This is similar to the WallStreetBets portfolio in that it relies on technology to get a sense of a community's sentiment, but differs in that it takes a much more general approach. It can be thought of as getting beta exposure to social media discussions at large
Stocks are rated on many measures of sentiment, including absolute hype index (how much positive sentiment the stock shows in total), as well as relative hype index (momentum in the positive sentiment the stock shows). The portfolio currently makes picks based on the absolute hype
Relying on community sentiment and hype as an underlying makes portfolio picks quite risky. The decision to go equal-weighted for each stock in the portfolio, rather than weighting based on the hype, is a qualitative one to ensure that investors get breadth of exposure. We made some tests without the equal weighting and had some weeks where the entire portfolio was a single stock (with 99.9% of the hype - you can guess which ones), which led to some weeks with stellar results, and others with very negative ones.
Social media mentions may mean a variety of things -- good or bad. Social media sites are heterogeneous between themselves (Twitter vs. Reddit) and within (r/WallStreetBets vs. r/Investing, both on Reddit). An automated strategy does not pick up nuances like sarcasm.