The tech pullback did not weaken retail participation, with MU and the memory sector becoming the main buying focus

Overview

This is a JPMorgan RetailRadar weekly report tracking retail activity in stocks, ETFs, options, and some non-retail futures trading through June 24, 2026. The report highlights that the pullback in global tech and semiconductor stocks did not materially suppress retail participation. Overall activity declined from the previous week's highs but remained close to the one-year median; single-stock trading showed stronger resilience, while ETF inflows were relatively softer. Retail buying was concentrated in memory, semiconductors, AI data center beneficiaries, and the Mag 7, especially MU, NVDA, TSLA, SNDK, and MSFT.

Core views

The core view is that retail investors continue to treat the tech pullback as a buying opportunity, with a particular preference for the memory and semiconductor chain. MU saw significant retail buying ahead of strong earnings, and SNDK also continued to attract inflows; Mag 7-related names such as NVDA, TSLA, MSFT, GOOGL/GOOG, META, and AMZN also continued to receive support. By contrast, ETF flows were mixed: broad large-cap ETFs still saw inflows, while communication services ETFs, precious metals, and energy-related ETFs faced pressure. On the options side, retail participation remained elevated, with a surge in communication services volume crowding out tech options trading.

Analysis framework

The report uses JPMorgan's monitoring framework for retail brokerage flows, net buying and selling in single stocks and ETFs, theme and sector aggregation, z-score anomalies, options volume, social media heat, and high short-interest stocks to compare weekly retail preferences, unusual flows, and potential crowded trades. The report also tracks net buying and selling by non-retail futures traders in contracts such as ES, NQ, and RTY to supplement the assessment of broader risk appetite.

Methodology notes

• Flow monitoringRetail imbalance

  Retail net buying/selling imbalance

  By measuring the net difference between retail buying and selling, this gauges the direction of flows in specific stocks, ETFs, or themes; the report often expresses anomalies in dollar terms and z-scores.

• Anomaly analysisz-score

  Standardized flow intensity

  z-scores are used to show how far weekly or daily flows deviate from their historical distribution; for example, MU's 8.3z on Wednesday indicates buying intensity well above normal.

• Theme and sector aggregationRetail activity by themes and sectors

  Aggregate retail behavior by theme and sector

  The report groups stocks and ETFs by themes or sectors such as AI/data centers, Mag 7, technology, consumer, communications, precious metals, and energy to identify retail allocation preferences.

• Derivatives monitoringRetail options activity

  Retail options volume and Delta/Gamma exposure

  The report tracks retail options volume, sector distribution, and major underlyings, noting that rising communication services options activity has pushed retail options participation to elevated levels.

• Sentiment and squeeze riskSocial media and high short-interest screen

  Social media heat and high short-interest screening

  The report screens for stocks with high social media discussion, active retail trading, and elevated hedge fund short interest to identify potential surprise flows, short squeezes, or retail loss risks.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• MU

  Core focus name; strongest retail buying within the memory theme

  Strengths

  Retail net buying reached about $868M and 5.4z for the week, with Wednesday buying intensity at 8.3z; the stock rose more than 14% after hours following strong earnings.

  Weaknesses

  The semiconductor sector has seen a short-term pullback overall, and memory-related stocks remain highly volatile.

  Comparison

  Compared with memory-chain names such as SNDK and WDC, MU recorded the highest retail buying amount and the most prominent single-day anomaly in the report.

  Risks

  If earnings momentum or expectations for AI/data center demand cool, earlier concentrated buying could amplify downside retracement.

• SNDK

  An important inflow name within the memory theme

  Strengths

  Retail net buying was about $354M and 2.4z for the week; the sector narrative also mentioned $455M and 3.2z of buying in the prior week.

  Weaknesses

  Activity was lower on Wednesday, and performance came under pressure during the short-term semiconductor sell-off.

  Comparison

  Buying intensity was lower than MU's, but it remained a highly watched name within the memory theme.

  Risks

  Short-term price pullbacks and crowded thematic positioning could lead to repeated flow reversals.

• NVDA

  A core retail-favored name in AI/data centers and the Mag 7

  Strengths

  Retail net buying was about $470M for the week, with active options trading, and it remains a major beneficiary within the AI data center theme.

  Weaknesses

  The report notes that NVDA fell about 4% in the short term, while the semiconductor sector fell about 6% over three days.

  Comparison

  Within the Mag 7, its buying amount exceeded MSFT, META, AMZN, and GOOGL/GOOG, trailing only the hottest single-stock names such as MU.

  Risks

  High expectations, heavy positioning, and active options trading may increase volatility.

• META

  A Mag 7 and communication services-related name

  Strengths

  Retail net buying was about $102M for the week, and it remained on the Mag 7 flow list.

  Weaknesses

  Communication services ETF flows were notably weak, and the surge in sector options volume may reflect rising volatility.

  Comparison

  Retail buying was lower than in NVDA, TSLA, MSFT, and GOOGL/GOOG.

  Risks

  If communication services sector flows continue to weaken, sentiment toward individual stocks may come under pressure.

