Since 2006, six satellites measuring solar‐induced chlorophyll fluorescence (SIF) have been launched to better constrain terrestrial gross primary productivity (GPP). The promise of the SIF signal as a proxy for photosynthesis with a strong relationship to GPP has been widely cited in carbon cycling studies. However, chlorophyll fluorescence originates from dynamic energy partitioning at the leaf level and does not exhibit a uniformly linear relationship with photosynthesis at finer scales. We induced stomatal closure in deciduous woody tree branches and measured SIF at a proximal scale, alongside leaf‐level gas exchange, pulse amplitude modulated (PAM) fluorescence, and leaf pigment content. We found no change in SIF or steady‐state PAM fluorescence, despite clear reductions in stomatal conductance, carbon assimilation, and light‐use efficiency in treated leaves. These findings suggest that equating SIF and photosynthesis is an oversimplification that may undermine the utility of SIF as a biophysical parameter in GPP models.