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Matt Levine

GameStop Is Happening Again

Also T+1, Fedwire and Coinbase.

Oh no not this again:

GameStop closed at $44.97 on Tuesday and $91.71 yesterday; as of 10 a.m. today it was, uh, halted at $119.46, super. There is a generation of young investors who grew up going to the mall to buy video games at GameStop and then, years later, started YOLOing the stock out of nostalgia. But in like 10 years there is going to be another generation of young investors who grew up YOLOing GameStop stock and occasionally do it again out of nostalgia. “Hey, remember GameStop, that was fun,” they’ll say, and then go buy some out-of-the-money call options for old times’ sake.