From Krispy Kreme to GoPro, has meme-stock trading frenzy returned?
But the latest meme-stock rally could be even bigger than its predecessor four years ago, when investors piled into recognizable but unloved stocks, such as the video games retailer GameStop and the movie theatre chain AMC, according to the founder of the Reddit forum that helped whip up the frenzy.
Retailer Kohl's, camera firm GoPro, fast-food chain Wendy's and doughnut chain Krispy Kreme each staged rapid rallies this week, driven by abrupt surges in trading volume reminiscent of the the meme-stock craze of 2021, when social media memes boosted a collection of struggling stocks, triggering extraordinary and volatile leaps in value.
Actress Sydney Sweeney helped bring clothing retailer American Eagle Outfitters into the mania after it was announced the Euphoria and White Lotus star would front the brand's latest marketing campaign. The company's shares surged about 10% in trading on Thursday.
Meme stocks are 'about to leap-frog in size and scope and scale, so that retail traders are going to redefine what matters', according to Jaime Rogozinski, founder of the wallstreetbets Reddit forum behind many of the volatile rallies.
'The world of finance is clearly changing, with blockchain technologies encroaching, and AI agents that trade on their own,' he said. 'And the collective of retail traders is adapting along with it.'
Rogozinski founded wallstreetbets in 2012, but said Reddit ousted him as a moderator in 2020. His bid to sue the social media company for trademark infringement was dismissed by the US court of appeals for the ninth circuit last month.
The forum's users home in on stocks and share their own research. 'It's a decentralization of power of who can be financial analyst,' said Noor Al, a moderator on wallstreetbets. 'Great ideas can now come from anyone, anywhere.
'We're seeing the power of retail push stocks, sometimes to the tune of billions of dollars, through the power of ideas, the power of community and the power of the people,' he added.
The meme-stock craze of 2021, which produced stars such as Roaring Kitty, was a product of the Covid era, when many amateur traders were stuck at home and flush with pandemic stimulus cash.
Whether this latest frenzy produces similar winners is not yet clear. Kohl's finished the week up 32%, GoPro was up 66% and Krispy Kreme was up 41%. The rallies show some investors are willing to take on more risk, as stocks scale record highs and the market, dominated by big tech, becomes harder to beat.
Often, meme-stock bets are unbound from economic fundamentals, as investors move to support a brand for romantic or ideological reasons. Donald Trump's Trump Media & Technology Group, home to Truth Social, is valued at more than $5bn on quarterly revenue of about $1m.
The wallstreetbets ethos 'has always to some extent been about flaunting and exploiting the ironies, relevance or irrelevance' of the stock market, said Rogozinski, who pointed to Wendy's, the hamburger chain, as a good example. 'Wendy's has always been a meme that goes back a decade. It brings a smile to my face, because on Reddit there's always been this thing where they say: 'Sir, this is a Wendy's.'
'It's an inside joke, and I don't even get where it started. It's just a meme,' he added. The stock's fleeting rise – it rallied 10% in two days, but finished the week broadly flat – shows some retail investors do not necessarily care about the typical factors that drive the market, such as tariffs and war in the Middle East. 'It's this ability for us to almost make fun of the financial system.'
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Long-term institutional players will always get the last laugh, Rogozinski conceded, because prices will return to normal valuations. 'But in the short term there's lot of money to be had with this volatility, and the fact that stocks are able to move up and down with such ease is but a mere showcase for how the financial system needs a facelift in relevancy.'
While current market conditions do not replicate the low interest rates and retail investor buoyancy of the Covid era, market records and a robust economy have made meme stocks attractive once again for some. 'You see all these indications where this is full-blown meme mania,' Brent Kochuba, founder of derivatives-data firm SpotGamma, told Bloomberg.
'The macro economic environment really favors the retail and speculative plays,' agreed Al. 'I think were only going to see more speculation and excitement. It's a good time to tune in, because retail players can react and provide insight faster.'
Days traders are not necessarily bothered by a company's financial performance, said Rogozinski. 'You have this activist, elective investor who is saying, 'I don't care what the financial statements look like, I don't care what the discounted cashflow is, I like the food, I like the video-game store, I like the meme. So dude, you can go back to Excel spreadsheets if you want, but I really like the chicken tenders,'' he said.
