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Once upon a time GameStop was known for the frenzy of customers
rushing into its stores to get their hands on the latest video

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games. Well now GameStop and the frenzy around it is happening
to financial markets.

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Shares of the retailer are soaring to record highs trading more
than five times above analyst estimates. Bloomberg Markets

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reporter critic Gupta is here to discuss and give us the
download.

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What exactly is happening with GameStop. OK I'm looking at
GameStop on the terminal Kristie.

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Two hundred and forty five percent year to date. It's January
25th. What is behind this recent surge.

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Well Tam there's so much going on here. And it really all
started with some excitement two weeks ago. The two week

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co-founder the co-founder of that pet company Ryan Cohen was
added to the board of GameStop. And I'll just preface the rest

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of the story by saying that Game Stock has been a company that's
been struggling for the past four years. Though a big kind of

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narrative around this was that the addition of Ryan Cohen to the
board would simply kind of reaching the company give it some new

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light as you thought. Retail traders once again pushing into
this company thinking he would return the company to its former

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glory. Then you of course saw some of the leaders of the
GameStop company itself sell some of their shares thinking well

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that retail bed maybe it had gone too far even trying to
research one of those major short selling companies that they're

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not going to comment on those rallies anymore because of simply
the power behind some of those retail trade and that retail

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trade is still going on. Some of these traders say four hundred
and twenty six percent premium to what analysts think it's

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worth. So that that's just the story that just keeps on going.
Where does Reddit come into this. I'm seeing so much on Twitter

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about rioters talking about this company.
We'll have a lot to do with this though Reddit has started to

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serve as this kind of medium this platform for where a lot of
these retail traders discuss ideas and discuss kind of what's

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going on their thinking behind some of these rallies and a lot
of the companies that have gotten these monster rallies off this

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retail bit. A lot of the conversation has started on Reddit and
that's why you're seeing Game Stock show up on those on those

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platforms. OK.
What are the relatives saying though. Are they are they saying

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hey this is a company that we actually believe justifies this
price for or these people just riding this rocket ship thinking

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that it's going to keep going up because of people like. No
it kind of seems like the latter. It's this idea that we've seen

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really manifest during the pandemic that this idea that stocks
are only going to go up. So why not pile into a drive the stock

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price up and enjoy the ride. And I think that's where you're
really seeing that narrative not just show up and read it but

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several other social media platforms is driving the likes of
GameStop Kodak Tesla at one point. So once again this is a theme

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that you've really seen amplify underneath the pandemic.