The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players.
The stakes are enormous: The surge in trading has driven GameStop’s value up by more than $10 billion. as of Wednesday.
GameStop — that feature of malls and shopping centers across the country — was worth about $2 billion in December. Now it is worth $24 billion, roughly the same as the meat giant Tyson and the fuel refiner Valero Energy. On paper, at least.
Exactly why has to do with a mix of traditional investing, rampant enthusiasm, stock-market mechanics and the belief that anyone with a Robinhood account can meme a fortune into existence.