<p>自 3 月底市場觸底以來，<strong>Roundhill Meme Stock ETF</strong> (NYSE: MEME) 已上漲 82%。</p>
<p>在同一時間段內，<strong>Invesco QQQ Trust</strong> (NASDAQ: QQQ) 上漲 28%，而 <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY) 上漲 18%。</p>
<p>Meme 股票的漲幅是納斯達克 100 的三倍，且超過了更廣泛市場回報的四倍。</p>
<p>起點是 3 月 30 日，當時華盛頓和德黑蘭達成停火協議，暫停了自 2 月底以來困擾油市的霍爾木茲海峽危機，儘管並未結束。</p>
<p>風險偏好在一夜之間迴歸。但令華爾街感到驚訝的是反彈的形態。</p>
<p>市場中風險最高的部分反彈最快。高盛的一項新分析剛剛突出了背後的動力和未來的風險。</p>
<h2><strong>圖表：MEME ETF 與 QQQ 和 SPY – 自 3 月 30 日以來的表現</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 月中旬以來，零售交易量躍升 28%</h2>
<p>根據高盛週四與客户分享的報告，自 4 月中旬以來，零售交易量上升了 28%。</p>
<p>零售交易現在佔美國股票交易總量的約 20%，高於十年前的 15%，但仍低於 2021 年 24% 的峯值。</p>
<p>保證金債務現在發出最響亮的信號。</p>
<p>在所有 FINRA 會員公司中，保證金債務激增至 1.3 萬億美元，佔客户總餘額的 52%，創下歷史新高，比 1998 年創下的前高高出六個百分點。</p>
<p>在主要的零售經紀公司中，<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，保證金餘額達到 2300 億美元，佔客户資產的 1.8%。</p>
<p>這一水平略高於 2021 年的記錄。</p>
<p>零售不僅迴歸，而且槓桿率很高。</p>
<p>“零售交易活動最近傾向於小市值、波動回報和高估值的股票，” 高盛分析師 <strong>Daniel Chavez</strong> 寫道。</p>
<p>“零售還傾向於在高空頭頭寸的股票中更活躍地交易，” 他補充道。</p>
<p>高盛估計，2025 年在 Russell 3000 中空頭頭寸最高的股票中，零售交易佔比達到 13%，高於 2019 年的 9% 和 2021 年的 11%。</p>
<p><strong>另請閲讀：</strong>
<strong>某種歷史性因素正在悄然推動商品創紀錄——而這與霍爾木茲無關</strong></p>
<h2>持股表講述了故事</h2>
<p>MEME ETF 集中在十幾個小型和中型市值的公司，涵蓋 AI 基礎設施、內存存儲、燃料電池、量子計算和空間通信。</p>
<p>三隻股票貢獻了大部分收益。</p>
<ul>
<li><strong>Applied Optoelectronics Inc.</strong> (NASDAQ: AAOI)，該 ETF 的最大持股，佔比 9.68%，自 3 月 30 日以來上漲 162%。這家光網絡公司直接受益於 AI 數據中心的建設。</li>
</ul>
<ul>
<li><strong>Sandisk Corp.</strong> (NASDAQ: SNDK)，佔比 4.70%，上漲 153%，在 NAND 內存超級週期中受益，因為 HBM 分配將供應轉移離消費者存儲。</li>
</ul>
<ul>
<li><strong>Bloom Energy Corp.</strong> (NYSE: BE)，佔比 5.26%，上漲 142%，在第一季度業績超預期並將 2026 年收入指引從 31 億美元至 33 億美元上調至 34 億美元至 38 億美元后上漲——這是對 AI 電力危機的投資。</li>
</ul>
<h2>其他主要貢獻者</h2>
<ul>
<li><strong>AXT Inc.</strong> (NASDAQ: AXTI) 上漲 131%</li>
</ul>
<ul>
<li><strong>Nebius Group NV</strong> (NASDAQ: NBIS) 上漲 125%</li>
</ul>
<ul>
<li><strong>Astera Labs Inc.</strong> (NASDAQ: ALAB) 上漲 123%</li>
</ul>
<ul>
<li><strong>Credo Technology Group Holding Ltd.</strong> (NASDAQ: CRDO) 上漲 116% 和</li>
</ul>
<ul>
<li><strong>IonQ Inc.</strong> (NYSE: IONQ) 上漲 108%。</li>
</ul>
<p>只有 <strong>AST SpaceMobile Inc.</strong> (NASDAQ: ASTS) 表現滯後，僅上漲 1%。</p>
<table>
<thead>
<tr>
<th>公司</th>
<th>MEME ETF 權重</th>
<th>3 月 30 日至 5 月 13 日的回報</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 反彈中的風險</h2>
<p>高盛的研究還有一個值得關注的發現。零售交易活動較高的股票往往具有更高的估值，並表現出高於平均水平的波動性，即使在控制銷售增長和盈利能力等基本面因素後也是如此。</p>
<p>更重要的是，這些股票在未能達到盈利預期時，歷史上表現不及市場其他部分。</p>
<p>在高盛對自 2021 年以來標準普爾 500 指數盈利結果的樣本中，零售交易佔比最高的股票在負面盈利意外發生後的第二天平均下跌了 2.8 個百分點。</p>
<p>零售佔比最低的股票僅下跌了 1.7 個百分點。這一差距很重要。它表明，零售佔比較高的股票不僅在好消息時上漲更猛，當消息轉壞時也會下跌得更厲害。</p>
<p>這就是 MEME ETF 反彈下的陷阱。</p>
<p>應用光電的交易前景收益倍數反映了對多年無瑕疵 AI 執行的預期。</p>
<p>Bloom Energy 的指導假設數據中心的電力需求將繼續加速。</p>
<p>閃迪需要 NAND 超級週期延續到 2027 年。這三家公司之所以上漲，是因為零售交易者用借來的資金將其推高，假設沒有任何事情會破裂。</p>
<p>如果真的有什麼事情破裂，情況就會反向運行。</p>
<p><strong>另請閲讀：</strong>
<strong>閃迪和美光已經經歷了他們的高峰——這個新的 “光子” ETF 內部有 15 只三位數漲幅的股票</strong></p>
<p><em>圖片來源：Shutterstock</em></p>

閃迪

MEME

<p>Roundhill MEME ETF 自四月以來上漲了 75%，顯著超越了納斯達克 100 指數和更廣泛的市場。零售交易量增加了 28%，保證金債務達到了創紀錄的 1.3 萬億美元。推動 MEME ETF 表現的主要因素包括應用光電（Applied Optoelectronics）、閃迪（Sandisk）和 Bloom Energy，這些公司都經歷了顯著的漲幅。然而，高盛警告稱，零售交易活動頻繁的股票可能面臨更大的波動性，並且在未能達到盈利預期後可能表現不佳，突顯了當前市場反彈中的潛在風險</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 月底市場觸底以來，<strong>Roundhill Meme Stock ETF</strong> (NYSE: MEME) 已上漲 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>在同一時間段內，<strong>Invesco QQQ Trust</strong> (NASDAQ: QQQ) 上漲 28%，而 <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY) 上漲 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 股票的漲幅是納斯達克 100 的三倍，且超過了更廣泛市場回報的四倍。</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>起點是 3 月 30 日，當時華盛頓和德黑蘭達成停火協議，暫停了自 2 月底以來困擾油市的霍爾木茲海峽危機，儘管並未結束。</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>風險偏好在一夜之間迴歸。但令華爾街感到驚訝的是反彈的形態。</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>市場中風險最高的部分反彈最快。高盛的一項新分析剛剛突出了背後的動力和未來的風險。</p>
</div><h2><strong>Chart: MEME ETF vs. QQQ vs. SPY – Performance Since March 30</strong></h2>
<div class="lb-trans"><h2><strong>圖表：MEME ETF 與 QQQ 和 SPY – 自 3 月 30 日以來的表現</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 月中旬以來，零售交易量躍升 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>根據高盛週四與客户分享的報告，自 4 月中旬以來，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>零售交易現在佔美國股票交易總量的約 20%，高於十年前的 15%，但仍低於 2021 年 24% 的峯值。</p>
</div><p>Margin debt is now flashing the loudest signal.</p>
<div class="lb-trans"><p>保證金債務現在發出最響亮的信號。</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 會員公司中，保證金債務激增至 1.3 萬億美元，佔客户總餘額的 52%，創下歷史新高，比 1998 年創下的前高高出六個百分點。</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>在主要的零售經紀公司中，<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，保證金餘額達到 2300 億美元，佔客户資產的 1.8%。</p>
</div><p>That level is slightly above the 2021 record.</p>
<div class="lb-trans"><p>這一水平略高於 2021 年的記錄。</p>
</div><p>Retail is not just back. It is highly leveraged.</p>
<div class="lb-trans"><p>零售不僅迴歸，而且槓桿率很高。</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>“零售交易活動最近傾向於小市值、波動回報和高估值的股票，” 高盛分析師 <strong>Daniel Chavez</strong> 寫道。</p>
</div><p>“Retail also tends to trade more actively in stocks with high short interest,” he added.</p>
<div class="lb-trans"><p>“零售還傾向於在高空頭頭寸的股票中更活躍地交易，” 他補充道。</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>高盛估計，2025 年在 Russell 3000 中空頭頭寸最高的股票中，零售交易佔比達到 13%，高於 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>另請閲讀：</strong>
<strong>某種歷史性因素正在悄然推動商品創紀錄——而這與霍爾木茲無關</strong></p>
</div><h2>The Holdings Table Tells The Story</h2>
<div class="lb-trans"><h2>持股表講述了故事</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 集中在十幾個小型和中型市值的公司，涵蓋 AI 基礎設施、內存存儲、燃料電池、量子計算和空間通信。</p>
