On July 31, Direxion Daily MU Bull 2X Shares rose 9.38% overnight, trading at $29.39/share, with turnover of $5.889 million. The underlying asset Micron Technology continued its rebound momentum as the storage sector strengthened collectively, with SanDisk up over 6%, Western Digital up nearly 5%, and Seagate up over 4%.

The broader semiconductor sector saw a sharp recovery, with the Philadelphia Semiconductor Index surging over 8%, making chip stocks among the session's top performers. The ETF had previously experienced consecutive steep pullbacks after investor Michael Burry disclosed an expanded short position on Micron Technology and markets questioned the sustainability of AI-driven demand. As a 2x leveraged ETF, its structural characteristics amplified the underlying asset's rebound, resulting in gains significantly exceeding those of Micron Technology itself. Retail investors who had sold chip stocks in prior sessions may have missed the recovery, though analysts note they have become more selective rather than fully exiting equities.

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