Micron has unseated Nvidia and Tesla as the market’s most heavily traded stock

The breathless rally in memory stocks, driven by optimism about the magnitude and longevity of the data center buildout creating a continued supply crunch across the AI supply chain, has put Micron within spitting distance of the $1 trillion market cap mark and given Sandisk a shot at doing something remarkable — topping the S&P 500 two years in a row.

It’s also reshaped where liquidity is deepest on Wall Street, with MU having taken the place of Nvidia as the most-traded stock, while Sandisk, despite being a fraction of the size, isn't far behind.

Technically, Micron’s daily volumes first exceeded Nvidia’s in a single session back on March 19th, but one session isn’t really conclusive evidence to crown Micron king. However, over the last 9 trading days, Micron’s volumes have eclipsed Nvidia’s on 6 of them — and the rolling 5-day average of their turnover now shows clear daylight between the two, with $47 billion changing hands in Micron, compared to just $34 billion in Nvidia, per data from Bloomberg.

Sandisk — which, with a market cap of close to $200 billion, really has little business being in the conversation — is also picking up heat. The stock’s turnover even briefly surpassed that of Tesla, which swapped the crown back-and-forth with Nvidia for much of 2025.

Indeed, when compared to its peers of a similar size (members of the S&P 500 with a market cap less than $250 billion), Sandisk is quite the exception. The company is turning over more than 10% of its market cap on most trading days. The only stock that comes anywhere close to that level is Lumentum, another AI winner.