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.

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.

Paramount (NASDAQ:PSKY) shares are climbing on Wednesday as investors reset expectations for the newly revamped media company, which recently completed its $8B merger with Skydance Media. PSKY extended its earlier gains to hit a session high.