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This morning Barchart's Kinsey Grant Baker interviewed GraniteShares Founder & CEO Will Rhind. A focus of their discussion was Nvidia's (NVDA) upcoming Q3 earnings report, which will be released after the market close today. The AI chip titan, now valued at approximately $4.5 trillion, has seen its shares surge over 30% year-to-date. Despite this growth, the market's extremely high expectations guarantee significant post-earnings volatility, with options markets currently pricing in a major stock movement.
Regardless of whether NVDA delivers another massive "beat and raise" or finally succumbs to competitive pressures, the resulting swing presents a crucial, short-term trading opportunity for active traders. To capitalize on this potentially heightened volatility, GraniteShares offers tactical 2x leveraged ETFs: the GraniteShares 2x Long NVDA Daily ETF (NVDL) is designed to double exposure to potential daily gains, while the GraniteShares 2x Short NVDA Daily ETF (NVD) is designed to double exposure if the stock declines.
Rhind also discussed the AI ecosystem, cryptocurrencies, quantum computing, GraniteShares' leveraged and inverse ETFs, as well as their YieldBoost ETFs which offer high income strategies based on selling options on specific stocks or sectors.
Kinsey Grant Baker:Â Hello, everybody, and welcome once again to Barchart. I'm Kinsey Grant Baker. So today's a big day, and no, it's not your mom's birthday or the anniversary you almost forget every year. It's NVIDIA Earnings Day. So after the market closes today, the company everybody loves to watch will report Q3 earnings. What's expected for NVIDIA? Analysts polled by FactSet expect the chipmaker to earn an adjusted $1.26 a share on sales of $54.9 billion in the last quarter. That would translate to year-over-year growth of 55% in earnings and 56.5% in sales. But the real question is this, how do we invest on the earnings news? How do investors make the most of the AI trade in a time when the markets become a little choppy? What other investment classes could be wielded with the same impact as NVIDIA shares? That's what we're talking about today with our wonderful guest, Will Rhind, the founder and CEO of GraniteShares. Will, welcome to Barchart. How are you today?
Will Rhind:Â Very, very well. Thank you, Kinsey, for having me. Great to be here.
Kinsey Grant Baker:Â Of course, I'm excited for our conversation. We've definitely got a lot to cover. It is a good day to be having this conversation. If you don't mind, let's start with a little bit more of a quick primer on what GraniteShares is. What do you do? Can you tell me a little bit more about your business?
Will Rhind:Â Yeah, sure. Absolutely. So GraniteShares, we are an asset manager. We specialize in the creation, the launch, the management of ETFs or exchange-traded funds. We are headquartered in New York City. We run a global business these days that operates here in the United States, in Europe, and in Asia, around $12, $13 billion on any given day. And we have a lot of strategies ranging from things like physical gold to leveraged ETFs on NVIDIA stock and other popular stocks to high-yield options-based strategies on a number of different underlyings, again, including NVIDIA.
Kinsey Grant Baker:Â Yeah. And these more specialized strategies is what I would love to talk about today. So as I teed up in the beginning, we're talking a little bit about NVIDIA earnings to kick us off. Can you tell me more, Will, about what you're expecting? What's the preview you're tracking today? What should investors keep a close eye on as we head into the market close this afternoon and earnings after the bell?
Will Rhind:Â Yeah, it's interesting because we have a bit of a rally today across the market more broadly, but particularly, I think, an AI bounce led by NVIDIA, given that this is the most important company right now in the world, and particularly for AI and for tech more broadly. I always think it's interesting when it comes to NVIDIA earnings because, to some degree, the breadcrumbs have already been laid. NVIDIA reports almost as though it's almost the last company in earnings season to report, at least in terms of the significant tech companies. And so from that, you can already or you already have a good idea of what's going to happen because its largest customers, the hyperscalers, the Googles, the Amazons, the Microsofts and things have already reported. And they've already told us that CapEx spending on AI is not only significant, but is still ramping up from here. So by the time it comes to NVIDIA earnings, we know that the demand for NVIDIA chips is already there. This is a CapEx led boom. And we also get some other tidbits, particularly from Jensen himself at the NVIDIA conference that happened just a few weeks ago, giving some commentary on NVIDIA's order book, which again, based upon public comments that he made, his order book is looking incredibly strong for the next couple of years. So I think all that points to a good earnings number from NVIDIA, most likely a beat and raise. But I think that's not really the talking point for today. The talking point is really about the commentary on AI more broadly that will come from Jensen. And when he speaks about the demand for AI, of course, with the volatility in the market this week, you have some concerns around the AI bubble and will definitely be interested in his commentary. And I think that's really, you know, in a nutshell, what is happening today, which is that the stock and the tech sector has sold off a little bit over the last few days. So it makes the earnings perhaps not as primed as they have been in previous quarters, where it felt like the number had to be so perfect for NVIDIA to rally off of the back of it. This time, it doesn't feel like that pressure is there in the same degree, but it's more about the commentary on AI, the ecosystem more broadly and where we go from here.
