Judging by my experience of the previous 2 big Crashes (the 2000 one and the 2008, when I was actually in Finance), it's not the first big market correction that's the "oh shit" moment when basically everybody holding the overvalued stock just gives up and sells in a chain reaction were the more that gets sold the more the price falls the more people panic and sell.

(I remember that shit happenned in 2008 such as the price of Bear Sterns falling massivelly and it being bought for pennies by another bank and that wasn't the "oh, shit" moment, that moment was a week later when Lehman Brothers went bankrupt).

I suspect either we get a couple of cycles of big falls and small recoveries until prices fall enough so that most of the money that entered during the bubble is at risk of being underwater (and if you look at the stock prices of even the ones which fell the most, they're still way above the start of this year so most stockholders are still comfortably above water) - which if I remember it correctly was how the 2000 Crash started - or a big name bankrupcy like in 2008, and then the panic starts.

When the real "fun" happens you'll see things like stockmarket automatic triggers for stopping the trading of certain stocks (which only happens for falls of the stock's price in a single day which are above a certain percentage) being frequently triggered all over the place and this stuff hasn't happened yet for big names.

Something like Anthropic or OpenAI going bankrupt (possibly even already being bankrupt but hiding it with accounting tricks Enron-style) would almost certainly start the fireworks, though the way things are maybe Oracle is the one that blows up first and starts the run on the markets.