Kash Patel Called Krispy Kreme Stock a Buy and Fueled Wild Rally

Core Insights - Kash Patel, the FBI director, caused a notable stock rally during his testimony in Congress, highlighting the influence of public figures on market movements [1][4] - Patel disclosed stock purchases in Krispy Kreme Inc. and ON Semiconductor Corp., which led to significant intraday price increases for both companies [2][3][5] Company Insights - Krispy Kreme Inc. saw its stock rise by 12% shortly after Patel's comments, closing the day up approximately 1% [3] - ON Semiconductor Corp. experienced a 4.1% increase in stock price following Patel's remarks, ultimately closing up about 0.5% [3] - Patel's stock purchases included between $15,000 to $50,000 in Krispy Kreme and between $50,000 to $100,000 in ON Semiconductor, indicating a strategic interest in these companies [5] Market Dynamics - The incident illustrates the growing power of retail investors and their ability to influence stock prices, particularly in the context of meme stocks and other speculative investments [4] - The broader market experienced a selloff following the Federal Reserve's interest-rate cut, yet these specific stocks defied the trend due to Patel's comments [3]