NVDA dropped 2% at the opening. The semiconductor index SMH fell 0.8%, dragging down the entire technology sector. But the market hasn't moved. The S&P remained flat, while the Dow Jones rose by 0.4%. The money hasn't gone. Changing places. I also experienced the same thing in the currency circle in 2022. It's like the technology stocks on the US side are falling unilaterally, while the value stocks are rising unilaterally. If you stare at S&P and think it's okay, your holdings are already being hammered every day. This time SMH vomited a lot from the high point, and NVDA's 210 position bounced and bounced, like repeatedly testing a support that was almost unable to hold on. Gold also fell 1.7% today. Risk assets fell, and safe haven assets also fell. It's not panic, it's capital repricing. Perhaps betting on next week's non farm payroll, or possibly digesting the June FOMC ahead of schedule. Regardless of the reason, what Wednesday's half-hour opening told me was one thing: the comfort zone for tech bulls is rapidly narrowing.