On June 23, GraniteShares 2x Long NVDA ETF (NVDL) declined 8.18% in regular trading, trading at $92.63/share, with turnover of $172 million. As a 2x leveraged product tracking NVIDIA, the ETF amplified the underlying stock's losses.
On the news front, NVIDIA commenced its largest-ever 10-for-1 stock split effective Monday. While the split does not alter the company's overall valuation, historical data shows that NVIDIA shares have averaged a 23% decline in the 12 months following its previous five stock splits. Additionally, NVIDIA recently completed a $25 billion bond issuance — its first since 2021 — with subscriptions exceeding $85 billion, suggesting strong institutional demand but also raising questions about capital allocation amid elevated valuations.
Bank of America maintains a buy rating on NVIDIA with significant upside potential, having raised its target price to $2,100 per share. However, the near-term technical pressure from the split timing and broader market caution around AI valuations appear to be weighing on sentiment.
GraniteShares 2x Long NVDA ETF provides 2x daily leveraged exposure to NVIDIA through swap agreements with major financial institutions. It is non-diversified.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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