A CNBC discussion on June 24, 2026 examined whether leveraged single-stock ETFs tied to SpaceX are driving market volatility rather than fundamentals. SpaceX went public with only a 4% float, and roughly 11 leveraged or derivative ETFs launched immediately after, including the GraniteShares 2x Long SpaceX Daily ETF (SPAL), layering forced daily rebalancing on limited tradable supply. Over the week ending June 23, SpaceX shares (SPCX) fell 22.64% to $156.11, while SPAL dropped 42.51% to $21.72, illustrating the compounding decay from daily resets. The volatility spills into mega-cap tech because semiconductor stocks now represent a record 19% of the S&P 500, double their 2000 weight, with NVIDIA alone at a 7.58% weight in the SPY ETF. NVIDIA slid 6.99% over the past month to $200.04, and the VIX rose 18.8% week-over-week to 19.49. Cantor Fitzgerald's CJ Muse countered that underlying compute demand remains strong, citing Micron's 196.3% year-over-year revenue growth to $23.86 billion and a 268.68% year-to-date stock rally to $1,051.77, with memory supply tightening into 2027. The next test comes with Micron's earnings report tonight, which has become a bellwether for the market.
Advanced Micro Devices Inc
NVIDIA Corporation
Micron Technology Inc