Unity Software's (NYSE: U) stock hit its all-time high of $201.12 on Nov. 18, 2021. That represented a 287% gain from its IPO price of $52 a mere 14 months earlier. At the time, the bulls were drawn to Unity for two reasons: over half of the world's PC, console, and mobile games were developed with its game engine; and it claimed it could grow its revenue by at least 30% annually over the long term. The buying frenzy in growth and meme stocks throughout 2021 amplified its gains.

But today, Unity's stock trades at about $36. The bears stormed in as its growth cooled off in a post-pandemic market, 's privacy update on iOS disrupted its integrated ads, and rising interest rates popped its bubbly valuations. Unity tried to stabilize its business over the past year by expanding its non-gaming services, merging with ad-tech company ironSource to revive its advertising business, and launching a marketplace for AI-powered development tools.

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