This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Tuesday. Today we tell you about the five-year anniversary of the meme stock frenzy, which has me thinking it's finally time to watch "Dumb Money."S&P 500 futures are little changed. The three major indexes are coming off a winning day.Here are five key things investors need to know to start the trading day:1. DC: The District of CapitalThe New York Stock Exchange welcomes guests of Booz Allen Hamilton to ...

Key Takeaways GME shares rose 4.4% on Monday after Michael Burry disclosed recent buying as a long-term value play.GME holds a large cash reserve after equity raises.ETFs like ESPO, BUZZ and BCOR offer indirect exposure to GameStop for diversified investors.Michael Burry, famous for predicting the U.S. housing crash, disclosed that he has been buying shares of GameStop (GME) , the former meme-stock favorite, as quoted on CNBC. Shares of GME rose 4.4% on Monday. The stock added about 1.5% in the pre-market s ...

Core Viewpoint - Tesla shareholders have approved a substantial pay package for CEO Elon Musk, contingent on achieving specific financial goals, which GameStop is now emulating with a similar performance award for CEO Ryan Cohen [1] Group 1: Compensation Structure - Ryan Cohen's compensation plan does not guarantee salary, cash bonuses, or stock vesting, but he could earn tens of billions if he meets growth targets [2] - GameStop plans to grant Cohen stock options to purchase over 171.5 million shares at $20.66, potentially worth over $3.5 billion [3] - To receive the full award, GameStop must achieve $10 billion in EBITDA and a market cap of $100 billion, making Cohen's award worth over $35 billion at that level [3] Group 2: Financial Performance - GameStop generated approximately $136 million in EBITDA through the first ten months of 2025, with a current market cap of about $10.3 billion [4] - Portions of Cohen's incentive will vest upon reaching specific thresholds, such as a $20 billion market cap and $2 billion in EBITDA for the first tranche [4] - GameStop has improved its financial profile by reducing its physical store presence and expanding its collectibles business, which now accounts for nearly 28% of total revenue [5] Group 3: Business Challenges - The software business, which sells new and pre-owned video games, has experienced a significant decline, while hardware sales are also decreasing but at a slower rate [6] - Despite these challenges, GameStop has seen improvements in operating cash flow, EBITDA, and earnings this year [6] Group 4: Leadership Background - Ryan Cohen became involved with GameStop prior to its 2021 surge and was appointed CEO in 2023, implementing various operational improvements [7] - GameStop's board aims to incentivize Cohen to significantly increase the stock value [7]

Keith Gill, a Reddit user credited with inspiring GameStop's rally, during a YouTube livestream arranged on a laptop at the New York Stock Exchange on June 7, 2024.Michael Nagle | Bloomberg | Getty ImagesFive years after a band of online traders sent GameStop skyrocketing and upended Wall Street's assumptions about "dumb money," the influence of retail investors has proven more durable and long-lasting than many expected.What began as a dramatic short squeeze in early 2021 has evolved into a persistent forc ...

Core Insights - The influence of retail investors has proven to be more durable and long-lasting than expected, reshaping trading dynamics and pushing hedge funds to adapt [1][2] Retail Investor Participation - Retail trading participation in U.S. equities has risen to nearly 20% of daily trading volume, up from low single digits before the COVID-19 pandemic [4] - On high-volume days, retail participation can reach close to 40%, and in options trading, it can be as high as 50% [5] Market Dynamics - The retail investor community has become a persistent force in equity markets, providing a steady source of dip-buying flows that have supported one of the longest bull markets on record [2] - Hedge funds have learned to respect retail investors, who can mobilize capital quickly and influence market movements [10][11] Evolution of Retail Investors - Retail investors are now more informed and engaged, utilizing various tools and resources to make investment decisions [8] - The democratization of access to markets and information has significantly changed the landscape for retail investors [9] Wealth Transfer and Future Trends - A significant generational wealth transfer is expected, with millennials and Gen Z set to inherit approximately $120 trillion over the next 20 years, potentially increasing retail participation [16][17] - Brokerage firms are adapting to cater to younger investors, offering 24/7 trading and access to cryptocurrencies and private market offerings [17] Cultural Impact - The GameStop saga and the rise of meme stocks have left a mark on popular culture, influencing media representations such as the film "Dumb Money" [6][7]