Kinsey Grant Baker:Â Yeah, it's a really important point to make, and I want to spend some time talking in this conversation about that bigger picture and the broader impact of NVIDIA earnings on the rest of tech and AI. Before we get into that, though, I do want to note the NVDL and NVD up at the top of people's screens. Tell me a little bit about the potential trades to make on NVIDIA earnings today. What should investors keep in mind?
Will Rhind:Â Yeah, no, absolutely. So NVDL and NVD are two of our ETFs. One, NVDL provides two times long exposure to NVIDIA stock on a daily basis. NVD is the opposite. In other words, two times short exposure to NVIDIA stock on a daily basis. So in this particular occasion, today is no different, but we get a lot of interest in short and leveraged single stock ETFs around earnings season, particularly for perhaps the obvious reason that a lot of people are looking to position themselves either bullishly or bearishly around earnings announcements. And I think what's kind of interesting is that for companies like NVIDIA, one of the benefits of using ETFs and particularly levered single stock ETFs is that there's a pre-market and there's a post-market where people can trade the products even after earnings tonight to put in orders. And that's different, for example, from other forms of leverage like the options market where that just isn't a function that you're able to take advantage of. So we see a lot of interest in these products, both on the bullish side and the bearish side in earnings seasons more broadly. And NVIDIA, given that this is the most important story in the market today, you'll see outsized interest most likely in NVIDIA and these levered single stocks, NVIDIA and NVD today.
Kinsey Grant Baker:Â Yeah, certainly, certainly tracks. And as you mentioned, most important story in the market today, one of the most, if not the most important companies in the world. So let's get into some of those bigger picture impacts on the rest of AI and tech that you mentioned before. What kind of follow on action might you expect post NVIDIA earnings from other big AI names? I know that you mentioned NVIDIA is one of the last to report, so we don't necessarily have earnings teed up right after this. But what else are you tracking? What else could happen? What are the predictions that you would care to make about the rest of AI, how they might be impacted?
Will Rhind:Â Well, I think I think it's fair to say that this is the most important investment theme in the world at the moment. And so the sentiment around tech and within tech AI more broadly kind of comes down to in part or in whole the earnings today. So if you think of NVIDIA being the benchmark for AI and AI sentiment more broadly, I think that a strong earnings beat from NVIDIA and strong forecast for order book in terms of the chip delivery will signal that the AI ecosystem, that demand for AI is still strong and is expecting to grow. So I think that's kind of the base case. And again, remember that arguably, whether it was a coincidence or not, but we had the Palantir earnings that just happened literally the last couple of weeks. And despite the fact that Palantir really gave incredible earnings report that the stock sort of sold off on the back of that and in part triggered this broader correction, you might say, or market volatility in AI names that we've seen over the last few days. So I think this is a calming influence and we'll have to see, based on the forecast tonight, how people are thinking about AI more broadly.
Kinsey Grant Baker:Â So what about some of the other more what we might classify as AI adjacent investments when we're talking about maximizing yield in other industries like tech, the hyperscalers, even crypto? What are you tracking there?
Will Rhind:Â Well, the other one that's relevant today is the other big theme is being crypto. And as you rightly pointed out, there's been a huge amount of interest, a resurgence of interest in crypto. And it's interesting on a day like today where the crypto market has continued or continues to be under pressure. And this has happened really over the last week or so where the price of Bitcoin has sold off along with other cryptocurrencies. So that's put some pressure on some of the large crypto stocks, at least as far as today's concerned, the strategies, the coinbases and things of the world. Now, there may be some activity linked to perceived $100,000 Bitcoin and some of the early adopters of that using that particular price level as a selling signal. But I think more broadly, it's just a function of the market volatility that we have at the moment. Things have run up quite a lot and there's some profit taking and other rebalancing going on in the market.
Kinsey Grant Baker:Â So from your perspective, where does that volatility come from? Is this something that's rooted in fundamentals? Is this something that's rooted a little bit more in vibes or feelings? What's your perspective on volatility today for investors?
Will Rhind:Â Yeah, I think there's a bit of uncertainty starting to creep in now in terms of the market. The market has performed a lot. Some of these companies have really run up a lot this year. Assets such as Bitcoin, gold really has been a great year so far. So I think it's only natural that there's a bit of a correction or at least a bit of volatility as things start to round out and particularly after this kind of bellwether event, which is NVIDIA earnings today. So I think it's healthy. I mean, the main story we've seen from tech is these companies are still growing and growing very impressively. You know, profit margins are there and we expect to see the same thing from NVIDIA today. I think it's really just about the broader AI story and how strong that that will be signaled from NVIDIA today.
