Stock Track | GraniteShares 2x Long AMD Daily ETF Plummets 8.85% Intraday on Profit-Taking After AMD Earnings Rally
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The GraniteShares 2x Long AMD Daily ETF (AMDL) plummeted 8.85% intraday on Thursday, as the leveraged exchange-traded fund experienced a sharp pullback.
The decline follows a significant rally in the prior session, where AMDL surged approximately 37% after Advanced Micro Devices (AMD) posted strong earnings, driving a 20% surge in AMD's stock price. As a 2x leveraged product that tracks AMD's daily performance, AMDL amplified those gains, and the current drop reflects profit-taking pressure following the outsized move.
The ETF's movement highlights the volatility inherent in leveraged products, which can experience rapid reversals after large swings.
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