<p>自 3 月底市场触底以来，<strong>Roundhill Meme Stock ETF</strong> (NYSE: MEME) 已上涨 82%。</p>
<p>在同一时间段内，<strong>Invesco QQQ Trust</strong> (NASDAQ: QQQ) 上涨 28%，而 <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY) 上涨 18%。</p>
<p>Meme 股票的涨幅是纳斯达克 100 的三倍，且超过了更广泛市场回报的四倍。</p>
<p>起点是 3 月 30 日，当时华盛顿和德黑兰达成停火协议，暂停了自 2 月底以来困扰油市的霍尔木兹海峡危机，尽管并未结束。</p>
<p>风险偏好在一夜之间回归。但令华尔街感到惊讶的是反弹的形态。</p>
<p>市场中风险最高的部分反弹最快。高盛的一项新分析刚刚突出了背后的动力和未来的风险。</p>
<h2><strong>图表：MEME ETF 与 QQQ 和 SPY – 自 3 月 30 日以来的表现</strong></h2>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/14085240/image-376-1024x568.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/14085240/image-376-1024x568.png"/></p>
<h2>自 4 月中旬以来，零售交易量跃升 28%</h2>
<p>根据高盛周四与客户分享的报告，自 4 月中旬以来，零售交易量上升了 28%。</p>
<p>零售交易现在占美国股票交易总量的约 20%，高于十年前的 15%，但仍低于 2021 年 24% 的峰值。</p>
<p>保证金债务现在发出最响亮的信号。</p>
<p>在所有 FINRA 会员公司中，保证金债务激增至 1.3 万亿美元，占客户总余额的 52%，创下历史新高，比 1998 年创下的前高高出六个百分点。</p>
<p>在主要的零售经纪公司中，<strong>Interactive Brokers Group Inc.</strong> (NASDAQ: IBKR)、<strong>Robinhood Markets Inc.</strong> (NASDAQ: HOOD) 和 <strong>Charles Schwab Corp.</strong> (NYSE: SCHW) — 到 3 月底，保证金余额达到 2300 亿美元，占客户资产的 1.8%。</p>
<p>这一水平略高于 2021 年的记录。</p>
<p>零售不仅回归，而且杠杆率很高。</p>
<p>“零售交易活动最近倾向于小市值、波动回报和高估值的股票，” 高盛分析师 <strong>Daniel Chavez</strong> 写道。</p>
<p>“零售还倾向于在高空头头寸的股票中更活跃地交易，” 他补充道。</p>
<p>高盛估计，2025 年在 Russell 3000 中空头头寸最高的股票中，零售交易占比达到 13%，高于 2019 年的 9% 和 2021 年的 11%。</p>
<p><strong>另请阅读：</strong>
<strong>某种历史性因素正在悄然推动商品创纪录——而这与霍尔木兹无关</strong></p>
<h2>持股表讲述了故事</h2>
<p>MEME ETF 集中在十几个小型和中型市值的公司，涵盖 AI 基础设施、内存存储、燃料电池、量子计算和空间通信。</p>
<p>三只股票贡献了大部分收益。</p>
<ul>
<li><strong>Applied Optoelectronics Inc.</strong> (NASDAQ: AAOI)，该 ETF 的最大持股，占比 9.68%，自 3 月 30 日以来上涨 162%。这家光网络公司直接受益于 AI 数据中心的建设。</li>
</ul>
<ul>
<li><strong>Sandisk Corp.</strong> (NASDAQ: SNDK)，占比 4.70%，上涨 153%，在 NAND 内存超级周期中受益，因为 HBM 分配将供应转移离消费者存储。</li>
</ul>
<ul>
<li><strong>Bloom Energy Corp.</strong> (NYSE: BE)，占比 5.26%，上涨 142%，在第一季度业绩超预期并将 2026 年收入指引从 31 亿美元至 33 亿美元上调至 34 亿美元至 38 亿美元后上涨——这是对 AI 电力危机的投资。</li>
</ul>
<h2>其他主要贡献者</h2>
<ul>
<li><strong>AXT Inc.</strong> (NASDAQ: AXTI) 上涨 131%</li>
</ul>
<ul>
<li><strong>Nebius Group NV</strong> (NASDAQ: NBIS) 上涨 125%</li>
</ul>
<ul>
<li><strong>Astera Labs Inc.</strong> (NASDAQ: ALAB) 上涨 123%</li>
