Tech stocks are doing so well it's drawing concern from investors

Traders work on the floor of the New York Stock Exchange (NYSE) on Sept. 03, 2025 in New York City. Photo by Spencer Platt/Getty Images

Technology stocks are rising so far, so fast that some investors are starting to position for the move to lose momentum.

After advancing for five consecutive months, the Nasdaq 100 Index has risen each day but one in September as investors bet on optimism around artificial intelligence and United States Federal Reserve interest-rate cuts to keep technology stocks moving higher. A gauge of expected volatility in the index hasn’t budged in months. And on Wednesday, infrastructure software giant Oracle Inc. made history with a 36% pop, its biggest gain since 1992.

That’s pushed some investors to bid up put options to protect this year’s gains. The