New Listings: The Industry Found Three Wildly Different Companies and Decided to Leverage Them Yet Again

GraniteShares looked at a bitcoin miner reinventing itself as an AI data centre operator, an enterprise storage vendor that just had one of the best trading days of its corporate life, and a data warehouse company most of Wall Street has quietly filed under boring, and decided all three needed the exact same fix: twice the daily movement.

GraniteShares 2x Long NTAP Daily ETF (NTAL, NYSE)

NetApp does not need help being exciting right now. The stock has been on an extraordinary run lately, and its most recent earnings report sent shares up by more than a third in a single session, driven by surging demand for the kind of high-performance storage that AI training clusters apparently cannot get enough of. Analysts are talking about a growth rate that has tripled. Cloud partnership deals keep stacking up.

None of that, evidently, felt like quite enough. So now there is a fund that takes NetApp's already dramatic swings and doubles them, every single day, with all the compounding quirks that daily-reset leverage products are famous for. If NetApp has another 35% day, this fund would like a word about your risk tolerance.

GraniteShares 2x Long TDC Daily ETF (TDCL, NYSE)

Teradata is the other kind of story entirely. Where NetApp is having a moment, Teradata is the company financial writers keep describing, not unkindly, as boring. Its shares have drifted lower even as its underlying cloud business has quietly grown, its earnings have beaten estimates, and its valuation has become the kind of cheap that value investors write articles about. It is, by most accounts, an unglamorous business doing sensible things while nobody watches.

Leverage, it turns out, does not care about narrative. It does not check whether a stock is beloved or overlooked before deciding to amplify it. Teradata is getting the same 2x daily treatment as NetApp, which feels a little like handing a race car to someone who was quite happily riding a bicycle.

GraniteShares 2x Long BTDR Daily ETF (BTDL, NYSE)

Bitdeer used to be, straightforwardly, a bitcoin mining company. It still is, in large part, and its mining output has been climbing sharply. But it has also been busy converting former mining sites into AI data centres, chasing hyperscale compute customers, and picking up newly bullish analyst coverage on the strength of that pivot. It is, in other words, a company trying to be two different volatile things at once: a crypto miner and an AI infrastructure play.

That is already a lot of moving parts for one stock price to reflect. GraniteShares has decided the correct response is to double whatever that price does, daily, indefinitely. Godspeed to whoever holds this one through an earnings week.

And then there is the GMO Power Infrastructure ETF (KWH, NYSE)

Here is the thing about all three companies above. NetApp's storage boom, Teradata's cloud pivot, and Bitdeer's AI conversion are all, in their own way, downstream of the same story: the world's sudden and enormous appetite for electricity to run data centres. GMO's new fund goes straight at that theme too, just without any of the daily-reset drama. It simply buys a diversified basket of companies tied to power generation, grid equipment, and energy storage, on the reasonable theory that someone has to keep the lights on for all this compute.

No leverage. No single-stock concentration. Just electrification and infrastructure demand, wrapped soberly. Credit where due, too: KWH is a genuinely good ticker for a power infrastructure fund, and somebody in that product meeting deserves a small bonus for it.