Several exchange-traded funds that buy stocks with exposure to artificial intelligence surged Thursday after closely watched AI beneficiary Nvidia Corp. beat earnings expectations. The Global X Robotics & Artificial Intelligence ETF
BOTZ,
which has around $3 billion of assets under management, closed 4.4% higher, according to FactSet data. Megacap semiconductor company Nvidia
NVDA,
+16.40%
was the ETF’s biggest holding on Wednesday at around 18.9% of its net assets, holdings data on Global X’s website show.
“We think the near-term momentum in AI-related stocks is likely to continue,” said Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, in a note Thursday. “To position, we maintain our preference for semiconductors and software, and see opportunities in beneficiaries of AI edge computing, big tech, and their partners.” Shares of Nvidia’s soared 16.4% on Thursday to an all-time high after the semiconductor company released its latest quarterly earnings results following the U.S. stock market’s close on Wednesday. The megacap chip maker’s big gains made it the best-performing stock in the S&P 500 on Thursday, propelling the large-cap index to a fresh record closing peak and fueling a sharp jump in its information-technology sector, in particular. AI-related exchange-traded funds whose shares also surged Thursday included the Roundhill Generative AI & Technology ETF
CHAT
and the Invesco AI and Next Gen Software ETF
IGPT,
each with around 5% gains, according to FactSet data. Both funds are much smaller than the Global X Robotics & Artificial Intelligence ETF based on assets under management. Other AI ETFs that closed sharply higher on Thursday were the ROBO Global Artificial Intelligence ETF
THNQ,
Wisdom Tree Artificial Intelligence & Innovation Fund
WTAI,
Global X Artificial Intelligence & Technology ETF
AIQ,
iShares Robotics & Artificial Intelligence Multisector ETF
IRBO,
and ROBO Global Robotics & Automation Index ETF
ROBO,
FactSet data show.‘AI enthusiasm intact’ For now, Nvidia “has met lofty expectations and that will keep general AI enthusiasm intact and that is a positive for the market, broadly speaking,” said Tom Essaye, founder and president of Sevens Report Research, in a note Thursday. See: Nvidia’s stock surge could add $200 billion in market cap with ‘mammoth growth’ on tap “The question now is whether AI enthusiasm can continue to pull the market higher or if we’re now in need of new leadership to sen …
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BOTZ,
which has around $3 billion of assets under management, closed 4.4% higher, according to FactSet data. Megacap semiconductor company Nvidia
NVDA,
+16.40%
was the ETF’s biggest holding on Wednesday at around 18.9% of its net assets, holdings data on Global X’s website show.
“We think the near-term momentum in AI-related stocks is likely to continue,” said Solita Marcelli, chief investment officer for the Americas at UBS Global Wealth Management, in a note Thursday. “To position, we maintain our preference for semiconductors and software, and see opportunities in beneficiaries of AI edge computing, big tech, and their partners.” Shares of Nvidia’s soared 16.4% on Thursday to an all-time high after the semiconductor company released its latest quarterly earnings results following the U.S. stock market’s close on Wednesday. The megacap chip maker’s big gains made it the best-performing stock in the S&P 500 on Thursday, propelling the large-cap index to a fresh record closing peak and fueling a sharp jump in its information-technology sector, in particular. AI-related exchange-traded funds whose shares also surged Thursday included the Roundhill Generative AI & Technology ETF
CHAT
and the Invesco AI and Next Gen Software ETF
IGPT,
each with around 5% gains, according to FactSet data. Both funds are much smaller than the Global X Robotics & Artificial Intelligence ETF based on assets under management. Other AI ETFs that closed sharply higher on Thursday were the ROBO Global Artificial Intelligence ETF
THNQ,
Wisdom Tree Artificial Intelligence & Innovation Fund
WTAI,
Global X Artificial Intelligence & Technology ETF
AIQ,
iShares Robotics & Artificial Intelligence Multisector ETF
IRBO,
and ROBO Global Robotics & Automation Index ETF
ROBO,
FactSet data show.‘AI enthusiasm intact’ For now, Nvidia “has met lofty expectations and that will keep general AI enthusiasm intact and that is a positive for the market, broadly speaking,” said Tom Essaye, founder and president of Sevens Report Research, in a note Thursday. See: Nvidia’s stock surge could add $200 billion in market cap with ‘mammoth growth’ on tap “The question now is whether AI enthusiasm can continue to pull the market higher or if we’re now in need of new leadership to sen …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]