Kinsey Grant Baker:Â So as an asset manager, I'm curious to hear your perspective on how you see investors and traders getting in on that volatility.
Will Rhind:Â There's a number of different things. I mean, I think when it comes to the leveraged single stock ETFs, we have clearly a large, large offering of those particular products and they run the gamut from NVIDIA, as we're talking about today, to other popular stocks like Tesla and other AI names and crypto names that we've mentioned. And those have really become a very sort of useful way for people to play either bullish or bearish views, high conviction views on those stocks. We also have very high yielding sort of ETFs of the same nature. So that's a yield boost family where we're executing options based strategies, where you're converting effectively some of the growth in these underlyings into income. And so posting very large income, 100 percent, 150 percent, you know, per annum annualized distribution yields in some cases. And so those are also becoming a very popular way for people to think about manufacturing specific income and those paid weekly. So having income generating investments in the portfolio alongside of growth based investments as well.
Kinsey Grant Baker:Â Yeah, I appreciate you sharing a little bit more about that. I think it's certainly interesting for the people who are tuned in and viewing today. You know, you mentioned Tesla. There are some other of these big names that have come up throughout this conversation. I would love to just get your quick perspective on some of the other portfolio plays that might trade a little bit on the volatility that we've talked about. You know, one group that we haven't spent a ton of time talking about today are these Mag7 stocks. So what is your perspective on how those big tech, hyperscaler type names are performing today and how investors are trading them?
Will Rhind:Â I mean, to some degree, you could, again, synthesize it by saying they're all really hinging on the AI story. So these are companies that, you know, whether it's through advertising revenue, whether it's through search or whether it's through data centers, these are all companies that have, you know, incredible businesses that are growing, distributing huge amounts of free cash flow. We know that. But the question is about the future and what is the future growth story in that for all of these companies is now AI. And so really the AI race, the battleground here is about producing that technology and taking advantage of that technology in the best possible way. And that's why you've seen this massive investment from all these Mag7 companies in AI infrastructure. So building out data center capacity, you know, building compute capacity. And so this is really front and center of the story. And whereas the Mag7 companies are spending the money on the CapEx, where that CapEx or those CapEx dollars are going are the hardware companies like NVIDIA.
Kinsey Grant Baker:Â Do you see a leader or a winner emerging at this point, or is it still everybody's just throwing money at something and trying to figure out what works?
Will Rhind:Â I think it depends on what you define as being a leader or a winner. I think if you look at the hardware space, then clearly NVIDIA is the winner and is the company that is dominating in terms of the chip production capacity delivery. This is in many ways the most important company out there. I think in terms of the rest of the Mag7, that is partly what the belief in AI is about, which is it's about do you believe that it's a game changing technology? And if so, you know, who are to be the winners and or losers in this? Because most likely it's not going to be evenly distributed and there will be companies that will do extremely well from AI. There will be companies that will do less well from AI. And that, I think, is why there's such urgency to spend the kind of money that we've seen in terms of CapEx. And that's because the risk of losing is much greater than the risk of not participating at all.
Kinsey Grant Baker:Â Yeah, absolutely. Now, one last thing, Will, that I would love to hear your thoughts on. You've talked a lot about what this very tech forward economy of the future looks like. I want to hear what you think about the quantum stocks as we're talking about some of these more tech forward concepts. What's your take on quantum?
Will Rhind:Â Well, I think, again, this is, you know, in part of people are very interested in the future, very interested in new technologies, and quantum is one of those technologies where I think that the potential for that, and especially with AI, could be immense. I think, again, the question, just like with AI, is how long really before we have a substantially commercial platform for quantum computing? And really, that's where a lot of the speculation comes in. So I think as AI advances, so perhaps the delivery time or the expectations around delivery of quantum or the realization of quantum, you know, gets shorter or more realistic. But that is the big excitement kind of around these technologies is when will they come to fruition? When will there be a sort of game changing application, just like with AI, that we know the models are getting better all the time? We know that companies like AI, open AI, you know, have more demand for compute than they can supply at the moment. And so this is all good. These are all really healthy things. But ultimately, I think people are looking for that sort of manifestation in terms of how it really changes our lives and society more broadly.
Kinsey Grant Baker:Â Yeah, absolutely. We need an example, need something to point to. I think that makes a tremendous amount of sense. Well, this has been such a wonderful sort of tour of the markets today to, you know, tee up all of our viewers ahead of NVIDIA earnings. But we also got a lot of other good intel packed in there. So thank you so much for joining me today. I really enjoyed this conversation.
Will Rhind:Â Thank you, Kinsey. Thank you so much for having me. Great to be here.
Kinsey Grant Baker:Â Of course. And thank you to all of you for tuning in. We'll see you next time on Barchart.
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