</ul>
<ul>
<li><strong>Credo Technology Group Holding Ltd.</strong> (NASDAQ: CRDO) 上涨 116% 和</li>
</ul>
<ul>
<li><strong>IonQ Inc.</strong> (NYSE: IONQ) 上涨 108%。</li>
</ul>
<p>只有 <strong>AST SpaceMobile Inc.</strong> (NASDAQ: ASTS) 表现滞后，仅上涨 1%。</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>MEME ETF 权重</th>
<th>3 月 30 日至 5 月 13 日的回报</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Applied Optoelectronics Inc.</strong></td>
<td>9.68%</td>
<td>+161.89%</td>
</tr>
<tr>
<td><strong>Sandisk Corp.</strong></td>
<td>4.70%</td>
<td>+152.79%</td>
</tr>
<tr>
<td><strong>Bloom Energy Corp.</strong></td>
<td>5.26%</td>
<td>+142.46%</td>
</tr>
<tr>
<td><strong>AXT Inc.</strong></td>
<td>7.14%</td>
<td>+131.24%</td>
</tr>
<tr>
<td><strong>Nebius Group NV</strong></td>
<td>4.82%</td>
<td>+124.66%</td>
</tr>
<tr>
<td><strong>Astera Labs Inc.</strong></td>
<td>4.77%</td>
<td>+123.49%</td>
</tr>
<tr>
<td><strong>Credo Technology Group Holding Ltd.</strong></td>
<td>4.46%</td>
<td>+115.65%</td>
</tr>
<tr>
<td><strong>IonQ Inc.</strong></td>
<td>5.42%</td>
<td>+107.82%</td>
</tr>
<tr>
<td><strong>Coherent Corp.</strong></td>
<td>4.95%</td>
<td>+83.80%</td>
</tr>
<tr>
<td><strong>Ciena Corp.</strong></td>
<td>4.48%</td>
<td>+58.33%</td>
</tr>
<tr>
<td><strong>Lumentum Holdings Inc.</strong></td>
<td>5.21%</td>
<td>+57.36%</td>
</tr>
<tr>
<td><strong>Oklo Inc.</strong></td>
<td>4.61%</td>
<td>+52.83%</td>
</tr>
<tr>
<td><strong>AST SpaceMobile Inc.</strong></td>
<td>5.31%</td>
<td>+1.34%</td>
</tr>
</tbody>
</table>
<h2>MEME 反弹中的风险</h2>
<p>高盛的研究还有一个值得关注的发现。零售交易活动较高的股票往往具有更高的估值，并表现出高于平均水平的波动性，即使在控制销售增长和盈利能力等基本面因素后也是如此。</p>
<p>更重要的是，这些股票在未能达到盈利预期时，历史上表现不及市场其他部分。</p>
<p>在高盛对自 2021 年以来标准普尔 500 指数盈利结果的样本中，零售交易占比最高的股票在负面盈利意外发生后的第二天平均下跌了 2.8 个百分点。</p>
<p>零售占比最低的股票仅下跌了 1.7 个百分点。这一差距很重要。它表明，零售占比较高的股票不仅在好消息时上涨更猛，当消息转坏时也会下跌得更厉害。</p>
<p>这就是 MEME ETF 反弹下的陷阱。</p>
<p>应用光电的交易前景收益倍数反映了对多年无瑕疵 AI 执行的预期。</p>
<p>Bloom Energy 的指导假设数据中心的电力需求将继续加速。</p>
<p>闪迪需要 NAND 超级周期延续到 2027 年。这三家公司之所以上涨，是因为零售交易者用借来的资金将其推高，假设没有任何事情会破裂。</p>
<p>如果真的有什么事情破裂，情况就会反向运行。</p>
<p><strong>另请阅读：</strong>
<strong>闪迪和美光已经经历了他们的高峰——这个新的 “光子” ETF 内部有 15 只三位数涨幅的股票</strong></p>
<p><em>图片来源：Shutterstock</em></p>

