, suggesting a sense of urgency among investors. Additionally, the VIX's performance has notably outpaced that of the semiconductor sector year-to-date (YTD), further highlighting the heightened market volatility. These developments coincide with a significant downturn in the Dow, which dropped by 500 points, and a dramatic increase in the VIX, up by 30%, showcasing one of the largest percentage moves in the index since November 2021.