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 46.62% from its 52-week low price of $21.60/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 the further development and implementation of artificial intelligence 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: Artificial Intelligence And Robotics ETF).

Why the Move?

The global AI market is forecast to reach a valuation of $305.90 billion in 2024 at a CAGR of 15.83% from 2024 to 2030, 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 36.53, which gives cues of a further rally.