Retail investors are liquidating some of the biggest winners in the AI trade to raise cash for Friday’s SpaceX (SPCX) IPO, and the selling pressure is landing hardest on semiconductors.

MU stock is moving. See the chart and price action here. 

Data from Vanda Research shows individual investors net sold equities for three consecutive days through Wednesday, the first such stretch since March 2020, according to CNBC.  

On Monday alone, retail pulled the most capital from individual stocks since November 2023, per Vanda’s figures, with the selling concentrated in chip names and AI-adjacent stocks. 

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Chip Stocks

Micron Technology, Inc. (NASDAQ:MU) is the poster child. BNP Paribas cited $6.5 billion in net retail inflows into MU over the past month, helping propel the stock up 87% during that window. 

However, Micron shares remain nearly 16% off their 52-week high of $1,089.29 as the recent selling has taken a toll. 

Greg Boutle of BNP Paribas said Micron's decline directly reflects retail “selling off recent winners and leveraged products” to fund SpaceX allocations.

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