The GraniteShares 2x Long NVDA Daily ETF (NVDL) closed down 8.07% at $52.29 on January 29, as Nvidia's stock faced a turbulent session, dropping 2.56% to $125.69 amid heightened competition in the AI sector. Nvidia's decline was primarily driven by the release of a new AI model from Chinese startup DeepSeek, which has intensified concerns about the competitiveness of American AI firms. This development has led to a significant selloff in Nvidia shares, as investors worry about the potential impact on the company's market position. Additionally, Alibaba's introduction of a new AI model further exacerbated these concerns, contributing to the downward pressure on Nvidia's stock. Despite a brief rebound on January 28, Nvidia's shares continued to slide as the market reacted to the competitive threat posed by these emerging AI technologies.