周一，该股盘中一度上涨8.8%，创下自5月以来的最大盘中涨幅，触及10月8日以来的最高水平，成交 量也大幅放大。期权交易员蜂拥买入游戏驿站的看涨期权，推动一个月期隐含波动率升至12月初以来的 最高水平，并拉大了看涨期权相对于看跌期权的溢价。周一看涨期权总成交量升至6月12日以来的最高 水平。 今年以来，该股累计上涨约21%，但较五年前的峰值仍下跌约72%。 自2021年那轮狂潮以来，该股曾多次大幅拉升，往往源于金融意见领袖在社交媒体上的发帖，但每次都 会随后回落。投资者一直质疑，公司能否成功完成从实体零售向线上购物的转型。 伯里在最新文章中回顾了公司的发展历史，并提到其对比特币和收藏品的关注，以及在科恩执掌期间进 行的门店关闭。他还强调了游戏驿站"强劲的现金流"、可在可预见未来抵消收入的巨额净经营亏损，以 及公司在资本开支方面的极低投入。 游戏驿站(GME.N)股价周一大幅上涨，此前因电影《大空头》而声名大噪的基金经理迈克尔·伯里 （Michael Burry）表示，他正在买入该股。 伯里在Substack发布的文章中表达了他对公司董事长兼CEO瑞安·科恩（Ryan Cohen）的信心。随着线上 游戏日益普及 ...

Market Overview - Major U.S. benchmarks finished higher, with the Dow Jones Industrial Average climbing 0.6% to 49,412.40, the S&P 500 adding 0.5% to 6,950.23, and the Nasdaq advancing 0.4% to 23,601.35, driven by anticipation surrounding the earnings of the "Magnificent Seven" stocks, including Microsoft and Meta Platforms [1] USA Rare Earth Inc. - USA Rare Earth shares surged 7.87% to close at $26.72, reaching an intraday high of $32.07 and a low of $25.80, with a 52-week range of $5.56 to $43.98 [2] - The stock's rise follows news of a $1.6 billion investment from the Trump administration, acquiring a 10% stake, which includes 16.1 million shares and warrants for an additional 17.6 million shares at $17.17 each [3] GameStop Corp - GameStop's stock climbed 4.46% to close at $24.01, with a high of $25.01 and a low of $22.95, and a 52-week range of $19.93 to $35.81 [4] - The rally was fueled by investor Michael Burry's disclosure of a fresh stake in the company, adding momentum to a rally driven by CEO Ryan Cohen's insider purchases [4] CoreWeave - CoreWeave shares rose 5.73% to $98.31, hitting an intraday high of $108.65 and a low of $98.05, with a 52-week range of $33.52 to $187 [5] - The increase follows Nvidia Corporation's $2 billion investment in the company, aimed at accelerating AI adoption globally [5] Zoom Communications Inc. - Zoom's stock jumped 11.28% to $95.46, with an intraday high of $95.83 and a low of $86.40, and a 52-week range of $64.41 to $95.83 [6] - The surge is attributed to renewed investor interest in Zoom's early investment in AI startup Anthropic, which analysts believe could be worth $2 billion to $4 billion [6] UnitedHealth Group Incorporated - UnitedHealth's stock fell 1.29% to $351.64, with a high of $354.79 and a low of $347.27, and a 52-week range of $234.6 to $606.36 [7] - The stock fell sharply by 8.6% to $321.30 in extended trading after reports of proposed flat Medicare Advantage rates for 2027, with payments rising just 0.09% [8] - Analysts have revised forecasts ahead of the company's earnings release, with CEO Stephen Hemsley addressing lawmakers about rising healthcare costs [8]

