Driven by retail traders organising on social media forums like Reddit’s WallStreetBets, the rally echoed the GameStop mania of 2021.

Investors have once again targeted stocks with high short interest, aiming to squeeze institutional investors betting against the companies. About 30% of Krispy Kreme’s shares are shorted, with GoPro’s short interest near 10%. While both stocks have since shed some initial gains, they each remain up around 60-80%over the last month.

The rally was accompanied by a huge spike in options trading, with call option volumes for Krispy Kreme and GoPro skyrocketing. This renewed speculative fervour comes amid a broader market rally and a sustained buying streak from retail investors, who have been net purchasers of equities for 19 consecutive sessions, Financial Times reports.

Experts note that this “bubbly action” coincides with record inflows from individual investors this year, with a Goldman Sachs retail sentiment index recently blowing past its 2021 peak. “Meme stocks are back and it’s the riskiest stocks that are doing best,” said Andrew Slimmon at Morgan Stanley Investment Management.