The GraniteShares 2x Long PLTR Daily ETF (NASDAQ:PTIR) is ripping higher this session as the market — and especially technology stocks like Palantir Technologies (NASDAQ:PLTR | PLTR Price Prediction) — celebrated a weak jobs print that likely reduces the odds of a near-term rate hike by the Federal Reserve. This is especially important for stocks levered to the AI trade, as new compute requires enormous capex and therefore cheap debt. PTIR, a single-stock leveraged ETF that targets twice the daily return of Palantir shares, has had a fantastic week since Palantir reported blowout earnings on August 3rd, and today it’s up another 18%.
GraniteShares 2x Long PLTR Daily ETF (PTIR)
Over the post-earnings window from August 3 through August 6, the fund gained 45%, and it is up 54% over the trailing week. This is a complex, single-stock-linked leveraged product distinct from a diversified index ETF. It seeks twice the daily performance of Palantir stock and resets that exposure at the end of each session, typically using total-return swaps on a cash and Treasury collateral base.
The mechanic matters. Because leverage is reset daily, returns compound off a new base each session, and over multi-day and multi-week horizons the fund’s performance drifts from a simple 2x of the underlying. Volatility decay works against holders during choppy stretches, which is why PTIR is best used as a short-term tactical instrument rather than a buy-and-hold vehicle. The trailing figures make the point plainly: PTIR is down 43% year to date and down 51% over the past year, even as Palantir itself is down only 12% year to date and 13% over one year. A supposed 2x fund lagging its underlying that badly over a year is compounding decay in action.
Palantir Technologies (PLTR)
Palantir shares are quoted at $169.42, up 9% today and 28% over the trailing week. The Q2 report reset the growth story. Reported revenue of $1.94 billion grew 92.83% year over year, with U.S. commercial revenue at $764 million, up 149%, and U.S. government revenue at $809 million, up 90%. GAAP operating income was $912 million, a 47% margin, and net income reached $1.06 billion.
Guidance did the rest of the work. Full-year revenue was raised to a range of $8.15 billion to $8.158 billion, implying 82% year-over-year growth, with adjusted free cash flow guided to $4.5 billion to $4.7 billion. Q3 revenue was framed at $2.160 billion to $2.164 billion. CEO Alex Karp did not undersell it: “Demand for AI sovereignty has now been unleashed… This quarter was otherworldly: our U.S. commercial revenue grew 149% year-over-year, our overall revenue grew 93% year-over-year, and our Rule of 40 score climbed to 155%.” The beat marks Palantir’s 10th consecutive earnings beat.
What the Move Actually Tells You
Same catalyst, two very different payoff profiles. Palantir’s fundamentals reset higher on a 46% EPS surprise and a raised full-year outlook, and the stock repriced accordingly. PTIR converted that single-day repricing into an outsized daily return because it is engineered to double Palantir’s session move. That amplification cuts both ways, and the fund’s 51% one-year decline against Palantir’s 13.16% one-year decline is the receipt for how daily reset mechanics behave when the underlying chops around. Use the product for what it is: a short-window tactical bet on Palantir’s next session rather than a proxy for owning the stock.
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