闪迪

MEME

<p>Roundhill MEME ETF 自四月以来上涨了 75%，显著超越了纳斯达克 100 指数和更广泛的市场。零售交易量增加了 28%，保证金债务达到了创纪录的 1.3 万亿美元。推动 MEME ETF 表现的主要因素包括应用光电（Applied Optoelectronics）、闪迪（Sandisk）和 Bloom Energy，这些公司都经历了显著的涨幅。然而，高盛警告称，零售交易活动频繁的股票可能面临更大的波动性，并且在未能达到盈利预期后可能表现不佳，突显了当前市场反弹中的潜在风险</p>

<p>Since markets bottomed in late March, the <strong>Roundhill Meme Stock ETF</strong> (NYSE: MEME) has rallied 82%.</p>
<div class="lb-trans"><p>自 3 月底市场触底以来，<strong>Roundhill Meme Stock ETF</strong> (NYSE: MEME) 已上涨 82%。</p>
</div><p>The <strong>Invesco QQQ Trust</strong> (NASDAQ: QQQ) is up 28% over the same window and the <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY) rose by 18%.</p>
<div class="lb-trans"><p>在同一时间段内，<strong>Invesco QQQ Trust</strong> (NASDAQ: QQQ) 上涨 28%，而 <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY) 上涨 18%。</p>
</div><p>Meme stocks have tripled the Nasdaq 100 and more than quadrupled broader market returns.</p>
<div class="lb-trans"><p>Meme 股票的涨幅是纳斯达克 100 的三倍，且超过了更广泛市场回报的四倍。</p>
</div><p>The starting line was March 30, when Washington and Tehran agreed to a ceasefire that paused — though did not end — the Strait of Hormuz crisis that has gripped oil markets since late February.</p>
<div class="lb-trans"><p>起点是 3 月 30 日，当时华盛顿和德黑兰达成停火协议，暂停了自 2 月底以来困扰油市的霍尔木兹海峡危机，尽管并未结束。</p>
</div><p>Risk appetite returned overnight. But what has surprised even Wall Street is the shape of the rebound.</p>
<div class="lb-trans"><p>风险偏好在一夜之间回归。但令华尔街感到惊讶的是反弹的形态。</p>
</div><p>The riskiest pockets of the market are running the fastest. And a new Goldman Sachs analysis just highlighted the engine behind and the risks ahead.</p>
<div class="lb-trans"><p>市场中风险最高的部分反弹最快。高盛的一项新分析刚刚突出了背后的动力和未来的风险。</p>
</div><h2><strong>Chart: MEME ETF vs. QQQ vs. SPY – Performance Since March 30</strong></h2>
<div class="lb-trans"><h2><strong>图表：MEME ETF 与 QQQ 和 SPY – 自 3 月 30 日以来的表现</strong></h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/14085240/image-376-1024x568.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/05/14085240/image-376-1024x568.png"/></p>
<h2>Retail Volumes Have Jumped 28% Since Mid-April</h2>
<div class="lb-trans"><h2>自 4 月中旬以来，零售交易量跃升 28%</h2>
</div><p>According to a Goldman Sachs report shared with clients on Thursday, retail trading volumes have risen 28% since mid-April.</p>
<div class="lb-trans"><p>根据高盛周四与客户分享的报告，自 4 月中旬以来，零售交易量上升了 28%。</p>
</div><p>Retail trading now accounts for roughly 20% of total U.S. equity trading volumes, up from 15% a decade ago, though still below the 2021 peak of 24%.</p>
<div class="lb-trans"><p>零售交易现在占美国股票交易总量的约 20%，高于十年前的 15%，但仍低于 2021 年 24% 的峰值。</p>
</div><p>Margin debt is now flashing the loudest signal.</p>
<div class="lb-trans"><p>保证金债务现在发出最响亮的信号。</p>
</div><p>Across all FINRA member firms, margin debt has surged to $1.3 trillion — equal to 52% of gross customer balances, the highest reading on record and six percentage points above the previous high set in 1998.</p>
<div class="lb-trans"><p>在所有 FINRA 会员公司中，保证金债务激增至 1.3 万亿美元，占客户总余额的 52%，创下历史新高，比 1998 年创下的前高高出六个百分点。</p>
</div><p>At the major retail brokers — <strong>Interactive Brokers Group Inc.</strong> (NASDAQ: IBKR), <strong>Robinhood Markets Inc.</strong> (NASDAQ: HOOD) and <strong>Charles Schwab Corp.</strong> (NYSE: SCHW) — margin balances hit $230 billion at the end of March, or 1.8% of customer assets.</p>
