What Does This Mean?
"What's going on?" written with the punning 神马 in place of 什么 ("what"); an informal, jokey way to ask what is happening or to express bafflement at a situation. It is the question form built on the 神马 spelling.
REAL-WORLD EXAMPLE
"Everyone suddenly went quiet and someone asked, "神马情况？""
LORE & ORIGIN
Combines the homophone spelling 神马 ("divine horse"), a playful substitute for 什么, with 情况 ("situation"), so it reads as 什么情况 ("what's the situation?"). A review of 2010's buzzwords lists 神马 as a pun on 什么 in that year's web wordplay. This form is the situation-asking use, distinct from the general 神马 spelling and from the full catchphrase 神马都是浮云. A dated first use of this exact phrase is not documented.
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