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

Recommended

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House - Ad

Forget AI, Imperium Is Expected to Grow 320,000% In 3 Years - Ad

This $2 Stock Outshines Historic Gold Rally! - Ad

Popular

TransDigm, BJ's Wholesale, AbbVie And More On CNBC's 'Final Trades'

TransDigm Group (TDG), BJ's Wholesale (BJ), VanEck Semiconductor ETF (SMH), and AbbVie (ABBV) were recommended as top trades on CNBC's Halftime Report.

Drivers Tend To Multitask And Pay Less Attention To The Road While Using Tesla's Autopilot And Volvo's Pilot Assist, Study Finds

Drivers tend to pay less attention to the road when using partial automation to drive, as per new research, despite automakers mandating constant supervision.

This Win Rate Puts Buffett to Shame

This Win Rate Puts Buffett to Shame - Ad

He's got a higher win rate than Warren Buffett, Carl Icahn, and Mark Cuban...but you've likely never heard his name. What's most amazing is that his unshakable strategy is working just as well today as it did during our long bull market. Even the Covid crash didn't shake it! He's been on a wild 6-year win streak ( with no signs of slowing down) How does he do it?

Fortified bouillon cubes are seen as a way to curb malnutrition in Africa as climate worsens hunger

IBADAN, Nigeria (AP) — In her cramped, dimly lit kitchen, Idowu Bello leans over a gas cooker while stirring a pot of eba, the thick starchy West African staple made from cassava root. Kidney problems and chronic exhaustion forced the 56-year-old Nigerian woman to retire from teaching, and she switches between cooking with gas or over a wood fire depending on the fuel she can afford.

Harris, Trump Films To Hit Theaters Weeks Before 2024 Election: One Candidate Tried To Block Movie From Release

Movies about Kamala Harris and Donald Trump hit theaters in October. Find out the differences between the movie and why one candidate wants a ban.

Oil Surge Predicted...But Are You Ready?

Oil Surge Predicted...But Are You Ready? - Ad

Do you own oil and gas stocks? Or are you thinking about buying some? If so, you need to see my #1 oil play for 2024. But it's NOT oil stocks, futures, or anything you've likely heard about. Rather, it's an unusual way to potentially bank monthly income from the oil and gas markets.

NBA Legend Shaq Shows Off His New Widebody Carbon Fiber Tesla Cybertruck: Elon Musk Has A One Word Reaction

NBA legend Shaquille O'Neal, also known as Shaq, showed off his new Tesla Cybertruck featuring a widebody carbon fiber design, which is the first of its kind in the world.

Top 2 Energy Stocks That Are Ticking Portfolio Bombs

Two stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

America Can't Afford a Harris Presidency

America Can't Afford a Harris Presidency - Ad

New research from Jim Rickards - former advisor to the CIA - reveals shocking predictions about an "Election Meltdown" coming this November. Jim's showing all American patriots why an "Election Meltdown" could crash stocks by 50%, lead to the final demise of the dollar, even cause violent riots in the streets.

Court orders South Korea to specify plans to cut carbon emissions through 2049

SEOUL, South Korea (AP) — South Korea’s Constitutional Court on Thursday ordered the government to back its climate goals with more concrete plans for action through 2049, handing a partial victory to climate campaigners who say the country’s failure to cut emissions faster amounts to a violation of their rights.

Trump Misunderstands Taiwan's Role In Chip Industry, Says Economy Minister: 'The President Has A Lot On His Plate'

Trump had earlier suggested that Taiwan should compensate the U.S. for defense, accusing the island nation of taking American semiconductor business.

My No. 1 Oil Play for 2024

My No. 1 Oil Play for 2024 - Ad

DHL sues MyPillow, alleging company founded by Mike Lindell owes $800,000

MINNEAPOLIS (AP) — Package is suing MyPillow, alleging the company synonymous with its founder, chief pitchman and election denier Mike Lindell owes nearly $800,000 for unpaid bills.

