GameStop shares are up 225% and AMC shares are up 250% this week, as retail investors make their voices heard once again, putting the efficient market theory to test.
Topline
Meme stock mania picked up where it left off Monday, with shares of retail investor favorites AMC and GameStop exploding to their highest levels of 2024 based almost entirely on social media hype.Key Facts
GameStop’s stock skyrocketed as much as 112% and AMC’s stock soared up to 129% shortly after market open, building on both stocks’ roughly 75% gains during Monday trading.
Shares of brick-and-mortar video game store GameStop are now trading at their highest price since June 2021, just 25% short of their 2021 closing peak during that bout of meme stock mania, and shares of movie chain AMC are going for their highest price since September (GameStop was far more stable in the three-year span between meme frenzies).
GameStop’s market capitalization of $18 billion is $13 billion higher than its market value Friday, while AMC’s $3.4 billion market cap is $2.
