Meme stocks like GameStop (GME) and AMC Entertainment (AMC) are surging in interest after Keith Gill, who goes by “Roaring Kitty” on X (formerly Twitter), posted on social media for the first time in three years. Gill was in part responsible for the meme stock frenzy perpetuated by retail traders in 2021.
Head Moderator of r/WallStreetBets Noor Al joins Market Domination Overtime to give insight into the renewed interest in meme stocks and a potential influx of retail trading.
When asked if this is just a fad, Al responds: “I think we’ve actually seen the build-up for today’s activity over the past two weeks, and even just three days ago when we were talking about DFV [Keith Gill aka Roaring Kitty] liking a tweet for the first time in three years. So there’s precedence and there’s been a lot of build-up to this moment to today.”
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
This post was written by Nicholas Jacobino
Video Transcript
So let’s start there.
Nora, it was the story of the day today.
Um You know, ro kitty posts on X gamestop rips.
What, what did you make of it?
Uh I just immediately knew as soon as I saw that tweet that retail trading is back and that we’re gonna see more volatility than ever these next couple days.
So, no, that’s interesting because we’ve been sort of debating here, like, was this just a sort of one off excitement and then it’s gonna fade.
It sounds like you don’t think so.
No, absolutely not.
I mean, I think we’ve actually seen the build up for today’s activity over the past two weeks and even just three days ago when we were talking about DFE liking a tweet for the first time in three years.
So there’s precedents and there’s been a lot of build up to this moment to today.
Are you saying, or you think the activity continues in gamestop or, or no, it’s gonna shift to other names.
I think gamestop is definitely going to be the stronghold.
Um That’s what we’ve seen in previous explosions of retail excitement.
Uh But that’s definitely gonna spill out into other stocks.
We saw a MC today up almost 80% even more than gamestop.
Really?
So, I think you’ll see both.
You’ll see gamestop explode and you’ll see the others explode in sync with it.
Nora, I’m really curious as someone who does what you do, um, in terms of, and, and that’s your sort of side thing here that you moderate Wall Street bets.
What did your day today look like after that came through this morning?
Uh It’s chaos.
I saw the uh DF BS Tweet yesterday and I just knew, wow, tomorrow is gonna be an intense day.
I took the day off and I’ve honestly just been looking at Reddit all day, uh hanging out in this court and making sure that, you know, the the millions of people that are visiting are separated, our community are having a good time, having a good experience.
So, OK. And are people super psyched?
Are you seeing people?
Are you seeing an uptick in volume?
Are there people who have sort of been on the sidelines for a while who now saw this and came flooding back to the platform and back to the markets?
Absolutely.
We’re seeing a huge uptick everywhere.
So page views are up uniques are up.
We’re seeing more people tossing money at the market.
We’re seeing people post their, we call them yo os and their gains.
Uh People taking profits, people throwing all those profits back into the market.
Uh every stock you can name.
Uh We’ve been seeing elevated levels of activity on them today.
So I, I think this is just the beginning though.
Do you know the, and we’ve been talking to different guests about this today too?
So I wanna get your take.
Do you look at what’s going on GME today?
And it’s some broader tell to you about some serious trend or theme in the market.
It’s telling you something about risk, appetite ramping or do you see it?
No, for most people, do you think it, it’s more just fun.
It’s something to do.
It’s entertaining.
Um, I think definitely people are having a ton of fun but it comes down to really just people seeing more opportunity in the market.
You know, we’ve been sitting on quite a bull run for these past couple of months.
Uh, spy is at all time.
Highs.
People want to take some money off the table, realize those gains and toss them back into riskier plays.
I think that’s what we’re seeing.
Nor can you tell us.
And Josh sort of asked this, but if you can expand a little bit, like, is there buzz around other stocks as well?
Yeah, absolutely.
I mean, uh, we’re just coming off fresh off the A I hype cycle.
Um, now we’re going right back into the meme stocks.
So I think you’re gonna see all meme stocks move together.
Um, and really, I think this just shifts a broader um shift towards, you know, narrative economics.
You know, can companies tell their story in a compelling way and really engage with their shareholder user base?
Um So, well, we’ll see both a trend from investor appetite for those kinds of companies and hopefully a shift in companies and how they manage their investor relations.
I mean, the irony of this though is that gamestop is not doing that nor like at all, they don’t talk to anybody, right?
They don’t have conference calls.
If they do have conference calls, they don’t ask questions.
There’s not a lot of transparency around what they do.
Why do people still love gamestop?
That’s a good question.
I think you can look at companies that over communicate and companies that under communicate.
People believe that gamestop has a plan and is executing on that plan.
We’re seeing them swing from tremendous losses in previous years to actually a net profit last year.
Although it was small, we’re seeing their underlying business kind of uh grow and, and, and trend closer towards green.
And I think in the absence of their Q and A and answering those hard questions, people are coming up with their own narratives.
And so narrative economics doesn’t necessarily mean the company has to create the narrative, but that narrative is being created and that’s why it’s so important to stay close to the source, close to social media for these stocks.
Yeah, I love that narrative economics.
Uh quickly nora I’m curious, given you saying that are you a believer in the gamestop story?
And do you have the shares?
Uh, absolutely.
You know, today is just day one we saw plus 80% today.
Who knows?
Or 75% today, who knows what tomorrow will hold?
