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Kioxia Drops First, SanDisk Follows With 9% Loss — Is the Crowded Trade Unwinding?

Memory reversed Tuesday: SanDisk −9.01%, giving back all of Monday's 8.88%. The 2x long SNXX fell 17.84%, the 2x inverse SNDQ rose 18.00%. It started in Asia — Kioxia −7.5% in Japan pressured SanDisk pre-market — then a sell-side note called SanDisk a crowded trade against an underowned Nvidia, arriving after a month-long run and giving leveraged holders their reason to cut. A separate filing showed a fund that lost heavily in July was almost entirely in Micron and SanDisk. Buy the dip, rotate to Micron, or drop the leveraged products?

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