That’s a type of bull case, the one that ends in ..it, not fundamentals. There is almost nothing in Chewys business model applicable to GameStop. Games can be

That’s a type of bull case, the one that ends in ..it, not fundamentals. There is almost nothing in Chewys business model applicable to GameStop. Games can be delivered digitally and increasingly are and will be. GME can only be an expensive middleman in that transaction. And selling physical games off an e-commerce site is a competitive business. Unlike chewy it doesn’t benefit from a massive amount of subscription purchases, and remember Chewy hemorrhaged losses for over 5 years. So if you want to bet all those hundreds of leases bleeding GameStop dry can be cheaply broken, or converted into assets with a web site delivering physical games that can somehow be competitive with Amazon et al, the “fundamental” algorithm requires estimating chance of success. And no, you don’t get to use 100%, because that’s delusional. So 50% change they get turned into a medium profitable retailer worth $50 a share and 50% chance they bleed to death means you estimate a few years from now your average valuation of $25.