GameStop Drops 6%, AMC Rallies 6% in Meme Stock Divergence

David Moadel

Mon, August 3, 2026 at 4:06 PM GMT+3 4 min read

Quick Read

While GameStop declined 6% after swapping $1.4B in debt for new shares, AMC rose 6% on Spider-Man's record $927M global opening weekend.
GameStop CEO Ryan Cohen forfeited his pay package to pursue a rejected $56B eBay takeover, while Bitcoin's 28% year-to-date decline puts pressure on GameStop's crypto treasury.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and GameStop didn't make the cut. Grab the names FREE today.

The meme-stock cohort is no longer moving in tandem. On Monday morning, GameStop (NYSE:GME) shares are down 6% to $20.42 after a dilutive debt-for-equity exchange, while AMC Entertainment (NYSE:AMC) shares are up 6% to $2.97 on a record box-office weekend.

willbuckner / Flickr / CC BY 2.0

BlackBerry (NYSE:BB) shares, meanwhile, are only down slightly as they've slipped 1% to $8.41. Each name is trading on its own catalyst today, and that's the story.

For years, the meme basket rallied and cratered together on sentiment. The Monday tape shows a cleaner split, with GameStop stock reacting to balance-sheet math, AMC stock reacting to ticket sales, and BlackBerry stock trading on nothing in particular.

GameStop's Dilution Reaction

GameStop agreed to a privately negotiated exchange of approximately $1.4 billion of its 0% convertible senior notes, made up of about $400 million of notes due 2030 and $1 billion of notes due 2032, for shares of its Class A common stock. The company gets no cash proceeds, but the share count goes up.

That's why GameStop stock is lower. The deal cuts long-term debt by roughly $1.4 billion without touching cash, yet the equity side absorbs the trade. After it settles, about $1.1 billion of 2030 notes and $1.7 billion of 2032 notes remain outstanding, with the exchange expected to close on or about September 23 and new shares set by a 35-trading-day volume-weighted average price reference period.

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The dilution reaction lands against an otherwise interesting backdrop. GameStop stock trades at a TTM P/E ratio of 16.21x and is up 8% year to date. The company also owns a a 9.8% stake (about 43.4 million shares) in eBay (NASDAQ:EBAY) and made a takeover bid that eBay rejected, with CEO Ryan Cohen forgoing his pay package to focus on the bid.

AMC's Historic Weekend

AMC just posted the highest total weekend revenue in its 106-year history, including new records for admissions and for food and beverage revenue. The driver was the opening of Spider-Man: Brand New Day, which grossed about $355 million domestic and $927 million global, the second-highest opening weekend gross ever.

Attendance backed up the numbers. More than 10.2 million moviegoers attended Wednesday through Sunday, with strong premium-format demand across Dolby Cinema and IMAX aided by continued strength for The Odyssey. CEO Adam Aron called it "a truly historic weekend."

AMC stock doesn't carry a trailing P/E ratio since the company is unprofitable on a trailing 12-month basis, but the tape has been kind. AMC shares were up 81% year to date heading into Monday, and today's move extends that run.

BlackBerry and the Meme Theme

BlackBerry is the contrast point. BlackBerry stock has no company-specific catalyst today, and the 1% move is the tell. The old meme cohort used to move in lockstep on sentiment; on this session, BlackBerry stock is simply drifting while GameStop and AMC price in very different news.

For traders who want basket exposure to the theme rather than any single name, the Roundhill MEME ETF (CBOE:MEME) is the on-theme fund covering high-social-sentiment stocks. It's a niche, thinly traded, highly volatile thematic vehicle, and position sizing matters. Investors should consider keeping their exposure modest given the ETF's small asset base and wide swings.

What to Watch

The near-term signals are clear. For GameStop, the September 23 close of the exchange and the 35-day reference period will shape how much dilution actually prints. Bitcoin's price action matters too, since Bitcoin (CRYPTO:BTC) is down 27.8% year to date and GameStop carries a treasury position in it.

For AMC, the question is whether the weekend momentum carries through the next tentpole cycle and whether deleveraging progress keeps supporting the shares. Investors can watch for whether today's gains hold through Monday afternoon, and whether the meme cohort keeps trading on fundamentals rather than sentiment. On balance, the divergence itself is a signal worth tracking.