It’s as if 2021 never went away in US stock markets. Both the S&P 500 index and the Nasdaq Composite are at all-time highs. Bitcoin is raging. Blank cheque companies are in vogue again. Even struggling, beaten down companies are back in favour: witness the return of meme stock mania.
This time around, the focus of the crowd that dwells on online threads such as Reddit’s WallStreetBets is not GameStop or AMC Entertainment. Instead, taking up the mantle of meme stock 2.0 are real estate platform Opendoor Technologies, department store operator Kohl’s, doughnut chain Krispy Kreme and digital camera maker GoPro.
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