Stock Track | GraniteShares 2x Long NVDA Daily ETF Surges 5% as Nvidia Rebounds

Stock Track09-05

The GraniteShares 2x Long NVDA Daily ETF (NVDL), a leveraged exchange-traded fund that tracks Nvidia's stock price movements, soared 5.03% during intraday trading on September 5th, 2024. This surge can be attributed to a rebound in Nvidia's share price after a significant selloff on the previous trading day.

Nvidia's stock experienced a wild ride this week, with a 9.5% decline on Tuesday, marking the largest single-day market capitalization loss for any U.S. company on record. However, on Wednesday, the chipmaker's shares recovered, rising 1.1% in premarket trading and closing the day down 1.7% at $106.21.

The volatility in Nvidia's stock price can be attributed to ongoing debates surrounding the company's valuation and its dependence on continued heavy investment in artificial intelligence (AI). While some analysts argue that Nvidia's valuation is out of control, with its price-to-sales ratio outstripping that of Microsoft at the height of the dot-com bubble, others remain bullish on the stock, with 93% of analysts rating it as a "Buy" or equivalent.

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