Why is GameStop stock going up? Look at the picture, is this another GameStop buying frenzy happening right now?

You've been living under a rock for the past couple of months, right?

GameStop & some other "penny stocks" (AMC, Koss, & generally stocks that typically trade for less than $5 / share) have been targeted by some groups online to rally it's stock price.  The most well known group being r/WallStreetBets which have been causing buying sprees in attempts to force investors that are short-selling (loaning a stock to sell at the current price in hope that the price drops before they have to repurchase the stock by the time the loan becomes due) to lose money in what's called a "Short Squeeze" (where investors have to buy stock at the higher price in order to cut their losses on the short sell, which forces the stock price to go even higher).

As a result, the stock prices have become so heavily inflated that it's no longer properly tied to the company's true performance & has become so volatile (which massive swings in value) that legitimate long-term investors are staying away from the stock until it properly returns to reality (& based on the actual company's health).  This has been going on for MULTIPLE MONTHS now.  So far, one investment firm has gone bankrupt after losing BILLIONS in the process while multiple individual investors are practically gambling their life savings away without any regard to any capital gains taxes to pay (or capital losses, if they time things poorly) they'll have to deal with in the near future.

Unless you're partially suicidal with your finances, you probably want to avoid GameStop & similarly inflated stocks to avoid losing virtually your entire investment in a flash (as the stock has seen swings as much as $100 / share within a single day for GameStop.  Other stocks have seen similar swings, but not as dramatic).

It sounds like it's once again centered around online speculation, this time excessive faith that this Ryan Cohen guy can turn it around.  In the long run, it's probably another bubble.  I'd stay the hell away from the stock if I were you.  This is a dying business that faces huge challenges as do all brick and mortar stores.  But as video games are increasingly just downloaded, GameStop's entire business model is at best questionable.  The people shorting it overplayed their hand in January but that's not the same as saying that GameStop is healthy.