As NVIDIA's (NASDAQ: NVDA) stock price surges to new highs, the capital markets' enthusiasm for this chip manufacturer seems unabated.

Data shows that the strong interest in NVIDIA from the market has begun to drive demand for related leveraged ETFs, which utilize leverage tools such as stock index futures and swaps to pursue multiples (such as 1.5 times, 2 times, or even 3 times) of the underlying asset's daily returns.

Some analysts point out that significant capital, particularly from retail investors, is flowing into what is considered the most important stock in the current U.S. market. For example, GraniteShares, a fund company, launched a 2x long NVIDIA product that has surged 450% in the past year, reaching a new trading volume record of $4.7 billion last week. Meanwhile, thousands of expiring NVIDIA call options skyrocketed by over 1,000% after a significant gap up in the stock price, forcing traders who had previously sold these options to buy more shares for hedging adjustments. This buying behavior has effectively created a positive feedback loop, further driving up the stock price.

Will Rhind, CEO of GraniteShares, said, "If we had this conversation three years ago, I would say we would only be talking about Tesla (NASDAQ: TSLA), as the market enthusiasm was all on Tesla, and so was the capital flow. Now, clearly, NVIDIA dominates the entire market, becoming the most important stock globally, and an ecosystem has formed around NVIDIA."

Since 2022, as one of the representatives of the artificial intelligence bull market, NVIDIA has continuously set records and propelled the bull market in the U.S. stock market, with a market capitalization now reaching $2.8 trillion, just a step away from surpassing Apple (NASDAQ: AAPL), which ranks second. Its stock price has soared to four digits.

It's worth noting that within just one year, NVIDIA has successively surpassed the market value milestones of $1 trillion and $2 trillion, astonishing the market with its rapid growth.

Meanwhile, NVIDIA's miraculous value growth over the past two years has also stirred broader market sentiment: data shows that despite 2024 not yet being halfway through, leveraged funds seeking doubled returns have attracted $11 billion in inflows, fully expected to surpass or even exceed last year's $20 billion level.

As the speculative frenzy in the market heats up, more and more fund companies are preparing to launch a range of new options strategies and investment products covering various assets, from gold and large tech companies to Bitcoin, with target returns as high as 2 times or 3 times.