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 the tech stocks on the US stock market are falling single-sided, while value stocks are rising single-sided. 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 NVDA’s 210 level broke and bounced, repeatedly testing a support that’s about to give way.
Gold also dropped 1.7% today. When risk assets fall, safe-haven assets fall too. It’s not panic; it’s capital re-pricing.
Maybe they’re betting on next week’s non-farm payrolls, or maybe they’re preemptively digesting the June FOMC.
Whatever the reason, the half-hour after Wednesday’s open told me one thing: the comfort zone of tech bulls is rapidly shrinking.