[gabriel34]

This is a distributed movement, some people have been holding the stock for over an year+, others bought into it on the past few weeks. There are people who bought it as a meme stock, when it was relatively stable, as the devaluation from the market transition towards digital media had already mostly been factored into the price. Steam is not a new thing, after all. The fundamentals at the time supported the price, in hindsight it was about the lowest price the share has ever been at[1]. The CEO change precipitated other people to buy into the fad. This combined with the short overexposure counterbalanced the speculative attack from the hedge funds.

[1] https://www.nasdaq.com/market-activity/stocks/gme/advanced-c... select log scale, period=max