智通财经APP注意到，周一，游戏驿站(GME.US)股价出现反弹，此前因《大空头》而闻名的基金经理 迈克尔·伯里发文称他一直在买入该股。截至周一收盘，游戏驿站涨4.44%，报24.01美元。 在 Substack 发布的一篇文章中，伯里表达了对公司董事长兼首席执行官瑞安·科恩的信心。随着在线游 戏的日益普及，科恩尝试了多种策略来应对游戏驿站实体门店网络所面临的挑战。 伯里写道，"我相信瑞安，我喜欢目前的格局、治理结构，以及我所看到的战略。" 2021年，在科恩最初购入公司大量股份后，游戏驿站股价飙升并成为标志性的"迷因股"(meme stock)。 伯里当时也是投资者之一，但他后来表示，他在股价剧烈拉升之前就已经卖出了股票。过去一年里，该 公司的表现一直落后于大盘，且远低于疫情时期的巅峰水平。 周一，该股一度上涨 8.8%，创下 5 月以来最大单日盘中涨幅，触及 10 月 8 日以来的最高点，成交量也 随之激增。期权交易员纷纷涌入游戏驿站看涨期权，推升一个月隐含波动率至 12 月初以来的最高水 平，并扩大了看涨期权偏斜(即看涨押注相对看跌押注的溢价)。周一的总看涨期权成交量升至 6 月 12 日以来的最高点。 ...

智通财经APP注意到，周一，游戏驿站(GME.US)股价出现反弹，此前因《大空头》而闻名的基金经理迈克尔.伯里发文称他一直在买入该股。截至周一收 盘，游戏驿站涨4.44%，报24.01美元。 在 Substack发布的一篇文章中，伯里表达了对公司董事长兼首席执行官瑞安.科恩的信心。随着在线游戏的日益普及，科恩尝试了多种策略来应对游戏驿站 实体门店网络所面临的挑战。 伯里写道，"我相信瑞安，我喜欢目前的格局、治理结构，以及我所看到的战略。" 2021年，在科恩最初购入公司大量股份后，游戏驿站股价飙升并成为标志性的"迷因股"(meme stock)。伯里当时也是投资者之一，但他后来表示，他在股价 剧烈拉升之前就已经卖出了股票。过去一年里，该公司的表现一直落后于大盘，且远低于疫情时期的巅峰水平。 游戏驿站股价上涨，隐含波动率和看涨期权偏斜度飙升 自 2021年热潮以来，该股曾多次因金融网红的社交媒体帖子而大幅上涨，但每次随后都会回落。投资者一直质疑该公司能否成功实现从实体购物向在线购 物的转型。 伯里在新文章中回顾了公司的历史，并提到了公司对比特币和收藏品的关注，以及在科恩领导下进行的关店举措。他还强调了游戏驿站" ...

Group 1: Michael Burry's Investment Strategies - Michael Burry gained fame for shorting the housing market and subprime mortgages, leading to significant profits during the 2008 financial crisis [2][3] - He has a history of making successful predictions, including shorting overvalued tech stocks before the dot-com bubble burst in 2000 and warning about meme stocks and crypto leverage in 2021 [5][6] - Burry recently closed his hedge fund, Scion Asset Management, citing a disconnect between his valuation estimates and market prices [6] Group 2: GameStop Investment - Burry disclosed his recent purchases of GameStop Corp. (NYSE: GME), a video game retailer that gained viral attention in early 2021 due to retail investors on Reddit's r/WallStreetBets [8] - The stock price of GameStop surged from less than $20 to nearly $500 within a few days due to significant buying pressure [9] - Burry expressed his expectation of buying GameStop shares at what may soon be 1x tangible book value / 1x net asset value [10]