Over the past several days, the share prices of three companies have surged 25% or more in a single trading session. Those companies are Krispy Kreme, GoPro, and Kohl’s. Yet none of these firms have made any major announcements of late that support such lofty rises in their stock prices. So why are their share prices skyrocketing?

It looks like meme stock mania is back.

The term “meme stock” first gained popularity during the early pandemic years. During the 2020–2021 period, many people were confined indoors due to lockdowns or a general fear of going out, so they turned to the internet to pass the time, often taking on new digital hobbies or joining new communities.

For many, a new hobby emerged: online investing. As a result, many of these new investors turned to social media for advice on which stocks to buy.

Perhaps the most popular social media community for stock advice was the Reddit forum r/wallstreetbets, and it is in this community where many consider meme stock mania to have originated.

A meme stock is generally defined as a stock that is promoted by members of an online community, such as the one found in the r/wallstreetbets subreddit.

Proponents of a meme stock buy shares of a stock at a low price—often in struggling companies with some brand name awareness—and then promote it, attempting to

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