GameStop stock tanks 35% as meme rally fades

GameStop's stock plummeted by 30% as the enthusiasm around meme stocks waned, following a significant two-day surge. The decline also affected other meme stocks like AMC, which dropped by 27%. This recent activity has been compared to the 2021 meme stock frenzy, though analysts suggest a repeat of that scale is unlikely. Despite this, short interest in GameStop remains high, indicating ongoing bets against the stock.