• AMD

  A semiconductor name with active options trading

  Strengths

  It appeared on the list of popular retail options trades and is tied to AI and semiconductor themes.

  Weaknesses

  Single-stock cash equity flows showed net selling of about $58M for the week.

  Comparison

  Unlike MU, NVDA, and SNDK, AMD did not show the same buying strength in spot market flows.

  Risks

  Weaker fund flows combined with semiconductor sector volatility may pressure relative performance.

• XLC

  Representative of communication services ETF flows

  Strengths

  It can serve as a high-frequency indicator for observing retail sentiment toward the communication services sector.

  Weaknesses

  Weekly outflows reached -4.2z, making it the main driver of communication ETF imbalance falling to a 15-month low.

  Comparison

  This contrasts sharply with continued inflows into broad large-cap ETFs.

  Risks

  Abnormal sector fund flows and options trading may correspond to higher short-term volatility.

• GLD / Precious Metals ETFs

  Retail flow observation target for precious metals ETFs

  Strengths

  It can reflect changes in retail demand for safe-haven and precious metals themes.

  Weaknesses

  Recently relatively overlooked by retail investors; after the price broke below 4000, stronger outflows were triggered, with about $85M of selling in precious metals ETFs for the week at -1.3z.

  Comparison

  Compared with inflows into AI, memory, and broad market ETFs, the precious metals theme was clearly weaker.

  Risks

  If prices continue to weaken, retail redemptions may intensify.

Key data

• Total retail inflows for the week$6.3BSlightly below the 12-month average of $6.7B per week.
• ETF and single-stock inflowsETF +$4.8B；single stocks +$1.5BRetail investors continued to prefer ETFs, but single-stock activity was relatively more resilient.
• MU retail buying+$868M，5.4z；Wednesday 8.3zMU was one of the most heavily bought stocks of the week, with strong Wednesday buying ahead of strong earnings.
• Mag 7 fund flowsNVDA +$470M；TSLA +$425M；MSFT +$256M；GOOGL/GOOG +$107M；META +$102M；AMZN +$32M；AAPL roughly flatThis shows retail investors continued buying large-cap tech and AI-related names.
• SNDK retail buying+$354M，2.4zA key inflow name within the memory theme aside from MU.
• Sector single-stock flowsTech +$1.4B；Staples +$109M；Communications -$499M；Materials -$192M；Consumer Disc. -$158M；Energy -$154MTech single stocks were clearly favored, while communications and cyclical sectors faced pressure.
• ETF flow divergenceBroad Based Large Cap Equity ETFs +$1.4B；Precious Metals -$85M；Energy -$55MBroad-based ETFs still saw inflows, while precious metals and energy ETFs were sold.
• Abnormal communication ETF outflowsXLC -4.2z；communication ETF imbalance fell to a 15-month lowCommunication ETF flows were notably weak.
• Popular options underlyingsTSLA、MU、NVDA、AMZN、META、SNDK、AMD、INTC、GOOGL/GOOGRetail options trading remained concentrated in large-cap tech, memory, and AI-related stocks.
• Non-retail futures tradingNet selling of about $3.6BMainly driven by about $4B net selling in NQ and about $0.5B net selling in ES, partly offset by about $1B net buying in RTY.

Impact & implications

The report's investment takeaway is that retail confidence in AI, data centers, memory, and large-cap tech remains strong, and the short-term pullback looks more like a buying trigger than a retreat. Strong inflows into MU and SNDK indicate that the memory theme is receiving notable attention amid earnings and semiconductor volatility; however, outflows from communication ETFs and precious metals ETFs, sharp short-term semiconductor declines, and elevated options participation also suggest that crowded positioning and volatility risk remain present. For investors, it is important to distinguish between long-term support from AI/data center demand and the risks amplified by short-term price volatility, crowded positions, and derivatives activity.

Risks

• The short-term pullback in technology and semiconductors may continue to deepen, and concentrated buying in the memory theme could amplify single-stock volatility.
• Retail options participation remains elevated and may magnify short-term market moves through Delta and Gamma exposure.
• Communication services ETFs and precious metals ETFs have seen clear outflows, indicating divergence in risk appetite across themes.
• Stocks with high social media attention and high short interest may experience short squeezes, but could also cause losses for retail investors.
• The report is a monitoring of fund flows and trading behavior and is not equivalent to a fundamental company rating or target price recommendation.

What to watch

• MU's post-earnings stock performance, whether subsequent retail buying continues, and clues on memory demand and AI data center orders.
• Whether fund flows continue to improve after the pullback for semiconductor-chain names such as SNDK, WDC, AMAT, LRCX, and KLAC.
• Cash equity and options retail activity in Mag 7 names such as NVDA, TSLA, MSFT, META, AMZN, and GOOGL/GOOG.
• Whether outflows from communication services ETFs, especially XLC, reverse, and whether communication services options volume remains elevated.
• Retail redemptions from or renewed inflows into GLD and precious metals ETFs after price volatility.
• Changes in retail buying and selling direction among stocks with high short interest and high social media attention.