Can someone explain this?

[Goods]

CHIP stock got hit today after it was reported their pet microchips cause tumors. Understood.

Looking at the intraday chart, opened low, went slightly up then shot straight up. This is a short squeeze, driving prices up as people cover?

It's been trickling down since. I don't quite understand the action. I'd appreciate if someone could break it down for me.

Thanks guys.