Are GameStop, AMC Yesterday's News? Robinhood Exec Says Meme Stocks Are Fad, Crypto Is First

Robinhood Markets Inc. HOOD chief brokerage officer Steve Quirk has suggested that meme stocks such as Gamestop Corp. GME or AMC Entertainment Holdings Inc. AMC were nothing more than a passing fad.

What Happened: During an interview with CNBC published on Wednesday, when asked whether meme stocks were a fad, Quirk said those stocks "aren't even on the top handful of names that are being traded right now" and concluded the phenomenon was "probably a fad."

Despite this, Quirk said he cannot rule out meme stocks taking hold of the markets again in the future.

See Also: WHAT ARE REDDIT (MEME) STOCKS? 

Quirk said that Robinhood is busy rolling out new crypto features and looking for ways to expand beyond the seven cryptocurrencies that are now supported while staying compliant with relevant regulations.

He also said that "we also have aspirations to take this brand global and we would do so crypto first."

HOOD Price Action: Robinhood shares were up 4.67% at $14 Wednesday afternoon.