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Shares of the video game retailer were up 23% in pre-market trading after Monday’s crazy session. For some, it stirs memories of the dot-com boom and collapse, and fears that history might repeat itself.
Maybe one day it will be easier, when the robots can think for us. This brings us to our call of the day, which comes from the DataTrek Research blog, which wonders if a fund that relies on artificial intelligence to invest ideas and is heavy on tech stocks currently knows something we don’t know.
DataTrek notes the AI Powered Equity AIEQ,
the exchange-traded fund is up 12% year-to-date, compared to 2.6% for the S&P 500 SPX,
and for 2020 increased by 25%, compared to a gain of 18%, respectively. It has gained 101% from the lows of the COVID-19 pandemic in March, compared to 72% for the S&P.
Tesla TSLA electric car maker,
SunPower SPWR solar solutions group,
Advanced Micro Devices AMD chip group,
Enphase Energy ENPH energy technology group,
and the technology giant Alphabet GOOGL,
are the top five titles.
The fund’s top picks, according to DataTrek, are more tech-focused than last October, when more cyclical stocks like healthcare group Pfizer PFE,
and the automaker Ford F,
is in the top 10.
“The AIEQ seems to have picked up a lot of the market ‘signal’ over the past 12 months, so the fact that it alleviates the cyclicals at the top of the sheet and maintains / increases its exposure to disruptive tech names (TSLA, SPWR, ENPH) is interesting, ”says DataTrek.
What it might mean A human manager moving away from cyclics for the time being could be a sign of coldness about the progress of the COVID-19 vaccine rollout.
As the folks at DataTrek put it, this AI ETF’s plays mirror those of a successful 1990’s hedge fund manager – “well-known stocks that play well-understood themes. Maybe the real power of AI-powered investing is not overthinking. ”
The steps
YM00 equity futures contracts,
ES00,
NQ00,
are a bit mixed, while European SXXP equities,
are higher. CSI 300 000 300 from China,
and the HSI Hang Seng index from Hong Kong,
lost more than 2% each. This is after the People’s Bank of China, by surprise, withdrew funds from the financial system and reportedly warned of the risk of an asset bubble.
The tweet
From Alexis Ohanian, husband of tennis star Serena Williams and co-founder of Reddit:
The buzz
Reporting before market opening, actions of the conglomerate General Electric GE,
grow as revenues exceed expectations, and health care group Johnson & Johnson JNJ,
recorded profit and growth in pharmaceutical sales. American Express AXP Financial Services Group,
is yet to come. After the close, tech giant Microsoft MSFT,
Starbucks SBUX coffee group,
and the Advanced Micro Devices AMD chip companies,
and Texas Instruments TXN,
report.
Actions of the Etsy ETSY e-commerce site,
are on the rise in pre-marketing. This move appears to have coincided with a comment on Twitter TWTR,
by Elon Musk, CEO of Tesla, who said, “I love Etsy.
The Federal Housing Finance Agency’s house price index, the S&P Case-Shiller house price index and consumer confidence data are all ahead.
European Union officials had a tense conversation with pharmaceutical group AstraZeneca AZN,
AZN,
Monday over COVID-19 vaccine delays and threatened to control exports of all vaccines produced in the region.
Alternative asset manager Apollo Global Management APO,
says chief executive Leon Black will step down by July.
Lawmakers are moving forward with an impeachment trial against former President Donald Trump.
Shares of the holding company of Chinese technology conglomerate Tencent 700,
fell, after Monday’s 11% surge that brought it close to a valuation of $ 1 trillion. And the head of China’s central bank struggled to answer a question about digital payments group Ant Financial, whose initial public offering was delayed.
Random readings
As any good Spaniard will tell you, naps are a good thing.
Snowball fighting in UK locked down? It could cost you dearly.
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