The GraniteShares 2x Long NVDA Daily ETF (NVDL) tumbled 5.03% on Tuesday, underperforming the broader market. This plummet came in the wake of NVIDIA's highly anticipated earnings report, which was released after the market close on Wednesday, February 22nd.
NVIDIA, the underlying stock that NVDL tracks with 2x leverage, had a rocky start to the year due to concerns over competition from Chinese AI firm DeepSeek. However, individual investors remained bullish on the stock, pouring billions into NVIDIA shares ahead of the earnings release, betting on its long-term prospects in the AI revolution.
While NVIDIA's earnings and revenue figures were strong, beating analyst estimates, the market's reaction to the report appears to have impacted the leveraged ETF NVDL. Traders had anticipated significant volatility in NVIDIA's stock following the earnings announcement, and the amplified movement in NVDL reflects this expectation.
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