The ETF Opportunities Trust T-Rex 2X Long NVIDIA Daily Target ETF (NVDX) closed down 8.04% at $10.30 on January 31, as Nvidia Corporation's stock faced a significant decline of 3.39% to $120.42. The drop in Nvidia's stock was primarily driven by the emergence of Chinese AI startup DeepSeek, which has introduced a competitive AI model using older Nvidia chips, causing market concerns about Nvidia's future growth prospects. This development led to a downgrade of Nvidia's stock to a "hold" rating, further pressuring its price. Despite Nvidia's strong sales and AI GPU demand, the market reacted negatively to DeepSeek's claims, erasing a substantial portion of Nvidia's market cap. Additionally, Nvidia's stock is hovering near its 200-day moving average, a critical technical level that traders are closely monitoring for potential further downside.