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Opinion
Matthew Brooker

This $200 Billion Bubble Stock Is No GameStop

Could this be a case of mistaken identity? It happens more than you think.

It’s hard to appreciate how insane this is.

It’s hard to appreciate how insane this is.

Photographer: Aaron McKenzie Fraser/Bloomberg
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How does a three-year-old Hong Kong fintech company with 50 employees become worth almost four times as much as Goldman Sachs Group Inc. in less than a month? Because stonks go up, duh. AMTD Digital Inc. has risen 14,000% since listing in New York, giving it a market value of more than $470 billion at one point this week and earning comparisons with the poster child of meme stocks, GameStop Corp. AMTD is a very different phenomenon, though.

It’s worth pausing for a minute to appreciate just how insane this is. AMTD Digital started trading July 15 after selling shares at $7.80. At the intraday peak of $2,555.30 on Wednesday, the company would have ranked among the 10 most valuable publicly traded enterprises in the world, based on data compiled by Bloomberg — worth more than Facebook owner Meta Platforms Inc., digital payments behemoth Visa Inc., or the world’s biggest bank, JPMorgan Chase & Co. In the most recent year for which it has reported results, AMTD Digital had $25 million of revenue.