27th November 2024
The stock market has been a rollercoaster ride in recent years, packed with speculative bubbles, massive rallies, and some seriously wild trends. From zombie fintechs making a comeback and SPACs creating billion-dollar unicorns to the meme stock craze and the unstoppable hype around AI, it’s been nothing short of chaotic. We’re also living in what some call a “golden age of fraud,” where sky-high promises and frenzied speculation sent valuations through the roof.
But it’s not all about the hype—steady performers like large-cap quality stocks and infrastructure companies riding the skilled labor shortage have quietly delivered impressive gains. These stories highlight just how unpredictable, exciting, and downright absurd the markets can be.
Let’s dive into some of the craziest stock market moments of the past few years, grouped by the trends that define this wild era.
The stock market has witnessed an incredible mix of speculative bubbles, massive rallies, and unique trends over the past few years. Let’s explore the most outrageous stock market stories of recent years, from massive gains in speculative sectors like AI, EVs, and SPACs, to cult-favorite stocks, meme-driven short squeezes, and companies thriving on skilled labor shortages.
The craziest thing is that dozens of stocks dropped 80%+ since rate hikes began and now those same stocks have proceeded to claw back most if not all of those losses despite a weakening macro backdrop since then. $GME is the king of crazy!
The 50x Club: CVNA & SEZL
Carvana ($CVNA) and Sezzle ($SEZL) stand as legends in the 50x hall of fame. Carvana, the online used car retailer, defied skeptics with its pandemic-fueled boom, while Sezzle, a buy-now-pay-later fintech darling, surfed the wave of retail euphoria to stratospheric gains.
Zombie Fintechs Resurrected: ROOT, DAVE, UPST, AFRM
Once written off for dead, companies like Root Insurance ($ROOT), Dave ($DAVE), Upstart ($UPST), and Affirm ($AFRM) came roaring back with 5–10x gains. These “zombie fintechs” show that, in the stock market, a good narrative and a short squeeze can work wonders.
The SPAC Mania
During the SPAC boom, almost any company with a good story could go public—and many did. From electric vehicle hopefuls like Lucid Motors ($LCID) to space tourism pioneer Virgin Galactic ($SPCE), healthcare insurer Clover Health ($CLOV), real estate disruptor Opendoor ($OPEN), and trucking tech firm Hyliion ($HYLN), SPACs promised the future and delivered wild volatility. While some have faded into obscurity, others remain cautionary tales for investors.
The EV Bubble
The electric vehicle (EV) craze made even the SPAC mania look tame. Tesla ($TSLA) led the charge, but smaller names like Rivian ($RIVN), Fisker ($FSR), and Workhorse ($WKHS) joined the bubble. Companies promised everything from luxury EVs to last-mile delivery vans, sending valuations soaring—even if production targets were years away.
Skilled Labor Shortage Winners: IESC, FIX, STRL
As industries face a skilled labor crunch, companies providing essential services and infrastructure upgrades have emerged as quiet winners. Stocks like IES Holdings ($IESC), Comfort Systems USA ($FIX), and Sterling Infrastructure ($STRL) have delivered outsized gains, riding the wave of demand for construction, electrical services, and infrastructure projects.
Cults of Personality: MSTR, PLTR, TSLA
Stocks like MicroStrategy ($MSTR), Palantir ($PLTR), and Tesla ($TSLA) have gone beyond investments to become cult phenomena. Michael Saylor’s Bitcoin evangelism turned MicroStrategy into a crypto proxy, Palantir’s enigmatic leadership stoked its mystique, and Elon Musk’s charismatic meme game made Tesla a movement unto itself.
The OG Meme Stocks: GME & AMC
No list would be complete without the original meme stock legends: GameStop ($GME) and AMC Entertainment ($AMC). These stocks became the face of the Reddit-fueled retail rebellion, with short squeezes that sent prices soaring to absurd levels. They transformed financial markets, putting the power of retail investors on full display.
AI-Driven 10x Rallies: VRT & NVDA
Artificial intelligence was the narrative rocket fuel that sent Nvidia ($NVDA) and Vertiv ($VRT) into orbit. Nvidia became a cornerstone of the AI revolution with its GPU dominance, while Vertiv, a provider of data center solutions, saw its stock rise dramatically as the backbone of the digital age.
Zero Revenue, Billion-Dollar Valuations: AUR, IONQ, ASTS
Aurora Innovation ($AUR), IonQ ($IONQ), and AST SpaceMobile ($ASTS) epitomize the speculative fervor of the market. Despite generating little to no revenue, these companies achieved valuations exceeding $5 billion, fueled by lofty promises of autonomous driving, quantum computing, and space-based telecommunications.
Resty Rallies: SG & CAVA
Sweetgreen ($SG) and Cava ($CAVA) brought some sizzle to the IPO market. Sweetgreen delivered a 6x rally, and Cava wasn’t far behind with 4x gains, proving that even in tough markets, growth stories in food can dish out impressive returns.
Large-Cap Quality Doubles in 24 Months: FICO, WMT, SPOT
Not all crazy stories involve small caps or speculative plays. Even large-cap stalwarts delivered stellar returns. Fair Isaac Corporation ($FICO), Walmart ($WMT), and Spotify ($SPOT) more than doubled in just two years, proving that quality and scale still matter in a turbulent market.
The Market’s Wild Ride
From meme stock mania to speculative SPACs, from EV bubbles to the rise of AI, these stories highlight the extremes of modern markets. While some stocks soared to fame (and infamy), others quietly delivered steady returns.
GME is the craziest IMO. A regular man in his basement, talks down several hedge funds, puts Melvin capital completely out of business. The thesis, the planning, the belief in his thesis. I think it was going to be a revolution but at least it exposed how corrupt the market is…
What’s Next?
As these stories show, the stock market remains an unpredictable playground where fortunes are made (and lost) in spectacular fashion. Whether fueled by innovation, cult-like devotion, or sheer speculation, the tales of recent years are a testament to the market’s enduring ability to surprise us all.
Which of these stocks do you think will stand the test of time—and which are destined for the history books? Let us know your thoughts!
