It recorded the largest gain worldwide amongst companies with a $1.34b market value.
It gets far less attention than Tesla, the FAANGs or even the Robinhood flavor of the week.
Yet Sea Ltd. has quietly become the world’s best-performing large-cap stock, stoking a debate on Wall Street over whether the Singapore-based gaming, e-commerce and payments company is the next great internet colossus or just Exhibit A in a global tech bubble that’s destined to burst.
For now at least, bulls have the upper hand. Swelling optimism that loss-making Sea may one day become both the Tencent and Alibaba of Southeast Asia has boosted its New York-listed shares by more than 880% in the past 18 months, the largest gain worldwide amongst companies with a starting market value of at least $1.34b (US$1b). Short sellers who placed record wagers against the stock in June are retreating at an unprecedented pace.
If Sea Chief Executive Officer Forrest Li is paying attention to any of this, he’s not letting on.
Read more from Bloomberg.
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