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

In a record rally, shares of Paramount Skydance Corp. are up more than 40% in afternoon trading to lead the S&P 500 index. The dramatic jump in the media company’s share price has sparked meme-stock comparisons and comes just weeks after Opendoor Technologies Inc.

Paramount Skydance was the biggest gainer and one of the most active stocks in the S&P 500 on Wednesday. A flurry of excitement around the recently formed media conglomerate is sending shares skyrocketing.