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Data: Google Trends; Chart: Axios Visuals

Meme stocks are losing that meme stock energy.

Why it matters: A handful of stocks, including GameStop and AMC Entertainment, attracted huge amounts of interest earlier this year thanks to online communities like Reddit.

  • This sparked a boom in new retail stock trading accounts on platforms like Robinhood, where traders trade commission-free.
  • But in the past month, GameStop and AMC shares tumbled around 30% and 40%, respectively.

State of play: One factor that turns a stock into a meme stock is that it attracts the attention of new traders who are committed to trading with hoards of buyers.

  • These new traders tend to be novice traders, and they seek information like novices at anything else: they do Google searches for basic terms.
  • However, Google Trends data shows searches for basic terms like "investing" and "buy stocks" have fallen to levels not seen in over a year.

What they’re saying: DataTrek Research co-founder Nicholas Colas says this is a "very bad omen" for meme stocks.

  • "To our eyes, the data here says that the surge in US retail investor interest in investing is entirely over," Colas writes.
  • "Every craze needs new adherents (i.e., not just the same crowd) to keep it relevant, and the Google chart shows those are in increasingly short supply."

The bottom line: Crazes never last, though there will continue to be weird reasons stocks may move up or down sharply over short periods of time.

Go deeper

29 mins ago - World

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The United States' combat mission against the Islamic State in Iraq will be completed "by the end of the year," President Biden said Monday prior to a meeting with Iraqi Prime Minister Mustafa al-Kadhimi.

Why it matters: Biden is close to shifting the U.S. military mission in Iraq to a fully advisory role more than 18 years after combat troops were sent to the country under the former President George W. Bush.

How extreme weather feeds inflation

Illustration: Annelise Capossela/Axios

This summer's extreme weather is having ripple effects that could raise food prices in the U.S. and disrupt diets around the world.

Why it matters: Climate scientists and food supply experts, like those at the Food and Agriculture Organization (FAO) in Rome, have long warned about the impact of human-caused global warming on prices, food shortages and hunger.

EA Sports is in expansion mode

EA Sports general manager Daryl Holt (left). Photo illustration: Annelise Capossela/Axios. Photos: EA Sports

The biggest player in sports video games has plans to get even bigger — on mobile, in football, maybe even with basketball again — EA Sports general manager Daryl Holt said in an exclusive interview with Axios.

Why it matters: Sports gaming doesn’t get much press, but it’s a surging market with increased competition and lots of players up for grabs.