$MU is quoted at 1016.86, up 3.957% in 24 hours, with the funding rate remaining at zero. A single-day gain of nearly 4%, but financing costs have not changed, suggests the rise is not being squeezed out by leveraged long sentiment; it is more likely being driven by spot capital. The semiconductor industry is sensitive to interest rates, so if there is a decline in risk appetite at the macro level, such high-valuation names are likely to be sold off. The opposing signal is the funding rate turning positive and open interest rising, which means leveraged longs are starting to crowd in and the risk of a pullback increases.

Trading tag: #TradFi #链上美股 #MU

Where do you think this line of reasoning is most likely wrong?