We recently published a list of 10 Stocks Outperform Broader Market on Wednesday. In this article, we are going to take a look at where GameStop Corp. (NYSE:GME) stands against other stocks that outperform broader market on Wednesday.

The stock market finished in the red territory on Wednesday as investors sold off positions to mitigate risks from a fresh round of tariffs due in the next few days.

The tech-heavy Nasdaq fell the hardest, down 2.04 percent, followed by the S&P 500, down 1.12 percent. The Dow Jones declined by 0.31 percent.

According to President Donald Trump, all cars made outside of the US would be slapped with a 25-percent tariff beginning April 2.

Meanwhile, let us take a look at the 10 companies across mixed sectors that defied a broader market downturn, having registered modest to strong gains during the trading session.

To come up with the list, we considered only the stocks with $2 billion market capitalization and $5 million in trading volume.

A gamer playing a game on one of the specialty retail company's gaming platforms.

GameStop Corp. (NYSE:GME)

GameStop shares jumped by 11.65 percent on Wednesday to finish at $28.36 apiece following news that it would raise as much as $1.3 billion to buy Bitcoin.

The news followed announcements from the company that its Board of Directors “has unanimously approved an update to its investment policy to add Bitcoin as a treasury reserve asset.”

The company said it would attempt to raise the funds through convertible senior notes offering.

The planned Bitcoin purchase came a month after GME CEO Ryan Cohen posted a photo with Strategy CEO Michael Saylor on X. While the photo did not mention any reason for the meetup, investors were quick to speculate a brewing cryptocurrency strategy between the two companies.

It can be learned that the gaming company had already ventured into cryptocurrency in 2022 with the establishment of a now-defunct cryptocurrency wallet that sent its share prices skyrocketing for days after the launch.

Just recently, reports also surged of GME closing several stores in the US, often with little to no warning. Since 2020 alone, GME has been shutting down more than 700 stores as the COVID-19 pandemic heavily weighed on its profits, further aggravated by a shift in consumption to online sales and video game makers resorting to digital-only access to games.

Overall, GME ranks 2nd on our list of stocks that outperform broader market on Wednesday. While we acknowledge the potential of GME as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as GME but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.