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Nintendo Switch 2 only supports microSD Express cards to keep up with the new faster loading times.

The rumors were true: The Switch 2 supports microSD Express flash cards. The bad news is that regular microSD cards aren't supported on the Switch 2. To see if your card is supported, look for an EX on the card itself. If there's no EX anywhere, then it's not Express.
The microSD Express protocol is capable of delivering SSD-like speeds of up to 985MB/sec, which is a massive boost over the 104MB/sec that the base microSD cards deliver.
Interestingly enough, Nintendo's own website does say that non-microSD Express cards can be accessed on the Switch 2, but these cards can only have screenshots and video. You can't just take the card out of your Switch 1 and expect it to work on the Switch 2.
"Switch 2 will only work with microSD Express cards. They're a different type of card and will make high speed data transfers possible. Please note that regular microSD cards used for Nintendo Switch will not be compatible," Nintendo Switch 2 director Takuhiro Dohta.
"Inserting a microSD card that has been previously used on a Nintendo Switch console into a Nintendo Switch 2 console will not allow you to save or load digital games or save data," reads a support article.
Nintendo has yet to reveal how fast the loading times for Switch 2 games are, but we should expect a substantial difference over the current-generation internal flash storage and external SD options for the base Switch 1 model.