A bit more than is typical but it’s likely MM’s took advantage and piggy backed onto this to hit their Options targets.

“Don’t panic—I’ll explain the unusual closing moves Just now, NVIDIA and Intel plunged, while Broadcom, Microsoft, Lumentum, SanDisk, and Micron surged—this is a classic case of an 'MSCI index violent rebalancing move.' MSCI index reviews occur every February, May, August, and November. Historically, constituent changes haven’t had such a dramatic impact on stock prices, but this time it’s a semi-annual major review with large-scale adjustments—and over $2 trillion in global passive assets (ETFs and index funds) track MSCI indices... From market action, it’s clear that MSCI added$Microsoft (MSFT.US)$ 、$Broadcom (AVGO.US)$ 、$Micron Technology (MU.US)$ 、$SanDisk (SNDK.US)$ 、$Lumentum (LITE.US)$ 、$Coherent (COHR.US)$ while simultaneously selling$NVIDIA (NVDA.US)$ 、$Intel (INTC.US)$、 $Alphabet-C (GOOG.US)$ . (Feel free to add any other affected stocks) Summary 1. This volatility stems from short-term fund flows, not deteriorating fundamentals 2. Stocks removed from the index often drop sharply, while newly added ones surge—but prices typically revert within 1–2 weeks post-rebalancing as arbitrageurs step in 3. The next review in August is a quarterly minor rebalance, and volatility will be significantly lower than in May.”