Mark Cuban Wonders If SEC Chair Gary Gensler Is Doing 'Everything In His Power' To End Elizabeth Warren's Senate Career

Billionaire investors and television celebrity Mark Cuban threw a jibe at SEC Chair Gary Gensler, questioning if he is deliberately trying to weaken Senator Elizabeth Warren (D-Mass.).

Kamala Harris May Seize This Cutting-Edge Tech -- Act Now

Kamala Harris May Seize This Cutting-Edge Tech -- Act Now - Ad

A new technology (not AI) is powerful enough to save America $1.7 TRILLION in healthcare costs each year. Trump is rumored to use it personally... And Kamala Harris has threatened to have key patents on it seized. Whoever wins the election - it could cause a massive surge in demand... And send a tiny firm with key patents on this technology soaring. It's currently trading for only $7. But it likely won't stay this cheap for long.

Apple's September 9 'Glowtime' Event Featuring iPhone 16 Launch Could Kickstart A 'Historical Period,' Says Wedbush Analyst Dan Ives

Wedbush analyst Dan Ives predicts a "historical period" for Apple, driven by the launch of the iPhone 16 series and its AI features, which could initiate a significant upgrade cycle during the upcoming "Glowtime" event.

China's Chipmaking Investments Top US, Taiwan, South Korea Combined: What It Means For Nvidia, ASML

China invests $25 billion in chipmaking equipment, surpassing spending by South Korea, Taiwan, and the U.S. This could impact top chipmakers and suppliers like NVIDIA and ASML.

A 10,000% Dividend?!?

A 10,000% Dividend?!? - Ad

Have you seen this strange oil investment? It's NOT a stock, bond, or private company...It has NO age requirements...You do NOT need to be accredited to participate... And you can get in for as little as $25.

What to Stream: George Strait, 'Rebel Ridge,' Astro Bot, 'Slow Horses' and Mormon influencers

“The Secret Lives of Mormon Wives,” a docuseries following young wives in Utah, and the suspenseful thriller “Rebel Ridge” are some of the new television, films, music and games near you.

WHO and Africa CDC launch a response plan to the mpox outbreak

DAKAR, Senegal (AP) — The Africa Center for Disease Control and Prevention and the World Health Organization launched on Friday a continent-wide response plan to the outbreak of mpox, three weeks after WHO declared outbreaks in 12 African countries a .

The Most Powerful Market Strategy You've NEVER Heard Of?

The Most Powerful Market Strategy You've NEVER Heard Of? - Ad

Nevada high court ends casino mogul Steve Wynn's defamation suit against The Associated Press

LAS VEGAS (AP) — The Nevada Supreme Court on Thursday ended a defamation lawsuit brought by casino mogul Steve Wynn against The Associated Press in 2018, rejecting Wynn’s bid to get a jury to hear his claim that he was defamed by an AP story about accounts to Las Vegas police from two women who alleged he committed sexual misconduct.

It's not just Harris and Trump who have a lot at stake in next week's debate. ABC News does, too

NEW YORK (AP) — Hours after ABC News released the rules for next Tuesday's resolving a final dispute in Donald Trump's favor, the former president was on the attack — against ABC News.

2024 Oil Boom

2024 Oil Boom - Ad

There is a much better way to profit from oil in 2024. It's NOT oil stocks, futures, or anything you've likely heard about. In fact, one man used it build a small $1,000 investment into a $100,000 income stream over fifty years.

Turkey seeks to join the BRICS bloc of emerging economies, a Kremlin official says

MOSCOW (AP) — NATO member Turkey has applied for membership in the , a senior Kremlin official said Wednesday, as Russia and China seek to counter the West's global influence.

Johnson & Johnson-Spin Off Kenvue Wins Lawsuit Over Pain Killer Tylenol 'Rapid Release' Gelcaps

Kenvue defends against a consumer lawsuit alleging that its Tylenol "Rapid Release" gelcaps did not relieve pain faster than regular tablets. A federal judge ruled the claims were preempted by FDA regulations.

