(NEW YORK)–Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ) correction from its recent highs may offer an opportunity for longer term investors bullish on the future of Artificial Intelligence (A.I.) and Automation.
BOTZ, which is an ETF that tracks a basket of stocks focused on robotics and A.I., saw its price drop in recent days along with the broader market sell-off.
Nearly half of the stocks in BOTZ are composed of Japanese companies, followed by stocks in the U.S. and Switzerland. The top holdings of BOTZ include Intuitive Surgical (NASDAQ:ISRG), Mitsubishi Electric (OTCMKTS:MIELY), Nvidia (NASDAQ:NVDA), and Keyence (OTCMKTS:KYCCF) just to name a few.
BOTZ was a big winner in 2017, rising from around $16 to just above $27 in January 2018, before equities began their sharp downturn. But BOTZ price decline may offer longer term investors bullish on A.I. the perfect opportunity to add this ETF to their holdings at a more reasonable and attractive valuation.
Technical Oversold Indicators
This week the market finally entered that long awaited correction we heard so much about for the past 2 years. Short-term the broader market may find support around its 200-day moving average, which could potentially see BOTZ trading down to the $21 to $23 range in any panic wash out, and that could offer a great chance for longer term players looking for an entry point into this ETF.
BOTZ Relative Stock Index (RSI) was also trading around 30, which many times indicates an oversold signal in an underlying security from a technical standpoint.
AI Explosion Still to Come
Tom Bustamante, the founder and CEO of AI VentureTech, Inc. commented, “The economic outlook for A.I. and Automation is only just beginning. A.I. is still in its early stages, and if I had to give an analogy I would compare it to where the Internet was in 1995 at this point. The real explosion is this industry is yet to come.”
“We predict the next wave of innovation may occur in the next economic downturn as more and more companies implement A.I. and Automation to streamline costs. So for this fact you can say A.I. and Automation may become a hedge on any possible economic downturns as this will be one of the sectors investors may seek out to any possible slowdowns in the economy.”
The recent and rapid decline in the overall market may offer investors a great opportunity in BOTZ at these levels based on their oversold technicials, and for the longer term economic prospects A.I. and Automation holds for the future.
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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/
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