Renaissance Technologies Piled Into GameStop, AMC Ahead of Rally

Renaissance Technologies, a quantitative hedge fund, significantly increased its stakes in AMC Entertainment and GameStop prior to their recent price surges, reminiscent of the 2021 meme-stock phenomenon. The fund acquired millions of shares in both companies early in 2024, capitalizing on a trading frenzy sparked by social media influences. Despite the initial rally, both stocks experienced sharp declines, trading well below their pandemic highs.