Why did the US stock market crash? Check out Goldman Sachs' analysis. Good news turned bad, short-term risks remain high. On Thursday, US stocks opened high but plunged. NVIDIA's good news + strong non-farm payroll data still led to sell-offs, wiping out over $2 trillion in market value. Bitcoin dropped below $9K. Goldman Sachs believes the market has entered 'profit and loss protection mode,' with NVIDIA's good news acting as a trigger for sell-offs. Key reasons for the crash: NVIDIA's good news already priced in, extremely poor market liquidity, and the largest options expiration in history this Friday amplifying volatility. Conclusion: A systemic sell-off driven by the resonance of technicals, sentiment, and liquidity. Short-term risks are high.