Nvidia ETFs Split In Pre-Market After Jensen Huang-Led Chip Giant Exceeded Q2 Expectations

Benzinga Neuro

August 29, 2024

In the wake of Nvidia Corp.’s (NASDAQ:NVDA) recent earnings announcement, exchange-traded funds (ETFs) associated with the company have shown diverse responses.

What Happened: As per Benzinga Pro, after the earnings report, GraniteShares 2x Long NVDA Daily ETF (NASDAQ:NVDL) saw a decrease of 3.41% in pre-market trading. Concurrently, T-Rex 2X Inverse NVIDIA Daily Target ETF (BATS:NVDQ) experienced a rise of 3.48%.

Other ETFs like ProShares Ultra Semiconductors (NYSE:USD) and Direxion Daily NVDA Bull 2X Shares (NASDAQ:NVDU) also witnessed a decline of 1.90% and 3.48% respectively. On the contrary, Direxion Daily Semiconductor Bull 3X Shares (NYSE:SOXL) and iShares Semiconductor ETF (NASDAQ:SOXX) saw an increase of 1.09% and 0.57% respectively.

The varied responses from NVDA ETFs came in the aftermath of Nvidia’s latest quarterly earnings report.

See Also: GOP Congress Member Nancy Mace: ‘They Haven’t Done Anything,’ Slams DNC Cannabis Inaction, Calls Out Republican Reluctance

Why It Matters: Nvidia ETFs had shown mixed trading activity prior to the earnings announcement as well. The earnings report revealed that Nvidia had surpassed expectations for the second quarter driven by strong data center revenue.

However, the Jensen Huang-led chip company’s gross margin had contracted from the first quarter, leading to a 3.6% drop in shares in after-hours trading. This could explain the varied responses among Nvidia ETFs following the earnings announcement.

Read Next:

Nvidia Stock Poised For Major $298B Market Jolt As Q2 Earnings Loom, Says Goldman Sachs: ‘Can You Imagine If NVDA Beats Expectations?’

Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

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