Matt Levine, Columnist

Meme Stocks Are Back

AI, negative ownership, no-crypto indexes and ChatGPT Agent.

July 23, 2025 at 6:08 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Nice trade for him; very much not investment advice for you. OpenDoor Technologies Inc. closed at $1.04 per share last Tuesday; this Monday it closed at $3.21. (It’s down a bit since.) It is a meme stock, and we’re in a meme-stock moment. Bloomberg’s Subrat Patnaik wrote this morning that “the meme-stock revival looks like it might stretch into another day with GoPro Inc., Krispy Kreme Inc. and Beyond Meat Inc. all surging in early trading,” and that “the massive surges in trading volumes and stock prices have been driven by a mix of social media buzz, short squeezes, and technical breakouts, despite little to no change in the companies’ underlying business fundamentals.” Claire Ballentine and Carmen Reinicke reported yesterday: