The GraniteShares 2x Long PLTR Daily ETF (PTIR) closed down 8.89% at $126.48 on January 27, 2025, as Palantir Technologies faced significant selling pressure amid a broader tech sector selloff. The catalyst for this downturn was the emergence of a competitive artificial intelligence model from China's DeepSeek, which has raised concerns about the sustainability of high valuations in U.S. tech stocks. DeepSeek's AI model, reportedly developed at a fraction of the cost of its American counterparts, has led to a reevaluation of the AI investment landscape, causing a ripple effect across the market. This development has particularly impacted companies heavily invested in AI infrastructure, including Palantir, as investors reassess the competitive dynamics in the sector. The U.S. stock market opened sharply lower, with the Nasdaq Composite dropping 3.6% shortly after the market opened. This decline was driven by fears that DeepSeek's advancements could undermine the dominance of U.S. tech giants in the AI space.