Invesco Semiconductors ETF (PSI Quick QuotePSI - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 182.6% from its 52-week low price of $44.34 per share.

Are more gains in store for this ETF? Let us 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.

PSI in Focus

The underlying Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors. The product charges 56 bps in annual fees.

Why the Move?

Chip stocks are hitting highs. The biggest driver is the AI boom. Companies like NVIDIA, Microsoft, and Amazon are pouring billions into data centers.Chip companies are promising growth, and expanding margins. Governments want domestic chip production for security reasons. Large funds and ETFs are heavily allocating assets to semiconductor stocks.

More Gains Ahead?

PSI might remain strong, given its positive weighted alpha of 81.04 (per barchart.com). There is definitely still some promise for investors who want to ride on this surging ETF.