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 45.03% 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 USD 136.55 billion. It is anticipated to witness a significant expansion at a compound annual growth rate (CAGR) of 37.3% from 2023 to 2030, as per Grand View Research. Nvidia's exceptional earnings in the first quarter of fiscal 2023 have sparked optimism within the industry, resulting in a surge in stock prices across the sector, pushing AI ETFs to new highs.

 AI has the power to revolutionize global productivity and GDP. By 2030, PWC predicts that around 45% of economic gains will come from improved products, driving increased consumer demand.

More Gains Ahead?

The fund might continue its strong performance given a positive weighted alpha of 23.73.