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My Precious

Gold and silver are the new meme stocks

Momentum. Flows. Options activity. Intense retail enthusiasm. It’s all there.

10/14/25 8:17AM

The r/WallStreetBets corner of Reddit is one of the places I go — and one of the sources that the Roundhill Meme Stock ETF draws upon — to get a handle on retail trader sentiment.

And right now, it’s showing quite starkly that gold and silver are the new meme stocks.

Momentum. Flows. Options activity. Intense retail enthusiasm. It’s all there. The new shiny toys for traders are the oldest, shiniest perceived stores of value.

Over the past 12 hours, the SPDR Gold Shares ETF and iShares Silver Trust are the two most mentioned and most positively mentioned tickers on the subreddit, per SwaggyStocks.

GLD SLV ticker references on r/WSB — Source: SwaggyStocks

JPMorgan strategist Arun Jain, who tracks retail flows, showed that net buying of commodity ETFs from this cohort were $163.1 million as of 4 p.m. ET on Monday, or in the 98th percentile relative to their one-year history. On Friday, those flows were in the 90th percentile, and nearly in the 80th percentile on Thursday.

The five-day average for call volumes in GLD recently hit a record, while those for its silver peer are at their highest since 2021.

The 14-day relative strength index, a technical gauge of the magnitude and persistence of price movements, is at its highest level since 2020 for the silver ETF. The gold ETF, meanwhile, has seen its 14-day RSI close above 70 (which indicates it’s in “overbought” territory) in all but one of the 30 trading days since the end of August. That’s far and away the highest share of time it’s spent in “overbought” territory over any 30-session stretch since this product was introduced in 2004.

The very underfollowed @VKMacro argued on X that the price performance of gold is an example of flows driving very extreme performance:

Commods often go parabolic when investment flows become the largest driver of prices changes and this is an example pic.twitter.com/vd1Iz6Gbbz
— VKMacro (@VKMacro) October 14, 2025

Precious metals are normally what you turn to when the world is going to hell in a handbasket. And yet we’re seeing it bid up at the same time that the AI trade remains near all-time highs, zero-revenue nuclear energy company Oklo is ramping, and quantum computing stocks are also on fire.

Once again, the nature of the assets that are seemingly going parabolic suggests to me that we’re in an intense bull market in anti-humanity.

Hyunsoo Rim35m

American Airlines jumps on potential merger talks with United

American Airlines was trading up more than 5% in premarket on Tuesday after Bloomberg and Reuters reported that United Airlines CEO Scott Kirby had floated the idea of a possible merger with American Airlines.

According to Reuters, Kirby raised the idea during a February White House meeting with President Trump, though it remains unclear whether United has made any formal approach to American or whether any deal process is underway.

United CEO Has Pitched Possible Combination With Rival American

Luke Kawa1h

Credo Technology soars after announcing deal to acquire photonics company

Credo Technology Group is soaring in premarket trading after announcing an agreement to acquire DustPhotonics, a developer of silicon photonic integrated circuits for optical transceivers (that is, chips that help use light to move information around data centers).

The price is $750 million in cash plus 920,000 shares of Credo, and has the potential to escalate from there based on the achievement of certain financial milestones.

The acquisition marks a concerted effort by Credo to play both ends of connectivity: advanced photonics in addition to active electrical cables (its bread and butter).

Per the press release, “The acquisition will position Credo with a vertically integrated connectivity stack... for scale out and scale up networks — addressing both electrical and optical interconnects across the full AI infrastructure.”

Following this transaction, the company expects optical revenues of more than $500 million in fiscal 2027, well above the pre-acquisition consensus estimate of $161 million.

Management projects this deal will be accretive to adjusted earnings per share in fiscal 2027.

Shares of Credo boomed after Broadcom reported earnings last month, as the custom chip specialist said that its clients were sticking with direct attach copper cables through 2028. But going forward, connectivity demand appears to be a story of both copper-centric and light-centric solutions to transmit information within and between racks.

Claire Yubin Oh1h

Amazon reportedly nears deal for Globalstar in bid to take on SpaceX’s Starlink

Globalstar is up 17% in premarket trading on Tuesday after Bloomberg reported that Amazon is nearing a deal to acquire the satellite company, as it moves to keep up with Elon Musk’s Starlink.

A transaction could be announced as soon as today, though final terms haven’t yet been reached and the timing of the announcement could change, according to people familiar with the matter.

Globalstar shares have almost tripled in the past year, including a jump at the start of this month after the Financial Times reported early negotiations between the two companies.

The deal would potentially accelerate Amazon’s efforts to build out its own low-earth-orbit satellite network, Bloomberg Intelligence analyst Jon Davies observed, with Amazon reportedly planning to have 700 satellites in space by the middle of 2026.

But there’s a small caveat — Apple’s 20% stake in Globalstar, which it took after a $1.5 billion investment in 2024, might give Amazon’s tech peer a say in Globalstar’s future, per people familiar with the matter. Globalstar’s buildout may already be linked with Apple’s product road map, and the iPhone maker “will not want to alter its plans,” said Davies.

Amazon Nears Deal for Globalstar in Push to Rival Musk’s Starlink

Globalstar shares have almost tripled in the past year, including a jump at the start of this month after the Financial Times reported early negotiations between the two companies.

Luke Kawa3h

Bloom Energy spikes after vastly expanding its deal to supply fuel cells to Oracle

Bloom Energy spiked 15% in postmarket trading on Monday after expanding its pact to supply power to Oracle.

The hyperscaler has contracted an initial 1.2 gigawatts of fuel cell capacity from Bloom, with plans to procure up to 2.8 gigawatts in order to support the power needs of its data centers.

Shares of Bloom boomed last July after the initial announcement that it would be delivering “onsite power for an entire data center within 90 days,” the first time the fuel cell company booked a direct deal with a hyperscaler. Bloom came through with the delivery in 55 days.

Oracle execs are obviously pleased with the execution and the results — and have another reason to be happy about getting more power from Bloom...

In concert with this announcement, a filing showed that Oracle received warrants to buy 3.53 million shares of Bloom Energy for $113.28 apiece on April 9, as part of an agreement reached between the two sides in October. That would be about 1.25% of Bloom's current shares outstanding.

“It was a great strategic partnership where both enterprises had a lot to gain,” Bloom founder, chairman, and CEO KR Sridhar said of the warrant deal during the Q4 earnings call on February 2026. “And remember, these were not penny warrants. These were done at market pricing on the day we agreed to, like what we do. So it is not in lieu of something other than both parties enhancing enterprise value.”

So, Bloom’s business gets a massive boost from a hyperscaler moving from a proof of concept to a seal of approval, and Oracle gets power for about $320 million less than the sticker price (based on the gap between Bloom’s postmarket price on Monday, roughly $204, and the exercise price of the warrants).

Ben Walsh

14h

Stocks gain after Trump orders Hormuz blockade, says Iran wants to make a deal

Stocks shrugged off the weekend’s failed peace talks.