NEW YORK (AP) – The stock prices of GameStop and AMC experienced a significant surge in premarket trading on Wednesday, extending a rally that began earlier in the week. This surge follows the re-emergence of Keith Gill, also known as “Roaring Kitty”, a key figure in the 2021 meme stock craze, on social media platforms.

“Roaring Kitty” made his return by sharing a clip from the movie “Braveheart” on Tuesday, with the word “GameStop” prominently featured on the screen. This marked the first time Gill has mentioned a company name since his return to social media, sparking a resurgence in meme stocks reminiscent of the 2021 retail trading frenzy he had previously influenced.

Gill, through his online persona “Roaring Kitty,” had played a significant role in attracting retail investors to GameStop in 2021, causing a squeeze on hedge funds that had bet against the company. His recent posts and hints of potential future actions have reignited interest in meme stocks, with cinema chain AMC seeing an 18% increase in share prices after a 135% rise in the past two sessions, and GameStop jumping by 19% to hit its highest level since June 2021.

Despite the excitement surrounding Gill’s return, there remains uncertainty about his next moves and intentions. Market analysts like Susannah Streeter, the head of money and markets at Hargreaves Lansdown, caution that these surges in stock prices are often driven by entertainment and speculation rather than fundamental company performance, which can lead to sharp corrections in the market.

As investors speculate on the implications of “Roaring Kitty’s” re-entry into the market, the future of meme stocks and their volatility comes into question. The anticipation of Gill’s actions and their impact on stock prices adds another layer of complexity to an already turbulent market environment. However, the ultimate outcome of these developments remains to be seen, as retail traders and institutional investors alike navigate this unpredictable landscape.