(Reuters) – Retail investors weren’t as enthusiastic to buy the U.S. stock dip on Tuesday. This is the latest indication of a fatigue following last year’s tech-fueled trading frenzy.

On Tuesday, individual investors purchased stocks in the amount of $1.6 Billion. This was after U.S. shares fell steeply due to weak Goldman Sachs’ (NYSE: ) results and a surge in U.S. bond yields.

On Sept. 28, however, the pair had already bought nearly $2 billion.

Vanda’s Giacomo Pierantoni, and Ben Onatibia of Vanda stated that retailers bought less than what they usually would.

This could signal that the retail sector is experiencing “retail fatigue” or “capitulation,” at the very least, in the tech industry.

Vanda’s research note is coming as the enthusiasm surrounding so-called meme stocks also seems to be diminishing, one year after it was first published. GameStop Corp (NYSE:) Frenzy in which retail investors gathered on message boards online to purchase stocks that were heavily undervalued.

According to a Friday report, young investors are losing interest in “meme stocks”, and Gen Z is shifting their attention towards companies that specialize in electric vehicles or the “metaverse”.

ProShares UltraPro QQQ was a heavily-purchased ETF on Tuesday, Vanda’s analysts stated. It targets three times the daily return of the and helps to cushion the effects from massive institutional selling.

Even Microsoft Corp (NASDAQ:). The $68.7 Billion purchase of Activision Blizzard’s “Call of Duty” maker (NASDAQ:), which was the largest gaming industry transaction in history failed to lift up retail investors.

The research house stated that Activision’s shares rose 26% on the day it was sold to retail investors.

According to Vanda Research, the tech market sell-off began last month and has seen a decrease in buying retail favourites like Tesla (NASDAQ) Inc, Apple Inc(NASDAQ:), Advanced Micro Devices, Nvidia Corp (NASDAQ) Corp).