Funds that focus on AI stocks look pricey after a strong first half, according to a Bank of America strategist.
Investors should be wary of buying ETFs that hold artificial intelligence stocks to chase the trend's big gains, according to Bank of America. On Tuesday, investment and ETF strategist Jared Woodard initiated coverage of eight AI funds, which had an average gain of 27% year to date. Woodard set a neutral view on all of the funds, even while acknowledging that their strong momentum could lead to more short-term gains. "There are also good reasons to wait.
Buyers are manic: 57% of the inflows since Covid would be mark-to-market losses on an 8% monthly drop ," Woodard wrote in a note to clients. While all the funds under Bank of America's coverage are neutral rated, the firm did give the highest relative score to Global X's Artificial Intelligence & Technology ETF , followed by the iShares US Tech Breakthrough Multisector ETF .
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