It's more likely that WSB did not pick NOK, they have been battling infiltration and spamming from hedge funds since last week -- the hedge funds have been trying to shift the focus of the subreddit to any other ticker that they could. The original suggested tickers are: BB, AMC, and NOK.
I won't get into it too much but the first 2 (BB and AMC) have had some material good news lately (AMC got 900M in funding together and bankruptcy is likely off the table, so that warrants a fundamental pop), but the last one is the obvious trap -- NOK has not had any super significant good news lately, and is not highly shorted. It might gamma squeeze, but I think that it's a trap to push retail into so they can actually dump it, so much so that I bought puts on NOK that I was up on (but suffered a bit from IV crush).
I know HN is just getting to this story, but WSB has been dealing with this for the last like... ~2/3 weeks.
I won't get into it too much but the first 2 (BB and AMC) have had some material good news lately (AMC got 900M in funding together and bankruptcy is likely off the table, so that warrants a fundamental pop), but the last one is the obvious trap -- NOK has not had any super significant good news lately, and is not highly shorted. It might gamma squeeze, but I think that it's a trap to push retail into so they can actually dump it, so much so that I bought puts on NOK that I was up on (but suffered a bit from IV crush).
I know HN is just getting to this story, but WSB has been dealing with this for the last like... ~2/3 weeks.