On Wednesday, a report issued by Vanda Research revealed that on Tuesday, US retail investors registered the most substantial single-day net sale of individual stocks since the COVID-19 pandemic triggered a market crash. In contrast to their previous tendency to aggressively buy the dip amid market downturns, retail investors this time around embraced a more cautious approach, with their selling efforts chiefly focused on memory chip stocks. Specifically, Micron Technology, SanDisk, Seagate Technology, and Western Digital constituted 88% of the total net sales executed by retail investors on that day. Data indicates that retail investors have witnessed net sales of individual stocks on nine trading days thus far this year, presenting a sharp divergence from prior years, during which no such trading days occurred throughout the entire year. Despite the uptick in individual stock sales, retail investors have not entirely withdrawn from the market. Instead, they have pivoted towards diversified exchange-traded funds (ETFs) as a defensive strategy. For instance, on Tuesday, retail investors made a net purchase of the Roundhill Memory ETF, which invests in global memory chip stocks.