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STORY: GameStop's shares fell more than 14% on Wednesday, as the video game retailer reported a decline in fourth-quarter revenue and said it had cut jobs.

GameStop was hailed as the pioneer of Wall Street's so-called meme stocks. Its stock price soared to more than $480 in 2021 largely due to retail investors, connected on social media, snapping up its shares.

Speaking to Reuters Lisa Bernhard, Landsberg explained how poor corporate fundamentals eventually drove the stock price down - shares were roughly $13 on Wednesday - but how meme stocks are nevertheless thriving.

"Certainly in the last week or so, they're kind of back," Landsberg said, "with Reddit and Trump's DJT (Trump Media & Technology Group) coming out on basically big valuations and no earnings. At one point I would argue they made GameStop look like a real solid business."

Landsberg also explained why he thinks there may only be one rate cut this year from the Federal Reserve: "My belief is the Fed has pretty much gotten the last three months wrong in inflation. I think inflation is going up."