Why is it that retail sold semiconductors stocks are at 20x the average pace? All while memory prices hit records. Explain?

Recently read investors apparently sold 20 times the two year average weekly flow of memory and semiconductor stocks in late July, third weekly sale in four weeks after 10+ weeks of buying. All after retailed purchased 23 times the average in June. Talk about a full sentiment reversal.

However, physical market seems to be going the othe way. DRAM and HBM pricing is up sharply, mainly because memory makers are reallocating fab capacity towards AI-grade products. Retail is pointing left and fab economics is pointing right. Any ideas of what could be happening?