I recently got one of these for my new Mac Studio and it's a phenomenal product for external storage:

https://amzn.to/44AAMQz

It's a solid piece of aluminum with a circuit board where you can mount a NVME M.2 stick (like they use in the Playstation).

Real world transfer speeds are 3.5+ GB/s on Thunderbolt 5 (~1 GB/s on TB 3, ~2.5 GB/s on TB 4).

The enclosure is $120 and a 2 TB NVME is in the $120-150 range.

A great way to keep VMs, photos, and other big stuff out of Apple's pricey storage.

Amazon.com

@chockenberry Just in case someone wants to go direct instead of through Amazon https://eshop.macsales.com/shop/owc-express-1m2 (Love OWC, located in my hometown, founder was in my older brother’s HS class, and he actually set my family up with a IIGS)
OWC Express 1M2 - The Fastest Single Portable SSD We Offer

Ultra-fast, compatible, and reliable portable USB4 NVMe SSD with speeds up to 3836MB/s. Build your own or choose ready-to-run solutions for your Mac or PC.