For investors seeking momentum, GX Artificial Intelligence & Tech ETF (AIQ Quick QuoteAIQ - Free Report) is probably on radar. The fund just hit a 52-week high and is up 63.07% from its 52-week low price of $18.01/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 seeks to gain exposure to companies positioned to benefit from the development and utilization of AI technology in their products and services, as well as in companies that provide hardware facilitating the use of AI for the analysis of big data. The product charges 68 bps in annual fees (See: all the Artificial Intelligence and Robotics ETF here).

Why the Move?

In 2022, the global artificial intelligence market reached a valuation of 69.25 billion, according to precedence research. The potential of AI to revolutionize global productivity and GDP is immense. Projections by precedence research, indicate that the global AI market will reach approximately $1,871.2 billion by 2032, at a CAGR of 39.1% from 2023 to 2032.

Artificial intelligence (AI) has deeply infiltrated numerous sectors across our society. It has made its mark in healthcare, transportation, entertainment, and cybersecurity, transforming and revolutionizing these industries.

More Gains Ahead?

The fund might continue its strong performance given a positive weighted alpha of 43.73.