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Data; FactSet; Chart: Axios Visuals

The surge in Texas health care company Signal Advance continued on Monday as the stock rose by 438%, after previously gaining 1800% during one 24-hour period.

The catalyst: A Thursday tweet from Tesla CEO Elon Musk that said simply, “Use Signal.” Musk was recommending the encrypted messaging service (an independent 501c3) that competes with Facebook's WhatsApp, but a frenzy ensued in Signal Advance (SIGL) nonetheless that has continued for days.

By the numbers: The company's market cap has risen from around $7 million last week to more than $659 million as of Monday's close, according to FactSet.

The bottom line: Strategists think this may be another sign of the overall mania in stock prices. BofA's chief investment strategist Michael Hartnett notes cynically, extreme asset bubbles have been the "natural end to nihilistic bull markets of [the] past decade."

  • This one is unlikely to be different, GMO's Grantham writes. "The combination of timing uncertainty and rapidly accelerating regret on the part of clients means that the career and business risk of fighting the bubble is too great for large commercial enterprises."
  • "They can never put their full weight behind bearish advice even if the P/E goes to 65x as it did in Japan."

Go deeper

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.

11 mins ago - World

Putin is challenging Ukraine's "right to exist," Blinken says

Blinken (L) speaks in Berlin on Thursday. Photo: Kay Nietfeld - Pool/Getty

Secretary of State Tony Blinken put the stakes of a Russian invasion of Ukraine in stark terms on Thursday, saying Vladimir Putin's threat is a direct challenge to Ukraine's "right to exist" as an independent country and a democracy.

What he's saying: “There’s been a lot of speculation about President Putin’s true intentions, but we don’t actually have to guess. He’s told us, repeatedly. He’s laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation," Blinken said during a speech in Berlin.

Dan Primack, author of Pro Rata
47 mins ago - Politics & Policy

Jared Kushner wants to Trump-proof his private equity future

Illustration: Rebecca Zisser/Axios

Jared Kushner appears to have convinced the private equity market that he'll stick with his new firm, called Affinity Partners, even if his father-in-law returns to the White House.

The big picture: Private equity is littered with former presidential advisers and cabinet officials, and Trump's is proving to be no different.