The AI rally is spreading from computing chips to the memory sector. During the trading session, SanDisk (SNDK) briefly gained more than 11%, while Micron (MU) rose about 8%, driving a broad rebound in memory stocks. Behind the move is the continued realization of demand for NAND flash, DRAM, and HBM from AI data centers, as well as a reassessment of the thesis that the inventory cycle has bottomed out.

For crypto users, the shift in trading channels is especially worth watching: tokenized versions of both stocks are now available to trade on Backpack, effectively bringing U.S. stock volatility into a 24/7 on-chain market. Traditional investors focus on fundamentals and earnings reports, while on-chain investors watch sentiment and liquidity. With the same underlying asset but two different pricing rhythms, extreme market conditions can create price gaps and arbitrage opportunities.

But tokenized stocks are not native crypto assets. Their prices are pegged to U.S. equities and constrained by trading hours and underlying custody mechanisms. When volatility rises, slippage and liquidity risks increase as well. Before chasing the rally, think carefully: are you making money from the AI industry trend, or from short-term sentiment?

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