Archegos, and of the golden-boy hedge funds got caught with their pants down. Heavily leveraged in chicom tech stocks and US media. GS and MS are handling their liquidation while divesting their own funds of these stocks-

https://www.zerohedge.com/markets/archegos-fallout-nomura-crashes-after-reporting-record-2bn-loss-transactions-us-clientv

Not to toot our own horns, but I think we're collectively part of this. People buying less chinese crap, not using their marketplaces on the Internet, and cutting the cord. That makes stonks go down.