Nasdaq 100 falls over 1.1% at open as Nvidia drops 3.8%

The pressure is concentrated in semiconductors rather than broad tech, with Nvidia's two-day slide doing most of the work and losses spreading to adjacent names like Nebius and SanDisk. Apple's modest gain against that backdrop suggests the move is about AI-chip exposure specifically, not a uniform de-risking of mega-cap tech. The divergence in Chinese ADRs, with Li Auto up while Alibaba slips, points to stock-specific drivers rather than a single macro signal. Whether the semiconductor complex stabilizes or the weakness broadens beyond chip names is the open question worth watching.