AI and Robotics ETF (AIQ) Hits New 52-Week High

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 36.17% from its 52-week low price of $29.36/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 FocusThe 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 16 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. Increasing corporate spending on AI is also acting as a tailwind for the fund. Additionally, with tech giants needing substantial capital to expand their AI initiatives, the Fed’s decision to cut interest rates bodes well.The global AI market is forecast to reach a valuation of $826.70 billion by 2030 at a CAGR of 28.46% from 2024 to 2030, according to Statista.More Gains Ahead?AIQ might continue its strong performance in the near term, with a positive weighted alpha of 33.44 (as per Barchart.com), which gives cues of a further rally.Want key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week.Get it free >>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 ReportsTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks