Meme stocks are moving on real news, both good and very, very bad

Meme stocks don’t always respond to actual news items like other stocks do [see GameStop GME, -0.22% on Monday] but when they do, we get days like Thursday, where a swirling news cycle hits a frothy market move and magic happens.

That news sent Nvidia stock as high as 17% before shares closed up 12%. The company’s market cap rocketed over $700 billion for the first time in its history. Penn National’s meteoric stock saw it go from a penny stock to a 1,500% gain in months, thanks in large part to its January 2020 partnership with Barstool Sports, the ribald sports—and other news— site run by performative provocateur Dave Portnoy.

In response, Portnoy took to social media to record a [painfully watchable] nearly 10-minute video calling the story a “hit piece,” denying the events described by women in the Business Insider report, while saying “cancel culture has been coming for me for a decade.”

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