Affirm Holdings, Inc. (AFRM) stock plummeted 5.09% during intraday trading on Wednesday, reflecting significant selling pressure.

The decline follows reports that Stone Ridge Asset Management, a fund holding consumer and small-business loans made by Affirm and other fintech companies, is experiencing high redemptions. This suggests investor unease with exposure to such loans, potentially leading to negative sentiment toward Affirm's business model and financial health.

Market participants are likely reacting to concerns about liquidity and risk in the fintech lending sector, as indicated by the fund's redemption activity.