Meme Stocks Melt As Investors Look Toward Big Tech

Meme stock FOMO is taking a breather.

Over the past month, Kohl’s has dropped 88%. I Photo: Mike Mozart Flickr

According to a new report from Vanda Research, investor appetite for meme stocks like Kohl’s, Krispy Kreme, and GoPro has dropped sharply as traders shift their attention to Big Tech earnings and broader market drivers, Yahoo Finance's Francisco Velasquez reported.

“Just like that, the meme stock frenzy of July 2025 has seemingly fizzled out,” Vanda’s Marco Iachini wrote.

Across a basket of popular meme names, average daily turnover plunged as much as 90% in recent weeks. The lone exception is fintech company SoFi, which saw a recent jump in trading activity tied to its common stock offering.

The cooldown in retail-driven trades comes as major companies like Meta, Microsoft, and Apple report earnings that could set the tone for the broader market.

So far, Meta and Microsoft have posted strong quarterly results, driven in part by ongoing investments in artificial intelligence.

“It’s not surprising to see retail activity take a breather,” Iachini noted. With Big Tech earnings underway and the latest Federal Reserve meeting now in the rearview mirror, retail investors are reallocating toward more established players instead of high-risk names.

While meme stock flows made headlines, they didn’t spark the kind of retail frenzy seen during the 2021 GameStop episode.

Over the past month, Kohl’s has dropped 88%, while Krispy Kreme is down roughly 84%. Other one-time retail favorites like Opendoor Technologies and SharpLink Gaming have also lost momentum.