Original meme stocks GameStop Corp ( GME ) and AMC Entertainment Holdings Inc ( AMC ) are taking a bit of a breather Wednesday after exploding higher to start the week. The losses from short-selling hedge funds are piling up, but it appears at least one hedge fund may be on the right side of the trade.

What To Know: According to a new filing with the SEC, hedge fund Renaissance Technologies ended the first quarter with over one million shares of GameStop ( GME ).

The 13F filing also shows that Renaissance Technologies increased its stake in AMC by 78% in the first quarter. The investment firm owned a total of 8.7 million shares of AMC at quarter’s end.

Why It Matters: It’s not clear if Renaissance Technologies maintained positions in GameStop ( GME ) or AMC through the recent surge, but if the hedge fund is still holding, it’s likely up a healthy amount on its meme-stock investments, while several short-selling firms have suffered sizable losses.

According to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners, short sellers in GameStop ( GME ) stock lost approximately $838 million on Monday and were down another $1.36 billion around midday on Tuesday. AMC short sellers reportedly lost $127 million on Monday and were down another $244 million at the last update Tuesday.

Despite Wednesday’s pullback, GameStop ( GME ) shares are still up more than 115% for the week, and AMC shares are up approximately 70%. The rally started when Keith Gill, best known as Roaring Kitty, posted a simple meme of a person leaning forward in a chair following a three-year absence from social media.

Gill posted a series of videos on YouTube leading up to the historic short squeeze in 2021. When GameStop ( GME ) shares started squeezing, the trader began posting updates of his positions on Reddit's r/WallStreetBets. Gill is often credited with sparking the meme stock mania that took place in 2021.

It’s worth noting that Gill hasn’t provided an update on his GameStop ( GME ) investment from 2021, so it’s not clear if he maintains a position. He’s mainly just been posting video clips on X throughout the week.

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GME, AMC Price Action: At publication time, GameStop ( GME ) shares were down 24.43% at $36.84 and AMC shares were down 20.29% at $5.46, per Benzinga Pro.