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 52.91% from its 52-week low price of $37.40/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: All Artificial Intelligence And Robotics ETF).

Why the Move?

AI remains a standout theme within the broader market, underpinned by sustained capital expenditure from Big Tech, an indication that the investment cycle is far from peaking. Robust U.S. corporate earnings, led by a resilient technology sector, provide an additional tailwind for the fund. Meanwhile, accelerating demand and expanding adoption of AI-driven services further reinforce the favorable outlook.

More Gains Ahead?

AIQ might continue its strong performance in the near term, with a positive weighted alpha of 47.59 (as per Barchart.com), which gives cues of a further rally.