Stock Track | Nvidia's AI Chip Expansion Plans Fuel 16% Surge in Leveraged NVDL ETF

Stock Track09-12

The GraniteShares 2x Long NVDA Daily ETF (NVDL), a leveraged fund tracking twice the daily performance of Nvidia stock, skyrocketed 16.49% on Wednesday, driven by bullish remarks from Nvidia CEO Jensen Huang on the company's ambitious AI chip expansion plans.

During a technology discussion hosted by Goldman Sachs, Huang unveiled that Nvidia will significantly ramp up production capacity in the fourth quarter of 2024 and continue expanding through 2024. This move aims to meet overwhelming market demand, particularly for their latest AI chip called Blackwell, which customers are eager to obtain to stay ahead of competitors in the rapidly evolving AI landscape.

Huang expressed optimism on the outlook for AI and accelerated computing, predicting these technologies will transform the way we work. He emphasized that as general-purpose computing reaches its limits, accelerated computing through specialized AI chips will become essential to enhancing data center performance and efficiency. Huang forecasted that trillions of dollars' worth of general data centers will gradually transition to accelerated computing centers powered by AI chips like Nvidia's offerings.

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