(NEW YORK)–After a stunning ‘tech wreck’ in the market the past two months now may be a good time to rethink stepping back into the AI tech sector.
Ludlow Research, an equity research firm based out of New York City, issued alert to their subscribers that over sold market, and remaining fundamentals in economy, may offer a great opportunity for longer term investors to step back into the AI tech sector.
One way to play the AI tech sector is through Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ), which is an ETF that tracks the AI and robotics tech sector.
Top-10 holdings in BOTZ include Intuitive Surgical (NASDAQ:ISRG) and NVIDIA (NASDAQ:NVDA), and a number of Asian plays such as Mitsubishi Electric (OTCMKTS:MIELY), Daifuku (OTCMKTS:DAIUF), Keyence (OTCMKTS:KYCCF), and SMC Corporation (OTCMKTS:SMCAY).
ISRG is down 15% from its recent high of $580 to now just under $500 at $495 per share, with NVDA down a stunning 50% from recent high of $290 in October to just under $150 per share currently. these pullbacks in two quality names alone make this a great buying opportunity for long-term investors.
Market Bottom Near
With the AI sector highly shorted what could send this sector flying would be a near-term bottom in overall market, and based on chart we may just be near that point right now.
The S&P 500 may still try to restest its lows in Febuary 2018, which is around 2,530, and if able to hold could trigger a strong follow through short covering rally in beating down sectors such as A.I stocks.
Ludlow Research made point that earnings and economic activity may slow some in early 2019, but based on current data it is very unlikely to slide into recession, and if anything could be bullish for equities as this will take risk of higher in interest rates off the table.
Based on these strong underlying fundamentals, and chart technicals, a near-term bottom in market may be at hand as we speak.
On lowest end a drop in S&P 500 to 2,500 to 2,550 would offer a perfect time to step back into A.I related stocks for potential short covering rally off market bottom.
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About Global X Robotics & Artificial Intelligence ETF
The Global X Robotics & Artificial Intelligence ETF (BOTZ) seeks to invest in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence (AI), including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles. https://www.globalxfunds.com/funds/botz/
INTUITIVE SURGICAL (ISRG)
DAIFUKU CO LTD
NVIDIA CORP (NVDA)
YASKAWA ELECTRIC CORP
JOHN BEAN TECHNOLOGIES CO
TECAN GROUP AG-REG
CARGOTEC OYJ-B SHARE
BROOKS AUTOMATION INC
MAZOR ROBOTICS LTD-SPON A
ATS AUTOMATION TOOLING SY
PKSHA TECHNOLOGY INC
MAXAR TECHNOLOGIES LTD
FARO TECHNOLOGIES INC
SELVAS AI INC
ROBOSTAR CO LTD
DST ROBOT CO LTD
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