Shares of newly merged — and highly shorted — media company Paramount Skydance soared Wednesday, fueling a “meme-on-steroids feel.”

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

Paramount Skydance, over its first full week on the stock market under new owners, saw its stock jump 30% — and boomed as much as 60% in intraday trading Wednesday. But what triggered the investor enthusiasm wasn’t totally clear.