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.

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

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.