Where does the GameStop mania end?

From Wall Street to the White House, everyone is watching GameStop shares.

What's happening: Stock in the left-for-dead video game retailer shot up an astonishing 135% to $347.51 on Wednesday, bringing gains since the start of January to 1,745%. In the battle between day traders coordinating on Reddit and legacy hedge funds betting GameStop shares will crash, the rag-tag internet crew is winning the day — at least for now.

It's not just about GameStop (GME) anymore. Shares of AMC Entertainment (AMC), Nokia (NOK), Tootsie Roll Industries (TR) and the shell of a bankrupt Blockbuster also soared Wednesday as emboldened small investors looked further afield.

Earlier this week, I wrote about how the spectacle has grabbed Wall Street's attention, forcing the old guard to reckon with how the democratization of investing through no-fee trading platforms like Robinhood is affecting market dynamics. There's plenty more to be said on that front. But for now, there's one big question: Just how does this episode end?

Shares of companies like GameStop and AMC Entertainment remain extremely volatile in premarket trading, leaving the immediate fate of the rally unclear. As of 7:35 a.m. ET, GameStop shares were up 37% to $475.

Outside of the United States, where stock in popular hedge-fund targets like Unibail-Rodamco-Westfield had also shot up, there were signs Thursday morning of retrenchment. Shares of the European shopping center owner shed almost 2% in Amsterdam on Thursday after gaining nearly 20% the previous session.

For the hedge funds and short sellers at the center of the melee, though, the damage is done. Melvin Capital closed out its position in GameStop this week after taking a huge loss, CNBC reports. Andrew Left of Citron Research said in a YouTube video posted Wednesday that he covered most of his GameStop shorts at "a loss of 100%."