Skip to main content

GameStop jumps after report on NFT trading hub, crypto pact

 

A GameStop Inc. store is shown in Encinitas, California, U.S., May 24, 2017. REUTERS/Mike Blake

Shares of GameStop Corp (GME.N) rose on Friday after  the video game retailer announced plans to expand its non-fungible token (NFT) market and partner with crypto companies.
GameStop jumped 7.3% to $ 140.62 on Friday after  the company reportedly built an online NFT trading center for virtual game collectibles and  cryptocurrency partnerships on Thursday. A source familiar with the matter told Reuters about GameStop's plans, which were reported by the Wall Street Journal.

GameStop declined to comment on the reports.

NFTs, which use blockchain to record the ownership of digital items such as images and videos, surged in popularity in 2021, leaving many confusedabout why so much money was being spent on copiable digital items that do not physically exist.

Highly volatile crypto assets have tumbled in recent months, with bitcoin plummeting to a more than three-month low of $42,001.97, down about 38% from its $69,000 all-time high in November.

Ether , used to buy NFTs, has slumped to $3,219.77, levels last seen in early October.

"Stocks themselves are speculative rather than fundamental, and to some extent cryptocurrencies are also not very speculative in nature . excessive exposure to cryptocurrencies could have an effect on the balance sheets of these companies." , warned analyst Mirabaud  Neil Campling. Short sales against GameStop increased by roughly 1 million shares  in the past 30 days to 8.4 million, now worth $ 1.11 billion and equal to 13% of GameStop's free float , according to data from S3 Partners.


Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, said Friday's stock move is unlikely to be a small hedging rally.

 
"We would first need to erase recent market earnings on the short side, which means reverting to levels in the range of $ 170 $ 200 per share," for a short squeeze to occur, said said Dusaniwsky.




from TechCrunch https://ift.tt/3f1uJtB
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Apple’s AI Push: Everything We Know About Apple Intelligence So Far

Apple’s WWDC 2025 confirmed what many suspected: Apple is finally making a serious leap into artificial intelligence. Dubbed “Apple Intelligence,” the suite of AI-powered tools, enhancements, and integrations marks the company’s biggest software evolution in a decade. But unlike competitors racing to plug AI into everything, Apple is taking a slower, more deliberate approach — one rooted in privacy, on-device processing, and ecosystem synergy. If you’re wondering what Apple Intelligence actually is, how it works, and what it means for your iPhone, iPad, or Mac, you’re in the right place. This article breaks it all down.   What Is Apple Intelligence? Let’s get the terminology clear first. Apple Intelligence isn’t a product — it’s a platform. It’s not just a chatbot. It’s a system-wide integration of generative AI, machine learning, and personal context awareness, embedded across Apple’s OS platforms. Think of it as a foundational AI layer stitched into iOS 18, iPadOS 18, and m...
Post a Comment
Read more

The Silent Revolution of On-Device AI: Why the Cloud Is No Longer King

Introduction For years, artificial intelligence has meant one thing: the cloud. Whether you’re asking ChatGPT a question, editing a photo with AI tools, or getting recommendations on Netflix — those decisions happen on distant servers, not your device. But that’s changing. Thanks to major advances in silicon, model compression, and memory architecture, AI is quietly migrating from giant data centres to the palm of your hand. Your phone, your laptop, your smartwatch — all are becoming AI engines in their own right. It’s a shift that redefines not just how AI works, but who controls it, how private it is, and what it can do for you. This article explores the rise of on-device AI — how it works, why it matters, and why the cloud’s days as the centre of the AI universe might be numbered. What Is On-Device AI? On-device AI refers to machine learning models that run locally on your smartphone, tablet, laptop, or edge device — without needing constant access to the cloud. In practi...
Post a Comment
Read more

Max Q: Psyche(d)

In this issue: SpaceX launches NASA asteroid mission, news from Relativity Space and more. © 2023 TechCrunch. All rights reserved. For personal use only. from TechCrunch https://ift.tt/h6Kjrde via IFTTT
Post a Comment
Read more