The GraniteShares 2x Long AMD Daily ETF (AMDL) closed down 8.84% at $7.73 on January 8th, as Advanced Micro Devices (AMD) shares fell 4.34% to $121.80 following a double downgrade by HSBC. HSBC's downgrade from "buy" to "reduce" and a price target cut from $200 to $110 reflects concerns over AMD's competitive position in the AI sector, particularly against Nvidia. The downgrade was driven by tepid demand for AMD's MI325 GPU and production issues with Samsung's HBM3e memory, which could hinder performance. Despite showcasing new products at CES 2025, AMD's lack of new GPU announcements has raised doubts about its ability to compete effectively. The semiconductor industry remains fiercely competitive, with Nvidia setting a high benchmark in AI.