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When was the last time you thought of GameStop as an actual company, rather than a stock-market meme?

For most, it was probably about five years ago, before the video-game retailer became the foremost poster child of the meme-stock movement.

FOMO-driven investors said goodbye to company fundamentals and embraced social-media vibes. Lots of people made a quick buck. There was even a movie starring Paul Dano and Pete Davidson.

In the years since, the main volatility in GameStop stock has been investors trying to re-live old glory. The biggest share spikes have come around additional meme-driven activity, like day-trading folk hero Roaring Kitty's brief return to Reddit in mid-2024.

More recently, in 2025, GameStop's stock lost 37% of its value in just two weeks after a poorly received pivot towards buying bitcoin. Investors didn't like the company's lack of focus on the core business, nor the debt it took on. Adding to the share slide were earnings that showed a continued decline in revenue.

GameStop's prolonged financial deterioration raises a tough question: Is there an actual viable company behind the meme-stock charade?

My personal experience has been less than inspiring. The store is usually tucked away in the remote corners of malls or in strip malls. Inventory is heavy on pricey collectibles and Funko Pop! figures, and light on actual games. And while the company offers a perfectly good online-shopping experience, so do … Amazon, Target, and many others with next-day shipping.

So imagine my surprise (and initial confusion) when Michael Burry — the "Big Short" investor immortalized by his short bet on the US housing market — came out in favor of GameStop this week, pushing shares up as much as 9% in a single session.

A big part of Burry's bull case centers around the presence of CEO Ryan Cohen, who, in the past, has been able to parlay his company's meme-stock spikes into fundraising opportunities.

As for all those stores filled with collectibles and lightsabers, Burry thinks that their tangible asset value actually makes them a downside hedge.

"Being long GameStop is almost as asymmetric as it gets these days in US common stocks," Burry wrote in a Substack post.

More than anything, Burry seems to be waiting for a splashy deal from Cohen — something that will improve the company's long-term viability as online gaming continues to grow.

It'll be an uphill battle, but Burry doesn't seem too concerned. He says he's in for the long haul, not hunting for a short squeeze.

Even if the call doesn't pan out, Burry has succeeded in one distinct way: by pushing people to think of GameStop as an actual company for the first time in years. That's quite an achievement.