US bond market yields hit a record high, yet ViX fell to the low point of Trump's tenure — Goldman Sachs partner Mark Wilson bluntly pointed to the risk of this “cognitive split”: valuations are already quietly losing blood, momentum factors are falling short, European defense stocks are losing 25% of fundamentals, and the AI narrative is shifting from “selling shovels” to “using shovels.” The low level of VIX does not mean that risk has dissipated, or simply that the market hasn't found enough reason to panic.

US bond market yields hit a record high, yet ViX fell to the low point of Trump's tenure — Goldman Sachs partner Mark Wilson bluntly pointed to the risk of this “cognitive split”: valuations are already quietly losing blood, momentum factors are falling short, European defense stocks are losing 25% of fundamentals, and the AI narrative is shifting from “selling shovels” to “using shovels.” The low level of VIX does not mean that risk has dissipated, or simply that the market hasn't found enough reason to panic.