The GraniteShares 2x Long NVDA Daily ETF (NVDL) closed down 7.18% at $49.03 on January 31, 2025, as Nvidia's stock faced significant pressure, dropping 3.39% to $120.42. Nvidia's decline was primarily driven by the emergence of DeepSeek, a Chinese AI startup, which has introduced a cheaper AI model using older Nvidia chips, causing market fears about Nvidia's future earnings potential. This development led to a 17% drop in Nvidia's stock earlier in the week, marking one of the largest one-day routs in U.S. stock market history. The broader semiconductor sector was also affected, with the Philadelphia Semiconductor Index (SOX) down 0.29%. Additionally, the market was rattled by the White House's confirmation of impending tariffs on Canadian, Mexican, and Chinese imports, further impacting Nvidia, which has significant dealings in China. Despite these challenges, some analysts view the current low price as a buying opportunity, citing Nvidia's strong sales growth and continued demand for its AI GPUs.