The Robinhood stock fell 10.1% on Thursday, extending a slide that has seen it retreat 13.3% over the week. Since the start of November, the online broker's valuation has shed more than 27%, erasing a large portion of gains built earlier in the year. The decline comes as individual investors retreat from the most volatile assets, notably cryptocurrencies and tech shares tied to artificial intelligence.

Robinhood's business model relies largely on user speculative activity, which is heavily concentrated in high-risk segments such as bitcoin and growth-oriented stocks. Yet these two engines have faced a pronounced pullback in recent days. Bitcoin fell nearly 12% over the week, hitting a low of $80,548.09 on Friday. Simultaneously, Nvidia, considered a flagship AI stock, dropped 5% over the same period.

This double retreat underscores the structural fragility of the Robinhood model, highly dependent on phases of market euphoria. As appetite for speculative assets wanes, the platform's activity volumes and revenues are affected, with no clear near-term growth driver identified. The stock had a modest rebound in pre-market trading on Friday, but that did not offset the steep losses of the past few days.