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Meme stocks surge as tech rally gets too pricey for retail investors

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More affordable options gain in popularity once again

Meme stocks have surged in the last few weeks as retail investors shun pricier stocks for cheaper speculative names, but some experts worry that this could choke the current rally in broader markets.

The NYSE FANG+ index, housing megacap technology and growth stocks like Microsoft and Alphabet , has climbed 77% so far this year. Retail investors poured in $1.27 billion per day on average into U.S. equities in July, closing in on the all-time record of $1.5 billion a day in March, Vanda Research said.

Recent examples of rallies include a 33% jump in shares of cinema operator AMC Entertainment on Monday and a 40% rise in shares of troubled used-car retailer Carvana last Wednesday.

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