The GraniteShares 2x Long AMD Daily ETF (AMDL) closed down 12.82% at $6.80 on January 27, as Advanced Micro Devices (AMD) shares fell 5.76% to $115.76 amid a broader tech selloff. The semiconductor sector faced significant pressure, with the SOX index dropping 9.15%, driven by concerns over high valuations and the impact of the new DeepSeek-R1 AI model from a Chinese start-up, which suggests reduced reliance on high-end processors. This development has rattled investor confidence, leading to substantial declines in major tech stocks, including Nvidia and Marvell Technology. Additionally, expectations that the Federal Reserve will delay interest rate cuts have further weighed on the sector.