Nvidia falls about 4.6%, down over 30% from 52-week high of $243.37

The scale here is the story: a drawdown of this size on a mega-cap is a sentiment event, not a routine pullback, and it lands on a stock that has become the de facto proxy for AI enthusiasm across public and private markets. The read-across matters most for adjacent exposure — AI-adjacent equities, and by extension tokenized equity and RWA products that wrap or track Big Tech. Whether the decline reflects a broader repricing of AI capex expectations or is contained to one name is the open question; watch whether the weakness broadens or stabilizes.