Meme stocks are back, with GoPro, Opendoor and Krispy Kreme rallying double digits this week thanks to investor hype and Reddit threads, Axios' Madison Mills reports.

• Their resurgence is the latest signal that investors are willing to take on more risk, as stocks keep hitting record highs and it gets harder to beat the broader market.
• 🥑 "The environment is just kind of ripe for it," Stocktwits editor-in-chief Tom Bruni tells Axios.

💵 The meme stock craze started during the COVID-19 pandemic, when stimulus checks coupled with time at home to scroll Reddit led to hype-fueled retail trading booms.

• The current moment is indicative of a broader challenge: how to beat the S&P 500 when Big Tech is the dominant driver of returns.
• 🏈 Retail investors are looking for "catch-up plays," Bruni says.

🔎 The bottom line: Meme stock traders are no longer a punchline — they've become a force that Wall Street, begrudgingly or not, has to monitor.

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OpenAI's next big AI model, GPT-5, is slated for release next month, Axios' Ina Fried and Megan Morrone report.

• 📆 It was expected sooner, but OpenAI's release plan has shifted several times.

👨🏽‍💻 GPT-5 is already cropping up in the wild as testers get their hands on the code and security experts hunt for problems — signs that it's getting close to release.

• 💪 The new model is designed to be better at coding, and more powerful overall.
• 🧠 It's expected to combine the attributes of traditional models and so-called "reasoning models," which think through problems in a structured way (at the cost of speed and more computing power).

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1. 🫶 President Trump said he wants Elon Musk's companies to "thrive," even after their relationship blew up last month over Trump's spending package. Go deeper.
2. 🇮🇱 Israel recalled negotiators from Doha after Hamas made new demands in response to the latest Gaza ceasefire and hostage proposal. Go deeper.
3. ⏱️ Journalist Tanya Simon was named executive producer of CBS' "60 Minutes," following Bill Owens' departure over concerns about editorial independence. Read the announcement.

Wrestling icon Hulk Hogan died at 71 this morning after emergency services received a call for a cardiac arrest at his Clearwater, Florida, home, per local authorities.

• Born Terry Bollea, Hogan — with his trademark horseshoe mustache, shirt-ripping and "Hulkamania" ethos — helped take American wrestling mainstream in the 1980s.

🧑‍⚖️ In 2016, Hogan settled a headline-grabbing, Peter Thiel-backed lawsuit against digital news outlet Gawker — which published a video of the wrestling star having an affair with his best friend's then-wife — for $31 million.

• 💵 Gawker then filed for Chapter 11 bankruptcy and was sold at auction to Univision.

👕 Hogan also made forays into politics, appearing at the 2024 Republican National Convention and calling President Trump a "hero" and "gladiator" while ripping off his shirt.