The new king of meme stocks is AMC Entertainment. Recently on the brink of bankruptcy, the movie theater chain’s stock is up more than 2,000% this year after another roller-coaster ride of a week. One hedge fund dumped its shares, calling the Reddit favorite “overvalued.” But the boom continued and the company issued more shares and even offered day traders free popcorn (though there’s little reason to see a movie this weekend). This latest retail trade phenomenon is starting to look more like an obsession. 

What you’ll want to read this weekend

For Wall Street, the return of interns marks the start of a back-to-office summer. But some employees are quitting instead of giving up working from home. One Stanford University economist fears remote work will result in women missing out on promotions.

Summer camps in the U.S. are reopening to a stampede of stressed-out parents rushing to unload their kids. In China, despite the gathering pace of vaccinations, it just can’t reopen its economy like the U.S. And the world’s best hope for  ending the pandemic remains the same as ever: more doses for the developing world.

In almost every way measurable, millennials in the U.S. are doing worse financially than the generations that came before them. Meanwhile a surge in early retirement has exacerbated inequality among Baby Boomers.

United Airlines is betting on supersonic jets that fly from Tokyo to San Francisco in six hours while Boeing plans to test whether blasts of air can prevent viruses from circulating in cabins. Expect to see a new fleet of Lyft’s e-bikes in San Francisco soon.

For anyone planning a Grand European Tour this summer—assuming the trans-Atlantic corridor reopens—consider the delights of overnight sleeper trains. And Bloomberg explains how La Dolce Vita is returning to the Eternal City.

Rome

Photographer: joe daniel price/Moment RF

What you’ll need to know next week

  • Peruvians pick a president while Mexicans also head to the polls.
  • Germany’s poorest state holds an election, with the far right gaining.
  • U.S. inflation figures will be analyzed by investors and the Fed.
  • Apple holds its annual developers conference.
  • The Epsom Derby will be sponsored by a used-car platform.

What you’ll want to read in Bloomberg Wealth

Hedge Funds, Tech Spur a Texas Wealth Boom

Big Tech is flocking to Austin. Big Finance is expanding in Dallas. Houston, ground zero of the U.S. energy industry (below), is diversifying away from Big Oil. In the post-pandemic economy, Texas is rising, welcoming a rush of talented, wealthy people from California, New York and Illinois with the lure of lower taxes, luxury suburbs and opportunities to invest their cash— even as hard right state lawmakers fear their potential progressive politics.

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The Bloomberg Deals Summit: Join top CEOs and the biggest dealmakers on June 8 as they share their insights into the historic boom, and how long they think it will last. Topics will include how to do a megadeal and choosing between an IPO, direct listing or SPAC. Register for the virtual summit here.

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