Small investors piled into Kohl's Tuesday and sent shares flying upwards as the department store retailer became the latest business caught up in a stock market frenzy.

Krispy Kreme and GoPro were among the companies riding the latest meme stock rally on Wednesday, as retail traders latched on to the highly shorted names a day after piling into the shares of department store company Kohl's.

Krispy Kreme's stock has surged roughly 27–35% over the past two sessions, driven almost entirely by meme‑stock momentum rather than any changes in its fundamentals.