For investors seeking momentum, Global X Artificial Intelligence & Technology ETF (AIQ Quick QuoteAIQ - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 52.09% from its 52-week low price of $19.58/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:

INCO 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 artificial intelligence (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 Artificial Intelligence And Robotics ETFs).

Why the Move?

The global AI market is forecast to witness a CAGR of about 17.3% from to 2023 to 2030, reaching a valuation of around $738.80 billion, according to Statista. The potential of AI to revolutionize global productivity and GDP is immense.

Notably, 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. Increasing corporate spending on AI is also acting as a tailwind for the fund.

More Gains Ahead?

Currently, it might continue its strong performance in the near term, with a positive weighted alpha of 40.23, which gives cues of a further rally.