For investors seeking momentum, Global X Artificial Intelligence & Technology ETF AIQ is probably on the radar. The fund just hit a 52-week high and is up 32.32% from its 52-week low price of $30.85/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
AIQ in Focus
The underlying Indxx Artificial Intelligence & Big Data Index is designed to provide exposure to exchange-listed companies in developed markets that are positioned to benefit from further development and implementation of artificial intelligence (AI) technology, as well as to companies that provide critical technology and services for the analysis of large and complex data sets. The product charges 68 bps in annual fees (see: All Artificial Intelligence And Robotics ETF).
Why the Move?
The potential of AI to revolutionize global productivity and GDP is immense. Most tech giants are coming up with expansion plans on AI and intend to take the growth momentum forward. President Trump has officially announced 'The Stargate Project,' a groundbreaking initiative involving a $500 billion investment in AI infrastructure. President Trump claimed this to be the largest AI project yet, positioning it as a transformative driving force for the AI market.
More Gains Ahead?
AIQ might continue its strong performance in the near term, with a positive weighted alpha of 28.87 (as per Barchart.com), which gives cues of a further rally.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Global X Artificial Intelligence & Technology ETF (AIQ): ETF Research Reports
To read this article on Zacks.com click here.
Zacks Investment Research