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Large losses banks potentially face from Archegos Capital Management’s implosion may be one more sign of the fervor playing out in markets marked by excess, according to Ben Inker, head of asset allocation at GMO.

In like a lamb, out like a lion. That’s how the trading action appeared to shape up for the Dow Jones Industrial Average in March, which produced its widest monthly outperformance against the Nasdaq Composite in nearly a decade.

Cathie Wood’s flagship Ark Innovation fund has had a rough March after a scintillating stretch for the once-highflying exchange-traded fund, but there may be more gut-wrenching volatility in store for ETF, according to at least one analyst, who cautions investors to be wary.

Micron Technology Inc. and Western Digital Corp. are each exploring a potential deal for Kioxia Holdings Corp. that could value the Japanese semiconductor company at around $30 billion, according to people familiar with the matter, as a global scramble for memory chips used in smartphones and other devices heats up.