A trader has shorted US storage stocks for a total of $15.2 million, and has already incurred a paper loss of $2.47 million.

CoinFeed reported on May 11 that, according to on-chain analyst Ai Yi, trader NMTD.HL (@NMTD8) has shorted a total of $15.2 million worth of US storage stocks, including $11.22 million in SNDK, $2.54 million in AMD, and $1.45 million in MU. He is currently experiencing a floating loss of $2.47 million, close to the liquidation price. On May 1, he tweeted that he was "waiting for a 40% plunge in SNDK."