NVDA dropped 2% at the open. The semiconductor index SMH fell 0.8%, dragging down the entire tech sector.

But the overall market didn't move. The S&P was flat, and the Dow actually rose 0.4%.
Money hasn't left. It's moving elsewhere.
In 2022, I experienced the exact same thing in the crypto world. It’s like tech stocks on the US stock market falling sharply while value stocks rise sharply; you watch the S&P and think it's fine, but your holdings are being hammered every day.
This time, SMH has given back quite a bit from its high, and the 210 level for NVDA broke and bounced, then broke again, like repeatedly testing a support that’s about to give way.
Gold also dropped 1.7% today. Risk assets are falling, and safe-haven assets are falling too. It’s not panic; it’s capital re-pricing.
Maybe betting on next week’s non-farm payrolls, or perhaps pre-digesting the June FOMC.
Whatever the reason, half an hour after the Wednesday open told me one thing: the comfort zone of tech bulls is rapidly shrinking.