Why not? It's basic supply and demand. If supply is low and demand high, price will rise. In the case of GME, supply was non existent. And demand was there. And seems still to be there. That's as good a reason for a stock to rise as is fundamentals. Furthermore, there are some fundamental reasons for a rise as well. Ryan Cohen of Chewy involved and now on the board. They also just hired an Amazon name for their Chief Technology Officer. The whole world is boxing GME in as the next Blockbuster. But maybe they have serious plans to change things up. Time will tell.
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