MSTR Surges 4.11% on AI Momentum, Cracks Top 20 in $4.8B Volume Surge

On October 2, 2025, Strategy (MSTR) surged 4.11% with a trading volume of $4.8 billion, ranking 17th in total market activity. The stock's strong performance coincided with renewed investor focus on its strategic positioning in the AI infrastructure sector following recent earnings reports. Analysts noted increased institutional buying activity ahead of the company's upcoming quarterly update on October 15.

Market participants observed a distinct shift in trading dynamics as high-frequency traders began rotating capital into AI-related equities. Strategy's market cap expanded by 6.3% during the session, outperforming broader tech indices. The volume surge was attributed to both algorithmic trading patterns and strategic position sizing by long-term investors, though no official guidance was issued by the company.

To build an accurate one-day “top-500-by-volume” strategy for you, I need to pin down a few practical details. Please let me know (or confirm) the following so I can configure the back-test engine correctly: 1. Universe • Do we scan all U.S. listed common stocks (NYSE + NASDAQ) each day? • Should ETFs, ADRs or pink-sheet securities be excluded? 2. Ranking rule • Rank by that day’s dollar trading volume (shares × close price) or by share volume? • Do we use today’s close to decide the top 500 and enter at tomorrow’s open, or enter at the same close? 3. Portfolio construction • Equal-weight the 500 names (1/500 each) or weight by volume rank? • Rebalance daily (sell yesterday’s holdings and buy today’s new list)? 4. Costs & slippage • Assume zero transaction costs and no slippage, or would you like to specify assumptions (e.g., $0.005 per share, 5 bps slippage)? 5. Benchmark (optional) • Compare against SPY or another index? 6. Output • Besides cumulative return and drawdown, any other metrics you’d like (Sharpe, turnover, etc.)? Once I have these details I can run the back-test from 2022-01-01 through today and share the results.