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

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

Key Takeaways Paramount Skydance shares jumped nearly 40% Wednesday after CNBC stock commentator Jim Cramer called it a "meme stock."The newly merged media conglomerate experienced a surge in trading volume after Cramer's tweet noting the company's "small float" of shares available to the public.