<div class="lb-trans"><p>在主要的零售经纪公司中，<strong>Interactive Brokers Group Inc.</strong> (NASDAQ: IBKR)、<strong>Robinhood Markets Inc.</strong> (NASDAQ: HOOD) 和 <strong>Charles Schwab Corp.</strong> (NYSE: SCHW) — 到 3 月底，保证金余额达到 2300 亿美元，占客户资产的 1.8%。</p>
</div><p>That level is slightly above the 2021 record.</p>
<div class="lb-trans"><p>这一水平略高于 2021 年的记录。</p>
</div><p>Retail is not just back. It is highly leveraged.</p>
<div class="lb-trans"><p>零售不仅回归，而且杠杆率很高。</p>
</div><p>“Retail trading activity has recently tilted towards stocks with small market caps, volatile returns, and high valuations,” Goldman analyst <strong>Daniel Chavez</strong> wrote.</p>
<div class="lb-trans"><p>“零售交易活动最近倾向于小市值、波动回报和高估值的股票，” 高盛分析师 <strong>Daniel Chavez</strong> 写道。</p>
</div><p>“Retail also tends to trade more actively in stocks with high short interest,” he added.</p>
<div class="lb-trans"><p>“零售还倾向于在高空头头寸的股票中更活跃地交易，” 他补充道。</p>
</div><p>Goldman estimates the retail share of trading in Russell 3000 stocks with the highest short interest reached 13% in 2025, up from 9% in 2019 and 11% in 2021.</p>
<div class="lb-trans"><p>高盛估计，2025 年在 Russell 3000 中空头头寸最高的股票中，零售交易占比达到 13%，高于 2019 年的 9% 和 2021 年的 11%。</p>
</div><p><strong>Read Also:</strong>
<strong>Something Historic Is Quietly Lifting Commodities To Records — And It's Not Hormuz</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>某种历史性因素正在悄然推动商品创纪录——而这与霍尔木兹无关</strong></p>
</div><h2>The Holdings Table Tells The Story</h2>
<div class="lb-trans"><h2>持股表讲述了故事</h2>
</div><p>The MEME ETF is concentrated in a dozen small-and-mid-cap names spanning AI infrastructure, memory storage, fuel cells, quantum computing and space communications.</p>
<div class="lb-trans"><p>MEME ETF 集中在十几个小型和中型市值的公司，涵盖 AI 基础设施、内存存储、燃料电池、量子计算和空间通信。</p>
</div><p>Three holdings have done most of the work.</p>
<div class="lb-trans"><p>三只股票贡献了大部分收益。</p>
</div><ul>
<li><strong>Applied Optoelectronics Inc.</strong> (NASDAQ: AAOI), the ETF’s largest holding at 9.68% weight, is up 162% since March 30. The optical networking company is a direct play on AI data-center buildouts.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Applied Optoelectronics Inc.</strong> (NASDAQ: AAOI)，该 ETF 的最大持股，占比 9.68%，自 3 月 30 日以来上涨 162%。这家光网络公司直接受益于 AI 数据中心的建设。</li>
</ul>
</div><ul>
<li><strong>Sandisk Corp.</strong> (NASDAQ: SNDK), a 4.70% weight, is up 153%, riding the NAND memory supercycle as HBM allocations divert supply away from consumer storage.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Sandisk Corp.</strong> (NASDAQ: SNDK)，占比 4.70%，上涨 153%，在 NAND 内存超级周期中受益，因为 HBM 分配将供应转移离消费者存储。</li>
</ul>
</div><ul>
<li><strong>Bloom Energy Corp.</strong> (NYSE: BE), a 5.26% weight, is up 142% after delivering a Q1 double beat and raising 2026 revenue guidance to $3.40 billion to $3.80 billion from $3.10 billion to $3.30 billion — a play on the AI power crisis.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Bloom Energy Corp.</strong> (NYSE: BE)，占比 5.26%，上涨 142%，在第一季度业绩超预期并将 2026 年收入指引从 31 亿美元至 33 亿美元上调至 34 亿美元至 38 亿美元后上涨——这是对 AI 电力危机的投资。</li>
</ul>
</div><h2>Other Top Contributors</h2>
<div class="lb-trans"><h2>其他主要贡献者</h2>
</div><ul>
<li><strong>AXT Inc.</strong> (NASDAQ: AXTI) up 131%</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>AXT Inc.</strong> (NASDAQ: AXTI) 上涨 131%</li>
