Alphabet Mania Sends Traders Flocking to 2x ETF GGLL

Traders have been piling into a leveraged ETF tied to Alphabet as the stock continues its blistering AI-driven run.

The three-year-old Direxion Daily GOOGL Bull 2X Shares (GGLL) pulled in $70 million of inflows on Tuesday and $280 million over the past week. The fund has soared 134% this year, nearly double Alphabet’s 69% gain. It’s up 26% in November alone.

Asset growth has been explosive. Between price appreciation and inflows, GGLL’s AUM has climbed to $1.1 billion, up from $173 million at the start of 2025. It is now the sixth-largest single-stock ETF in the U.S.

Why Alphabet Has Taken Off

Alphabet shares have been on a historic tear, more than doubling from their April and May levels—an unusually large move for a company of its size. On Tuesday, the firm’s market value hit $3.9 trillion, ahead of Microsoft ($3.5 trillion) and just behind Apple ($4.1 trillion) and Nvidia ($4.3 trillion).

The latest catalyst was a report that Meta is considering using Alphabet’s TPUs inside its data centers to power AI workloads. Meta is also said to be evaluating access to TPUs through Google Cloud.

That news added fuel to a narrative that has been building for months: Alphabet’s custom AI chips may be more competitive with Nvidia’s GPUs than previously thought. The idea has boosted Alphabet’s shares while pressuring Nvidia’s, at least temporarily.
Nvidia still dominates the AI chip market, but rivals such as AMD—and companies like Alphabet that design their own silicon—periodically spark worries about how much of the industry Nvidia can continue to control.

A Shifting AI Narrative

For now, investors are betting that Alphabet could carve out a meaningful slice of a massive, fast-growing market. Up to this point, the company has largely used its TPUs internally for its own AI models. The possibility that they could be sold externally has expanded the perceived revenue opportunity.

Whether TPUs are truly competitive remains unclear. They’re optimized for Alphabet’s workloads and are less general-purpose than GPUs. But even limited to internal use, they’re viewed as an advantage.

Alphabet says its flagship Gemini model was trained and runs on TPUs, and the latest Gemini release has topped several AI benchmarks.

The earlier narrative that AI would erode Google’s core search business has, for the moment, been flipped on its head. These storylines have shifted back and forth for the past two years, and could easily shift again, for example, if a future OpenAI model trained on Nvidia’s next-generation Blackwell chips resets expectations.

For now, though, investors are treating Alphabet as one of AI’s big winners. And aggressive traders are amplifying that view through leveraged ETFs like GGLL.