On July 2, Tradr 2X Long SNDK Daily ETF declined 9.14% in regular trading, trading at $30.31/share, with turnover of $604 million. The underlying stock SanDisk fell over 10% during the same session, with the broader storage sector suffering severe losses — Micron Technology dropped nearly 9% and Kioxia ADR declined over 10%.

On the news front, reports emerged that tech giant Meta plans to shift its business focus from AI models toward cloud computing, intending to lease excess computing capacity to external customers. The market interpreted this as a signal that large-cap tech companies' AI infrastructure capital expenditure may have reached a turning point. Investors grew concerned that currently supply-constrained high-performance storage chips could face oversupply in the future, prompting aggressive selling across semiconductor stocks. The Philadelphia Semiconductor Index plunged 6.27% on the day.

As a 2x leveraged long product tracking SanDisk, the ETF's decline was magnified through its built-in leverage mechanism, resulting in a steeper drop than the underlying stock. Notably, Bank of America raised SanDisk's target price to $2,500 with a buy rating on the same day, but this failed to reverse selling pressure.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)