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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. GameStop and AMC experienced significant rallies on Monday following a post by "Roaring Kitty," also known as Keith Gill, the individual behind the 2021 short squeeze. Gill's first post in three years, featuring a picture of a video gamer appearing focused, garnered substantial attention on social media. GameStop surged 74.4% and AMC soared 78.4%, with both stocks halted multiple times due to volatility. The "meme stock" frenzy, led by individual traders targeting short sellers, saw GameStop's short position amounting to over 24% of freely traded shares. Despite these gains, GameStop's fundamental business remains challenging, with lower fourth-quarter revenue and job cuts reported recently. The stock has seen renewed interest, climbing 57% in May, prompting speculation about Gill's involvement and the high short interest in GameStop. It’s estimated that GameStop short sellers lost more than $1B on Monday.

2. SoftBank's Vision Fund has rebounded impressively, posting a profit of 724.3 billion Japanese yen ($4.6 billion) for the fiscal year, its first positive year since 2021. This turnaround was fueled by successful investments in companies like ByteDance and DoorDash, offsetting losses from DiDi and WeWork. The IPO of chip designer Arm, a significant portfolio holding, further bolstered the fund's performance. SoftBank's strategic shift towards aggressive investment in AI and reducing reliance on Alibaba has been signaled by its leadership, with Arm now playing a more prominent role in its portfolio compared to previous years.

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4. Headlines

   1. OpenAI launched a new GPT-4o and a desktop version of ChatGPT.

   2. Squarespace is going private in a $7B private equity deal

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