There is now a 'third component' to investment, beyond supply and demand, he claimed, 'which is, 'dude, I don't care if you think it's going to go up or not, or if they have assets or liabilities. I care about this company and I'm going to help it out. I'm going to go buy my jeans from American Eagle.''
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And after his controversial vow renewal, the door back to the Beckhams appears very much nailed shut. 8 Brook wants to cut family adrift By Sally Land BROOKLYN Beckham has sent a message loud and clear that he is drawing a line under his former life. His recent marriage vows renewal with Nicola – after just three years – should have been a time of celebration for both his and his wife's familes. But the occasion was entirely dominated by his in-laws the mega-wealthy Peltz clan. Not one member of his own family was invited to the occasion, and none of his former friends and associates were included either. This is a man who is determined to cut himself adrift from his parents, his siblings and grandparents. While his bride's family have seemingly enveloped him with open arms, by turning his back towards his own parents, his brothers and sister, he has severed a key support line. For while we often dislike or disagree with what our loved ones tell us, they are most likely to be the ones who truly have our best interests at heart. None of us really know what goes on within the walls of other family's homes but for a family to be rejected by one member is truly painful. All the Beckhams can do is keep quietly reassuring Brooklyn that they love him and that when the time is right, welcome him back without reservation. Being rejected by a loved one, or living as an estranged adult carries huge social stigma and regularly leads to a deep sense of isolation. For anyone struggling with this issue Stand Alone ( a charity who supports estranged adults can help. If you would like advice on anything troubling you, email me and my team of counsellors on deardeidre @ The Beckham Family Feud April 2022: Brooklyn marries Nicola Peltz. Wedding Dress Controversy: Rumours begin circulating that there's tension between Nicola and Victoria Beckham after Nicola chooses not to wear a Victoria Beckham -designed wedding gown. Nicola later clarifies in August 2022 (and again in March 2023) that Victoria's atelier couldn't make the dress in time, but reports in May 2025 suggest Victoria actually changed her mind about making the dress. Post-Wedding (2022 onwards): Minimal interaction between Nicola and Victoria on social media, and noticeable absence of Nicola at key Beckham family events. Alleged Wedding "Hijack": In May 2025, a source claimed Victoria "ruined" part of the wedding by allegedly hijacking a dance with Marc Anthony, which was meant for Brooklyn and Nicola. Nicola reportedly ran from the room crying. March 2025: A resurfaced TikTok of Romeo and Cruz mimicking a "baby voice" (which fans associate with Nicola) sparks speculation of sibling shade. April 2025: Brooklyn and Nicola are reportedly absent from Victoria Beckham's 51st birthday celebrations in Miami and her Paris Fashion Week show. May 2025: David Beckham's 50th Birthday Snub: Brooklyn and Nicola are notably absent from David Beckham's 50th birthday celebrations in London, despite being invited. Reports suggest their absence was due to Brooklyn not wanting to be in the same room as Kim Turnbull, the girlfriend of Romeo who had previously been reported to have been dating Brooklyn, who David allegedly opted to have at the party over Nicola. Rumours emerge of a falling out between Brooklyn and his younger brother Romeo, reportedly due to Romeo's new girlfriend, DJ Kim Turnbull, who allegedly had a past connection with Brooklyn. Reports surface that the Beckham parents are "hurt and disappointed" that Brooklyn is "playing no part in family life." Sources claim that tensions between Brooklyn and Nicola and his parents are "definitely not beyond repair." June 2025: Brooklyn and Nicola reportedly enlist a "crisis team" similar to Prince Harry and Meghan Markle for "reputation management" due to the growing media scrutiny. Cruz Beckham posts cryptic lyrics on Instagram that some interpret as a swipe at Brooklyn. July 2025: Reports indicate David and Victoria are "desperate" to reconcile with Brooklyn. Brooklyn publicly wishes his sister Harper a happy 14th birthday on Instagram, tagging Nicola, which is seen as a potential "olive branch" and a rare public message to his family amid the rumored rift. Brooklyn UNFOLLOWS his brothers Romeo and Cruz just 24 hours after his birthday message to Harper. Nicola quickly follows suit and also ditches the Beckham bros from her Instagram following. Romeo and Cruz are now also no longer following Brooklyn.
