After shares of the new Paramount Skydance shot up double digits, Wall Street watchers compared it to a meme stock.

Paramount Skydance was the biggest gainer and one of the most active stocks in the S&P 500 on Wednesday. A flurry of excitement around the recently formed media conglomerate is sending shares skyrocketing.

Paramount Skydance emerged as a potential meme stock on Wednesday, with the shares soaring 60% during the session.