Saudi Press

Saudi Arabia and the world
Wednesday, Jan 14, 2026

GameStop shares surge 53%, other 'meme stocks' rally on stimulus hopes

GameStop shares surge 53%, other 'meme stocks' rally on stimulus hopes

Shares of GameStop jumped more than 40% on Monday and other so-called meme stocks rallied, lifted by news from the video game retailer and expectations that investors may plow funds from coming stimulus checks into the equity market.
GameStop shares last traded up 41.2% at $194.50, their highest closing level since Feb. 1, after the company tapped shareholder and Chewy co-founder Ryan Cohen to spearhead a new committee to help the video game retail chain’s transition to e-commerce. The stock was up as much as 53% at the session high.

Other stocks favored by retail investors on forums such as Reddit’s WallStreetBets also rallied. Some market watchers cited the U.S. Senate’s passage of a $1.9 trillion stimulus bill including $1,400 direct payments to Americans.

“Maybe there’s a thought that if people are going to get a lot of money in their stimulus checks, that some of it’s going into the stock market,” said Christopher Murphy, co-head of derivatives strategy at Susquehanna Financial Group. “Some of it might go into those same names that we saw in late January, those message board Reddit-type stocks.”

Retail investors surveyed by Deutsche Bank last month said they would put more than a third of their stimulus checks into the stock market, which could represent inflows of around $170 billion, the bank said in a research note.

Retail buying of stocks and options has been among the factors driving markets higher over the past year, analysts said. Some 53% of respondents in the Deutsche Bank survey said they invested some funds from past stimulus checks in the stock market.

Other stocks popular on Reddit also soared, with AMC Entertainment up 15.4%, headphone maker Koss Corp climbing 27.5% and Rocket Companies up 3.0%.

The U.S. government should be able to start delivering $1,400 checks almost immediately once the aid bill is finalized and President Joe Biden signs it, tax experts say.

GameStop’s latest rally followed several wild swings in the share price from January. GameStop has become one of the hottest and most visible “meme stocks” followed on social media sites.

Cohen, a major shareholder who has pushed Gametop’s move away from its brick-and-mortar model, joined the board in January shortly before a social media frenzy drove a meteoric rise in which GameStop shares surged more than 1,600%.

Hedge funds that had bet against the stock were forced to unwind their short positions, a situation known as a “short squeeze.” GameStop pared most of those gains the following month.

Some analysts believe another short squeeze may be adding fuel to the stock’s recent gains. Short interest in GameStop was valued at $1.9 billion, or 25.38% of the stock’s float on Monday, compared to 32.56% about a week ago, according to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.

Over the past week, short bets worth $538 million were covered, Dusaniwsky said.

“Shorts will continue to be squeezed out of their positions as GME’s stock price continues to trend upwards,” Dusaniwsky said in an email.

Recently, Cohen posted a cryptic tweet of an ice-cream cone, which some analysts viewed as a possible trigger for GameStop’s most recent rally.

Cohen’s RC Ventures activist firm reached a settlement with GameStop in January, giving Cohen seats on the company’s board.

GameStop said its Strategic Planning and Capital committee will help drive the latest e-commerce push. Along with Cohen, the committee will include Alan Attal, a Chewy alumni who joined the board as part of the RC Ventures settlement, and another board member Kurt Wolf.

GameStop’s sales through brick-and-mortar stores are under increasing pressure, as more customers gravitate toward digital downloads of console games.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Trump Designates Saudi Arabia a Major Non-NATO Ally, Elevating US–Riyadh Defense Partnership
Trump Organization Deepens Saudi Property Focus with $10 Billion Luxury Developments
There is no sovereign immunity for poisoning millions with drugs.
Mohammed bin Salman’s Global Standing: Strategic Partner in Transition Amid Debate Over His Role
Saudi Arabia Opens Property Market to Foreign Buyers in Landmark Reform
The U.S. State Department’s account in Persian: “President Trump is a man of action. If you didn’t know it until now, now you do—do not play games with President Trump.”
CNN’s Ranking of Israel’s Women’s Rights Sparks Debate After Misleading Global Index Comparison
Saudi Arabia’s Shifting Regional Alignment Raises Strategic Concerns in Jerusalem
OPEC+ Holds Oil Output Steady Amid Member Tensions and Market Oversupply
Iranian Protests Intensify as Another Revolutionary Guard Member Is Killed and Khamenei Blames the West
President Trump Says United States Will Administer Venezuela Until a Secure Leadership Transition
Delta Force Identified as Unit Behind U.S. Operation That Captured Venezuela’s President
Trump Announces U.S. Large-Scale Strike on Venezuela, Declares President Maduro and Wife Captured
Saudi-UAE Rift Adds Complexity to Middle East Diplomacy as Trump Signals Firm Leadership
OPEC+ to Keep Oil Output Policy Unchanged Despite Saudi-UAE Tensions Over Yemen
Saudi Arabia and UAE at Odds in Yemen Conflict as Southern Offensive Deepens Gulf Rift
Abu Dhabi ‘Capital of Capital’: How Abu Dhabi Rose as a Sovereign Wealth Power
Diamonds Are Powering a New Quantum Revolution
Trump Threatens Strikes Against Iran if Nuclear Programme Is Restarted
Why Saudi Arabia May Recalibrate Its US Spending Commitments Amid Rising China–America Rivalry
Riyadh Air’s First Boeing 787-9 Dreamliner Completes Initial Test Flight, Advancing Saudi Carrier’s Launch
Saudi Arabia’s 2025: A Pivotal Year of Global Engagement and Domestic Transformation
Saudi Arabia to Introduce Sugar-Content Based Tax on Sweetened Drinks from January 2026
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Not Only F-35s: Saudi Arabia to Gain Access to the World’s Most Sensitive Technology
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia Urges Stronger Partnerships and Efficient Aid Delivery at OCHA Donor Support Meeting in Geneva
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
Saudi Arabia Positions Itself as the Backbone of the Global AI Era
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
×