AI Rally Lifts Leveraged ETFs; RIOX, SMCX Lead Gains

An AI-led market rally drove a range of leveraged and inverse exchange-traded products higher last week, led by RIOX, which gained 63.5%. SMCX and several semiconductor-linked funds also posted strong weekly returns.

RIOX, the Defiance 2x long ETF that tracks Riot Platforms, topped the list after Riot reported first-quarter 2026 results, described a shift toward AI-focused data-center revenue and announced an expanded partnership with AMD. RIOX’s weekly gain reflected the jump in Riot’s share price following that report.

SMCX, the 2x fund tied to Super Micro Computer, rose after Super Micro’s May quarterly report showed a recovery in gross margins, stronger-than-expected guidance for AI servers and a higher revenue forecast for the current quarter.

Semiconductor-focused leveraged funds registered large gains. AMDL, the 2x daily AMD ETF, climbed more than 50% after AMD reported first-quarter results with AI-related guidance. SOXL, the 3x semiconductor bull fund, rose over 35% as the broader semiconductor index reached record levels. ProShares Ultra Semiconductors (USD) gained roughly 22% for the week amid reports of stronger order flow and tighter capacity at chipmakers.

International and tech-focused leveraged products also advanced. KORU, the 3x South Korea bull ETF, returned about 56% as Korean stocks rallied on higher memory chip demand, strong export data and increased foreign and retail buying. BULZ, a 3x FANG & Innovation ETN, rose more than 29% on gains in U.S. technology names, and TECL, a 3x U.S. technology fund, gained over 26%.

Commodities and single-stock leveraged vehicles contributed to the moves. GDXU, a 3x gold miners ETN, climbed more than 25% as gold prices rose amid tensions in the Middle East, a softer U.S. dollar and ongoing central bank purchases. KBDU, the 2x Baidu ETF, advanced on investor optimism about Baidu’s AI business and the potential IPO of its chip unit, Kunlunxin.

Companies including Riot, Super Micro and AMD reported earnings and provided AI-related guidance during the week. Market participants also tracked geopolitical and macro developments that influenced flows into gold and selected technology shares.

Leveraged and inverse ETFs target two- or three-times daily returns of an underlying index or stock and reset daily. Prospectuses note that resetting and compounding can cause performance over longer periods to diverge from the stated multiple, and that these products are intended primarily for short-term trading. Investors are advised to review fund objectives, understand daily reset mechanics and consider liquidity and volatility before allocating capital.