## [# SPY Dips as Nvidia Falls; Inverse Chip ETFs Surge](/sections/news/spy-dips-nvidia-falls-inverse-chip-etfs-surge) # SPY Dips as Nvidia Falls; Inverse Chip ETFs Surge ![Linkedin](/themes/custom/basic/images/source/linkedin.svg)![Facebook](/themes/custom/basic/images/source/facebook.svg)![Twitter](/themes/custom/basic/images/source/twitter.svg) - • News 2 Updates [ ![DJ Shaw ](/sites/default/files/2024-07/5.png) ](/authors/dj-shaw) Thu, August 29, 2024 At 4:40 PM EDT [DJ Shaw ](/authors/dj-shaw) | Finance Reporter | [ Follow Author ](/etf/login) ## AI ETFs gain on Crowdstrike earnings beat amid tech sector volatility. Stocks reversed course on Thursday afternoon, with major averages trading lower despite initial attempts to recoup Wednesday’s losses. The [**SPDR S&P 500 ETF Trust (SPY)**](/SPY) fell 0.8%, weighed down by artificial intelligence firm Nvidia’s 6.4% drop following its latest earnings report. Nvidia-focused ETFs saw dramatic movement. Funds betting against the chip giant surged, with [**GraniteShares 2x Short NVDA Daily ETF (NVD)**](/NVD) soaring 12.7% and [**Direxion Daily NVDA Bear 1X Shares (NVDD)**](/NVDD) climbing 6.3%. U.S. robotics and AI ETFs received a boost from Crowdstrike’s strong quarter. The cybersecurity company’s shares rose 2.8% after posting better-than-expected earnings and revenue, and despite lowering its full-year outlook due to last month’s global outage. The AI sectors resilience was reflected in the [**REX AI Equity Premium Income ETF (AIPI)** ](/AIPI)and [**TrueShares Technology, AI & Deep Learning ETF (LRNZ)**](/LRNZ), both gaining about 1%. ![etf.com](/sites/default/files/inline-images/Screenshot%202024-08-29%20at%201.38.43%E2%80%AFPM.png) [ ![Ron Day](/sites/default/files/2024-01/etf.com_Author_RonDay.png) ](/contributors/ron-day) Thu, August 29, 2024 At 12:30 PM EDT [Ron Day ](/contributors/ron-day) | Contributing Editor | [ Follow Author ](/etf/login) ## Dow hits fresh record as oil, gold and crypto ETFs Stock ETFs jumped, despite market bellwether Nvidia Corp.'s stumble, as stronger-than-reported second-quarter economic growth numbers calmed recession worries and kept hopes for a soft landing alive. The [**SPDR Dow Jones Industrial Average ETF Trust (DIA)**](/dia), a proxy for the Dow index, added 1% shortly after noon, reaching a fresh all-time intraday high. The [**Vanguard S&P 500 ETF (VOO)**](/voo), which tracks the broader S&P 500, added 0.9%. Investors were optimistic about the economy, despite a 3% drop in Nvidia stock after the AI chipmaker's results sparked worries about future growth. [![](/sites/default/files/inline-images/image_177.png)](https://www.etf.com/tools/etf-comparison/DIA-vs-SPY) Second-quarter GDP growth was revised to 3% from a previously reported 2.8%, as the consumer spending figure was bumped to 2.9% growth from 2.3%, according to the U.S. Commerce Department. Tech stocks, as measured by the Nasdaq-tracking [**Invesco QQQ Trust (QQQ)**](/qqq) leaped, with QQQ adding 1.3%. The [**SPDR Gold Trust (GLD)**](/GLD) moved 0.6% higher along with the 0.8% gain in the [**iShares Silver Trust (SLV)**](/SLV). The [**United States Oil Fund LP (USO)**](/uso) added 1.2%. Crypto ETFs reversed three-straight days of declines, as bitcoin's price retraced recent highs above $60,000 before dropping. The [**Grayscale Bitcoin Trust (GBTC)**](/gbtc) added 2.8% while the [**iShares Ethereum Trust (ETHA)**](/etha) rose 2.6%. googletag.cmd.push(function() { googletag.display('js-dfp-tag-article_page_300x600_300x250'); }); googletag.cmd.push(function() { googletag.display('js-dfp-tag-article_page_300x600_300x250'); }); Loading googletag.cmd.push(function() { googletag.display('js-dfp-tag-leaderboard_1_daily_etf_flow'); }); [Equity](/sections/equity) [ethereum](/sections/ethereum) [oil](/sections/oil) [spot bitcoin](/sections/spot-bitcoin)