</div><p>Three holdings have done most of the work.</p>
<div class="lb-trans"><p>三隻股票貢獻了大部分收益。</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)，該 ETF 的最大持股，佔比 9.68%，自 3 月 30 日以來上漲 162%。這家光網絡公司直接受益於 AI 數據中心的建設。</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)，佔比 4.70%，上漲 153%，在 NAND 內存超級週期中受益，因為 HBM 分配將供應轉移離消費者存儲。</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)，佔比 5.26%，上漲 142%，在第一季度業績超預期並將 2026 年收入指引從 31 億美元至 33 億美元上調至 34 億美元至 38 億美元后上漲——這是對 AI 電力危機的投資。</li>
</ul>
</div><h2>Other Top Contributors</h2>
<div class="lb-trans"><h2>其他主要貢獻者</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) 上漲 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) 上漲 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) 上漲 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) 上漲 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) 上漲 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) 表現滯後，僅上漲 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 權重</th>
<th>3 月 30 日至 5 月 13 日的回報</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 反彈中的風險</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>高盛的研究還有一個值得關注的發現。零售交易活動較高的股票往往具有更高的估值，並表現出高於平均水平的波動性，即使在控制銷售增長和盈利能力等基本面因素後也是如此。</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，這些股票在未能達到盈利預期時，歷史上表現不及市場其他部分。</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>在高盛對自 2021 年以來標準普爾 500 指數盈利結果的樣本中，零售交易佔比最高的股票在負面盈利意外發生後的第二天平均下跌了 2.8 個百分點。</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>零售佔比最低的股票僅下跌了 1.7 個百分點。這一差距很重要。它表明，零售佔比較高的股票不僅在好消息時上漲更猛，當消息轉壞時也會下跌得更厲害。</p>
</div><p>That is the trapdoor under the MEME ETF rally.</p>
<div class="lb-trans"><p>這就是 MEME ETF 反彈下的陷阱。</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>應用光電的交易前景收益倍數反映了對多年無瑕疵 AI 執行的預期。</p>
</div><p>Bloom Energy’s guidance assumes the data center power demand continues to accelerate.</p>
<div class="lb-trans"><p>Bloom Energy 的指導假設數據中心的電力需求將繼續加速。</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>閃迪需要 NAND 超級週期延續到 2027 年。這三家公司之所以上漲，是因為零售交易者用借來的資金將其推高，假設沒有任何事情會破裂。</p>
</div><p>If anything does break, the same dynamic runs in reverse.</p>
<div class="lb-trans"><p>如果真的有什麼事情破裂，情況就會反向運行。</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>另請閲讀：</strong>
<strong>閃迪和美光已經經歷了他們的高峰——這個新的 “光子” ETF 內部有 15 只三位數漲幅的股票</strong></p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>圖片來源：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

納指 100 ETF - Invesco

標普 500 指數股票型基金

納斯達克 100 指數

標普 500 指數

高盛

盈透證券

Robinhood

嘉信理財

應用光電公司

AXT公司

Nebius

Astera Labs

Credo Tech

IonQ

AST SpaceMobile

Coherent Corp.

訊遠通信

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 正在推動一個 MEME ETF 的飆升，使納斯達克 100 指數的回報率翻了三倍