shares of gamestop soared another 158 on wednesday pushing its gains this week to 37 another reddit target amc entertainment  rallied 192 bringing its weekly advance to more than 60 other popular meme stocks blackberry and bed bath  beyond rallied 99 and 116 respectively on wednesday just when you think the gamestop mania is a tale from the past meme stocks came back from the dead with a doubledigit rally this week as enthusiastic investors piled back into speculative assets with the market near record highs strategists believe the recent runup occurred as these speculative assets and others became oversold last week bitcoin suffered a 30 oneday crash that spooked many on wall street and the cryptocurrency recouped some of the losses this week but trading remains volatile meanwhile the stock market which came back near its record level recently amid reopening optimism might have unleashed another wave of animal spirits and pulled some investors back into the riskiest parts of the market i believe the bounce back in these thematic names are a function of two components the oversold conditions that currently existed in gme  amc due to the bitcoin pullback and profit taking said jeff kilburg chief investment officer and portfolio manager at sanctuary wealth i also believe the newly injected investor confidence with us equity markets hovering near all time highs makes a difference high tide lifts all boats kilburg added in january gamestop became the center of attention and sent shock waves across wall street a band of retail investors coordinated trades on reddits wallstreetbets forum and managed to create a massive short squeeze inflicting huge pain for short selling hedge funds in the name back then the day traders targeted names with elevated levels of short interest including amc blackberry and bed bath  beyond when hated stocks like these suddenly turned higher in price short sellers were forced to buy back borrowed shares to close out their short position and cut losses the forced buying from short sellers then fueled the rally even further a short squeeze could be at play again for gamestop although not in the same magnitude as before we have started to see some short covering in gme as marktomarket losses mount on the short side said ihor dusaniwsky of data firm s3 partners   the recent rally in gamestops stock has pushed marktomarket losses for short sellers to more than 67 billion this year according to data from s3 partners gamestop and amc still each have more than 20 of their float shares sold short compared with an average of 5 short interest in a typical us stock according to the data both stocks have a high potential for a short squeeze dependent on their upcoming stock price moves dusaniwsky said gamestop a brickandmortar video game retailer is in a middle of an ecommerce transformation after the monstrous rally this year starting the year below 20 the stock shot to 483 a share at the end of january amid the historic short squeeze the shares are still up 1180 in 2021 and closed at 24256 wednesday amc has gained 95 in may bringing its 2021 advance to over 800