</ul>
</div><ul>
<li><strong>Nebius Group NV</strong> (NASDAQ: NBIS) up 125%</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Nebius Group NV</strong> (NASDAQ: NBIS) 上涨 125%</li>
</ul>
</div><ul>
<li><strong>Astera Labs Inc.</strong> (NASDAQ: ALAB) up 123%</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Astera Labs Inc.</strong> (NASDAQ: ALAB) 上涨 123%</li>
</ul>
</div><ul>
<li><strong>Credo Technology Group Holding Ltd.</strong> (NASDAQ: CRDO) up 116% and</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Credo Technology Group Holding Ltd.</strong> (NASDAQ: CRDO) 上涨 116% 和</li>
</ul>
</div><ul>
<li><strong>IonQ Inc.</strong> (NYSE: IONQ) up 108%.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>IonQ Inc.</strong> (NYSE: IONQ) 上涨 108%。</li>
</ul>
</div><p>Only <strong>AST SpaceMobile Inc.</strong> (NASDAQ: ASTS) has lagged, up just 1% over the period.</p>
<div class="lb-trans"><p>只有 <strong>AST SpaceMobile Inc.</strong> (NASDAQ: ASTS) 表现滞后，仅上涨 1%。</p>
</div><table>
<thead>
<tr>
<th>Company</th>
<th>MEME ETF Weight</th>
<th>Return Between March 30 and May 13</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Applied Optoelectronics Inc.</strong></td>
<td>9.68%</td>
<td>+161.89%</td>
</tr>
<tr>
<td><strong>Sandisk Corp.</strong></td>
<td>4.70%</td>
<td>+152.79%</td>
</tr>
<tr>
<td><strong>Bloom Energy Corp.</strong></td>
<td>5.26%</td>
<td>+142.46%</td>
</tr>
<tr>
<td><strong>AXT Inc.</strong></td>
<td>7.14%</td>
<td>+131.24%</td>
</tr>
<tr>
<td><strong>Nebius Group NV</strong></td>
<td>4.82%</td>
<td>+124.66%</td>
</tr>
<tr>
<td><strong>Astera Labs Inc.</strong></td>
<td>4.77%</td>
<td>+123.49%</td>
</tr>
<tr>
<td><strong>Credo Technology Group Holding Ltd.</strong></td>
<td>4.46%</td>
<td>+115.65%</td>
</tr>
<tr>
<td><strong>IonQ Inc.</strong></td>
<td>5.42%</td>
<td>+107.82%</td>
</tr>
<tr>
<td><strong>Coherent Corp.</strong></td>
<td>4.95%</td>
<td>+83.80%</td>
</tr>
<tr>
<td><strong>Ciena Corp.</strong></td>
<td>4.48%</td>
<td>+58.33%</td>
</tr>
<tr>
<td><strong>Lumentum Holdings Inc.</strong></td>
<td>5.21%</td>
<td>+57.36%</td>
</tr>
<tr>
<td><strong>Oklo Inc.</strong></td>
<td>4.61%</td>
<td>+52.83%</td>
</tr>
<tr>
<td><strong>AST SpaceMobile Inc.</strong></td>
<td>5.31%</td>
<td>+1.34%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>公司</th>
<th>MEME ETF 权重</th>
<th>3 月 30 日至 5 月 13 日的回报</th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Applied Optoelectronics Inc.</strong></td>
<td>9.68%</td>
<td>+161.89%</td>
</tr>
<tr>
<td><strong>Sandisk Corp.</strong></td>
<td>4.70%</td>
<td>+152.79%</td>
</tr>
<tr>
<td><strong>Bloom Energy Corp.</strong></td>
<td>5.26%</td>
<td>+142.46%</td>
</tr>
<tr>
<td><strong>AXT Inc.</strong></td>
<td>7.14%</td>
<td>+131.24%</td>
</tr>
<tr>
<td><strong>Nebius Group NV</strong></td>
<td>4.82%</td>
<td>+124.66%</td>
</tr>
<tr>
<td><strong>Astera Labs Inc.</strong></td>
<td>4.77%</td>
<td>+123.49%</td>
</tr>
<tr>
<td><strong>Credo Technology Group Holding Ltd.</strong></td>
<td>4.46%</td>
<td>+115.65%</td>
</tr>
<tr>
<td><strong>IonQ Inc.</strong></td>
<td>5.42%</td>
<td>+107.82%</td>
</tr>
<tr>
<td><strong>Coherent Corp.</strong></td>
<td>4.95%</td>
<td>+83.80%</td>
</tr>
<tr>
<td><strong>Ciena Corp.</strong></td>
<td>4.48%</td>
<td>+58.33%</td>
