Retail Radar: Retail Remembers the Dip, Memory (MU) Serves Right

Research evidence excerpt

Retail Radar: Retail Remembers the Dip, Memory (MU) Serves Right

J P M O R G A N Global Markets Strategy

24 June 2026

Retail Radar

Jun 24 - Retail Remembers the Dip, Memory (MU)

Serves Right

Retail Trading Activity Overview Equity Strategy and Quantitative

Research

• This week’s global Tech rout did little to deter retail participation; while Arun Jain AC

activity eased from last week’s elevated levels, Figure 11RetailInvestorDailyPurchasesbyStocksandETFs, it remained around (1-212) 622-9454

arun.p.jain@jpmorgan.com

the 1y median, with resilience in single‑stocks (65%ile) offsetting softer ETF J.P. Morgan Securities LLC

inflows (25%ile). The sell‑off—led by Korea and semis—created another AC Shizuka Suga, CFA

opportunity for retail investors to add to their Memory exposure, with buying (1-212) 622-2134

concentrated in MU and SNDK, particularly on weakness this week. shizuka.suga@jpmorgan.com

• Within ETFs, Korea (e.g. EWY and KORU) saw mixed flows (-4.2z and J.P. Morgan Securities LLC

+2.7z, resp.). Communication ETFs Imbalance reached a 15-month low, Ana Pous Avila

Figure 9ComunicationETFsImbalanceatitslows., driven by XLC (-4.2z, Figure 10.drivenbylargeoutflowsinXLC(-4.2zwek)). GLD has been effectively ignored (1-212) 622-0496

ana.pousavila@jpmorgan.com

by retail in recent months, but prices plunging below 4000 on Wednesday was J.P. Morgan Securities LLC

a catalyst for stronger outflows (-1.9z day). William Matheson

• Within single stocks, retail interest remained concentrated in the Mag 7 and (1-212) 622-9538

Memory/Semis. The most-bought names were MU, NVDA, TSLA, SNDK, william.matheson@jpmchase.com

J.P. Morgan Securities LLC

and MSFT. Notably, buying appeared relatively insensitive to near-term price