Revival of Meme-Stock Frenzy Points to a Frothy US Stock Market
Latest trading in GameStop and AMC is a contrarian indicator to sell, some say in survey
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This week’s meme-stock pop is a sign that US equity markets are frothy and potentially peaking, according to the latest Bloomberg Markets Live Pulse survey.
GameStop Corp. and AMC Entertainment Holdings Inc., two darlings of the meme-stock mania of 2021, saw their share prices soar — then plunge — after Keith Gill, the retail-trading icon who goes by the moniker “Roaring Kitty,” put up a cryptic post on the social-media platform X. GameStop surged nearly 180% on Monday and Tuesday, while AMC leaped 135%, before both sold off on Wednesday and Thursday to cut those gains by more than half.