</tr>
<tr>
<td><strong>Lumentum Holdings Inc.</strong></td>
<td>5.21%</td>
<td>+57.36%</td>
</tr>
<tr>
<td><strong>Oklo Inc.</strong></td>
<td>4.61%</td>
<td>+52.83%</td>
</tr>
<tr>
<td><strong>AST SpaceMobile Inc.</strong></td>
<td>5.31%</td>
<td>+1.34%</td>
</tr>
</tbody>
</table>
</div><h2>The Risk Hiding Inside The MEME Rally</h2>
<div class="lb-trans"><h2>MEME 反弹中的风险</h2>
</div><p>Goldman’s research has one more finding worth pausing on. Stocks with elevated retail trading activity tend to carry higher valuations and exhibit above-average volatility, even after controlling for fundamentals like sales growth and profitability.</p>
<div class="lb-trans"><p>高盛的研究还有一个值得关注的发现。零售交易活动较高的股票往往具有更高的估值，并表现出高于平均水平的波动性，即使在控制销售增长和盈利能力等基本面因素后也是如此。</p>
</div><p>More importantly, those same stocks have historically underperformed by more than the rest of the market when they miss earnings expectations.</p>
<div class="lb-trans"><p>更重要的是，这些股票在未能达到盈利预期时，历史上表现不及市场其他部分。</p>
</div><p>In Goldman’s sample of S&amp;P 500 earnings results since 2021, stocks with the highest retail trading share fell an average of 2.8 percentage points the day after a negative earnings surprise.</p>
<div class="lb-trans"><p>在高盛对自 2021 年以来标准普尔 500 指数盈利结果的样本中，零售交易占比最高的股票在负面盈利意外发生后的第二天平均下跌了 2.8 个百分点。</p>
</div><p>Stocks with the lowest retail share fell just 1.7 percentage points. That gap matters. It suggests retail-heavy stocks don’t just rally harder on good news. They also break harder when the news turns.</p>
<div class="lb-trans"><p>零售占比最低的股票仅下跌了 1.7 个百分点。这一差距很重要。它表明，零售占比较高的股票不仅在好消息时上涨更猛，当消息转坏时也会下跌得更厉害。</p>
</div><p>That is the trapdoor under the MEME ETF rally.</p>
<div class="lb-trans"><p>这就是 MEME ETF 反弹下的陷阱。</p>
</div><p>Applied Optoelectronics trades on a forward earnings multiple that prices in years of flawless AI execution.</p>
<div class="lb-trans"><p>应用光电的交易前景收益倍数反映了对多年无瑕疵 AI 执行的预期。</p>
</div><p>Bloom Energy’s guidance assumes the data center power demand continues to accelerate.</p>
<div class="lb-trans"><p>Bloom Energy 的指导假设数据中心的电力需求将继续加速。</p>
</div><p>Sandisk needs the NAND supercycle to extend through 2027. All three names have rallied because retail traders bid them up, often with borrowed money, on the assumption that nothing breaks.</p>
<div class="lb-trans"><p>闪迪需要 NAND 超级周期延续到 2027 年。这三家公司之所以上涨，是因为零售交易者用借来的资金将其推高，假设没有任何事情会破裂。</p>
</div><p>If anything does break, the same dynamic runs in reverse.</p>
<div class="lb-trans"><p>如果真的有什么事情破裂，情况就会反向运行。</p>
</div><p><strong>Read Also:</strong>
<strong>SanDisk And Micron Had Their Run – This New 'Photonics' ETF Has 15 Triple-Digit Gainers Inside</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>闪迪和美光已经经历了他们的高峰——这个新的 “光子” ETF 内部有 15 只三位数涨幅的股票</strong></p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

Bloom Energy, SanDisk Are Powering A MEME ETF Surge That Tripled Nasdaq 100 Returns

benzinga_article

Bloom Energy

Roundhill Meme Stock ETF

纳指 100 ETF - Invesco

标普 500 ETF - SPDR

纳斯达克 100 指数

标普 500 指数

高盛

盈透证券

Robinhood

嘉信理财

应用光电公司

AXT公司

Nebius

Astera Labs

Credo Tech

IonQ

AST SpaceMobile

Coherent Corp.

讯远通信

Lumentum控股

Oklo

Sandisk - WI

GS Hldg R

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

IONQ INC C/WTS 30/09/2026 (TO PUR COM)

Bloom Energy 和 SanDisk 正在推动一个 MEME ETF 的飙升，使纳斯达克 100 指数的回报率翻了三倍