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

Paramount Skydance shares have soared up to 46% after its $8B merger and a $7.7B UFC streaming deal, with analysts predicting $300M in annual ad revenue.

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