Re-rating
The market changing what it will pay per dollar of a company's earnings, on new information. The business is the same size today as yesterday — but the market now believes the future is differently shaped, so the multiple moves.
The critical diagnostic against a squeeze: a re-rating is driven by buyers CHOOSING to pay more (new product economics, a credible guide, a structural cost change), while a squeeze is driven by sellers FORCED to buy back. They can look identical on a price chart and even coexist, with short covering as an amplifier on top of a genuine re-rating. The tells separate them: a re-rating holds its gains on normalizing volume with a quiet borrow market; a pure squeeze decays once the forced buying exhausts. Label the move only after checking the positioning evidence, not the narrative.