Tech ETFs Post Huge 2023 Gains From AI Hype—Still Left with Outflows - MarketWatch

This year’s flow of capital throughout the tech sector has “puzzled” Todd Sohn, an ETF strategist, who this week highlighted outflows from: the Technology Select Sector Fund XLK, +1.02%, which tracks an index of tech stocks in the S&P 500, and the Trust QQQ, +1.16%, which gives investors exposure to the tech-heavy Nasdaq-100 index.—-“It’s strange,” Sohn said. “There’s a lack of embrace towards the tech move.”

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Investors Are Dumping Value Funds to Shovel Money Into AI Bets - Bloomberg

Value funds tend to favor financials and energy companies but have low exposure to tech — meaning they have missed out on the artificial intelligence craze that’s driven the S&P 500 Index higher this year. —-“It’s a bunch of FOMO and crowd in to what’s working,” said Larry Berman, chief investment officer at ETF Capital Management.

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Hedge Funds Are Using ChatGPT For All Their Mundane Grunt Work -Fortune

As hedge funds experiment with the latest iterations of these tools, the ultimate goal is improving investing performance. For now, boosting productivity — accelerating coding, research and client communications — is the most obvious benefit. It’s why the likes of Citadel’s Ken Griffin said in March the firm is negotiating an enterprise-wide license to use ChatGPT, betting that it will automate an “enormous amount of work.”

This Week’s AI Earnings – Is It Time to Buy? - InvestorPlace

Corporate America is thinking about how to take existing products, services and business models and add an incredible new “super intelligence” component to them. So, it’s not surprising that AI as a technology will disrupt entire industries. —-Let’s review the big AI companies earnings and see if we should still be betting big on AI. I’ll also share my favorite AI company.

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