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A New Hong Kong Stock Makes GameStop Look Tame

Step aside, GameStop and AMC. A new billion-dollar stock bubble makes yesteryear’s meme stocks look like child’s play.

The market value of fintech company AMTD Digital, controlled by a Hong Kong-based financial institution, briefly eclipsed Facebook parent Meta Platforms this week, after the stock’s price rose more than 300 times since it was listed in New York three weeks ago. The bubble has started to deflate in the past couple of days, but the company still has a market capitalization of $148 billion—bigger than Goldman Sachs.