One datapoint that shows how far the memory trade has come: Micron alone now turns over nearly as much notional as Nvidia, and SanDisk out-trades almost everything else on the tape. Crowding is the flip side — the lane's #1 risk has always been that everyone gets in.
A handful of stocks now dominate US market trading: Nvidia, $NVDA, is the most actively traded stock in the US market, accounting for 3.0% of total market notional volume year-to-date. This is followed by Micron, $MU, at 2.8%, Tesla, $TSLA, at 2.1%, and SanDisk, $SNDK, at 1.5%.
One datapoint that shows how far the memory trade has come: Micron alone now turns over nearly as much notional as Nvidia, and SanDisk out-trades almost everything else on the tape. Crowding is the flip side — the lane's #1 risk has always been that everyone gets in.
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