What Smart Investors Are Doing to Profit From the Election

What Smart Investors Are Doing to Profit From the Election - Ad

While millions of Americans are fighting over who they want to win the presidential election... A small group of folks are quietly positioning themselves to profit from it by following a simple election playbook.

Kamala Harris To Unveil $50K Tax Deduction For Small Businesses To Counter Trump's Economic Policies As She Looks To Win Over Middle-Class Voters

Vice President Kamala Harris is set to unveil a major tax deduction initiative aimed at new small businesses, ahead of the 2024 election, marking a significant policy move in her campaign.

Nutanix Stock Jumps On Q4 Earnings: The Details

Nutanix Inc (NASDAQ:NTNX) shares are trading higher in Wednesday's after-hours session on the heels of the company's fiscal fourth-quarter financial results. Here's a rundown of the print.

Discover the $2 Stock That Has Institutional Attention

Discover the $2 Stock That Has Institutional Attention - Ad

With a $1.3B market cap and forecasts to grow 2X faster than the sector, dozens of investment banks are betting big. Strong leadership, cash on hand, and a $3 target make it a must-see.

E. Jean Carroll Case: Appeals Court Skeptical of Trump's Bid to Overturn Sexual Abuse Verdict

E. Jean Carroll's case sees an appeals court skeptical of Donald Trump's bid to overturn a $5 million verdict for sexual abuse and defamation.

Apple Reportedly Plans To Switch To OLED For All iPhones Starting 2025, Not Just The Top-Tier Flagships

Apple plans to transition all iPhone models, including the lower-priced iPhone SE, to OLED displays by 2025, phasing out LCDs and excluding Japanese suppliers like Japan Display and Sharp from its handset business.

Silicon Valley Billionaires Are Quietly Buying Into What We Call the "Imperium" Boom

Silicon Valley Billionaires Are Quietly Buying Into What We Call the "Imperium" Boom - Ad

See why Bill Gates, Mark Zuckerberg and Peter Thiel are making huge bets on this breakthrough now.

AI Chip Stocks Rally Faces New Headwinds - Why Are Nvidia, Taiwan Semiconductor, Broadcom And Marvell Tech Stocks Sliding?

Semiconductor and chip stocks NVDA, TSM, AVGO, MRVL, LRCX trading lower ahead of Nvidia's Q2 earnings and Super Micro's accounting issues.

Telegram-Linked Cryptos Top Daily Gainer's List After Pavel Durov Breaks Silence On France Detention

Cryptocurrencies associated with social messaging giant Telegram rallied sharply after founder Pavel Durov issued his first public statement since his controversial arrest in France last month.

DO NOT Make Another Trade Without Seeing This First

DO NOT Make Another Trade Without Seeing This First - Ad

Starting September 23... a huge secret of the markets could help you consistently target gains like: 126%... 245%... even 463% or more... often in 30 days or less... No matter what the market does next.

4 Tons Of Seized Marijuana Burnt To A Crisp By NYC Mayor Adams; Top Cop, Sheriff Join The Cannabis Campfire

NYC Mayor Eric Adams destroys 4 tons of illegal weed products in Operation Padlock to combat illegal activity and protect communities.

Investigators say dispatching errors led to Union Pacific train crash that killed 2 workers

OMAHA, Neb. (AP) — Dispatching errors combined with the failure of two backup systems allowed a Union Pacific train to that had been parked on a side track for nine months in Southern California two years ago, killing an engineer and a conductor, according to a report issued Thursday.

Man Who Predicted Trump Win Issues Shocking New Election Prediction

Man Who Predicted Trump Win Issues Shocking New Election Prediction - Ad

In 2016, surveys were giving Hillary Clinton more than 99% chance of winning right up until election night. But right before the election... Former advisor to the CIA, Jim Rickards predicted Trump would win. You won't believe what he's predicting now. And it could have huge implications for the financial markets.

The Dutch government is expanding export restrictions for processor chip machines

THE HAGUE, Netherlands (AP) — The Dutch government is expanding export restrictions on equipment used to make advanced processor chips that can be integrated into weapons systems, a Cabinet minister announced Friday, citing security risks.

Trending Now