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

Wall Street investors in aggregate are optimistic and expect a better turnaround for Paramount under David Ellison's leadership, who battled lawsuits and struggled for almost a year convincing regulators to approve the merger transaction while simultaneously negotiating profitable content deals for its streaming platform.

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