While traditional markets were undergoing a correction, users of the largest crypto platform showed the opposite trend. In the week ending July 8, net capital inflows into stocks of memory manufacturers for artificial intelligence (AI) systems doubled, reaching $133 million.
The Paradox of Buying the Dip
Most notably, this surge occurred against the backdrop of a decline in the stock prices themselves. Shares of SanDisk (SNDK) and Micron Technology (MU) lost up to 14% of their value on July 2, driven both by news of Anthropic developing its own AI chip and large-scale sell-offs by Samsung. Nevertheless, these two companies attracted 79% of the total weekly inflow of $169.2 million, which, incidentally, was 12% lower than the previous period due to the shortened trading week caused by the July 4 holiday.
The high-tech sector as a whole attracted $191 million, accounting for 113% of the total net result. However, it was the AI memory sub-sector that became the absolute leader, doubling to the aforementioned $133 million. Of this, $67 million went to SanDisk and $66 million to Micron.
Retail Investors vs. Institutions
The key takeaway from this data is a clear division of strategies. Platform users acted like contrarian analysts, buying up beaten-down assets. At the same time, hedge funds have been offloading chipmaker stocks for the fourth consecutive week. For example, leverage in the Micron ETF (MUU) collapsed by 72%, even though Micron shares themselves on the spot market doubled in price. This indicates that retail traders are increasing positions while simultaneously reducing risk, whereas professionals are locking in profits.
Funds for purchases flowed from adjacent sectors. Record outflows in the platform's history were seen in robotics ($38 million) and space technology ($31 million). Users took profits on leaders of recent events — Tesla (amid record deliveries) and SpaceX (after inclusion in the Nasdaq-100).
Looking Ahead: A Trigger for the Sector
The next important milestone for the memory sector will be SK Hynix's listing on the Nasdaq on July 10. This event could either boost investor interest in all stocks in the field or, conversely, redirect some flows from Micron and SanDisk to the new competitor.
My professional opinion: Buying the dip and the growing interest in AI memory is not just a speculative overhang. It is a signal that the market is beginning to price in future demand for AI hardware, ignoring short-term volatility. However, it is worth remembering: when retail investors enter a sector with such enthusiasm from which professionals are exiting, it is often a precursor to a correction. Be cautious with leverage.