NVDA ETF just split 6 for 1, is Nvidia stock split next?

investing.com:

Artificial intelligence (AI) bulls have been flocking to an exchange-traded fund (ETF) that doubles the return on Nvidia (NASDAQ:NVDA) stock as trading volumes and inflows surge to record highs. The ETF, GraniteShares 2x Long NVDA Daily ETF (NVDL), recently carried out a 6 for 1 stock split, after pulling in more than $1 billion year-to-date. The strong interest in NVDL comes amidst the unrelenting growth of NVDA stock.

After crossing the $900 mark recently, many are increasingly wondering whether the chipmaker itself is considering a stock split.

Last month, global ETF issuer GraniteShares declared a 6 for 1 forward stock split for the NVDL ETF, a fund designed to offer investors twice the daily return of Nvidia stock.

This split did not impact the total market value of the outstanding shares. Post-split, the number of outstanding shares increased by approximately 500%. The split took effect on March 13.

NVDL, also referred to as the Nvidia ETF, has seen its assets surge to $2 billion amid growing investor enthusiasm for AI companies.

This year alone, the fund has attracted $1.02 billion in investments, with a significant $545.8 million influx on March 11, as reported by etf.com. Coupled with an almost triple price increase this year, the ETF’s assets under management have reached $1.98 billion by early March 13, per Bloomberg data.

NVDL surged more than 170% year-to-date as the relentless rally in Nvidia stock continues. The chipmaker’s shares are already up 75% as tech companies scramble to buy more of high-end semiconductors designed for AI applications.

“It took less than two weeks for NVDL to go from $1 billion to $2 billion in AUM, which is an insanely rapid ascent,” etf.com senior analyst Sumit Roy said.

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