Legacy businesses like WM and NKE have been used as short hedges against AI longs, while Bitcoin has served as an alternative pair trade with a tendency to squeeze. The top 10 single stocks traded YTD average 16.4% of total market notional volume. Among them, SNDK generates the highest profitability for dealers and HFTs with a 12.4 bps spread, alongside other heavily traded and liquid assets like NVDA, MU, TSLA, MSFT, AAPL, AMD, AMZN, GOOGL, and META.