Momentum Stocks Like AMD, INTC, MU Face Crash Risk as Turnover Hits Decade High

[The iShares MSCI USA Momentum Factor ETF (MTUM) has surged 21% in 2026 through mid-May, but rising turnover signals the rally is losing steam, Barron’s reported on May 27, 2026. 22V Research shows turnover in a momentum stock basket jumped to near 5% from 2% at the start of the year, sitting above its 10-year 75th percentile, indicating that once-hot shares are becoming less attractive.] [The ETF, which selects stocks based on recent return stability, holds Advanced Micro Devices (AMD), Intel (INTC), Micron Technology (MU), Lam Research (LRCX) and Applied Materials (AMAT). Their volatility nearly doubled over the past month, eroding appeal. Analyst Dennis DeBusschere cautioned that a “price momentum crash” could strike as valuations—trading at about 23 times forward earnings—become vulnerable if growth expectations disappoint.] [Fundamentals amplify the risk: a sudden drop in AI-related demand could create chip oversupply, while large tech firms may cut data center capital expenditure sooner than anticipated, hitting the hardware supply chain. With shares priced for perfection, Barron’s concluded that now is not the time to chase these momentum names.]