Stock Track | GraniteShares 2x Long NVDA Daily ETF Soars 6.18% in Pre-Market on H200 Chip Approval News and Bullish Analyst Outlook

Stock Track05-14 16:11

The GraniteShares 2x Long NVDA Daily ETF (NVDL) surged 6.18% during pre-market trading on Thursday, reflecting intense bullish momentum for its underlying asset, NVIDIA stock.

The rally was primarily fueled by market reports citing sources that the U.S. government has granted approval for ten Chinese companies to purchase NVIDIA's advanced H200 chips. The list of approved buyers reportedly includes major technology firms such as Alibaba, ByteDance, Tencent Holdings, and JD.com.

Concurrently, NVIDIA founder and CEO Jensen Huang's unexpected participation in a high-level U.S. delegation visiting China bolstered market sentiment. Huang, who joined the trip as a last-minute addition following a personal invitation, later commented that the talks had "gone well," sparking optimism about potential improvements in the semiconductor trade relationship.

Further supporting the positive sentiment, Bank of America Securities released a highly optimistic research report, reaffirming NVIDIA as a top industry pick and raising its price target to $320. The firm projected that artificial intelligence infrastructure spending will be "stronger and more enduring" than previously forecast, with the total addressable market for AI data center systems expected to reach $1.7 trillion by 2030.

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