Investors are chasing the most speculative names in the stock market

saw its stock price soar as much as 109% this week after it said it will sell 50 of its fuel-cell powered trucks over the next five years. , which has jumped about 60% so far in 2023. And according to DataTrek Research co-founder Jessica Rabe, the gains could continue as the ETF is still about 50% below its record high seen in December 2021.

"Meme stocks' current positive momentum shows investors' animal spirits are starting to run hot again," Rabe said. The sharp rally in high-risk stocks and its signal that investor enthusiasm has returned to the market is also indicative of the fact that equities are indeed in a bull market as they march on to new 52-week highs.

"Meme-type stocks have been catching a bid of late, which paints a bullish picture of general market conditions," Rabe said.

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