The Qraft AI-Enhanced US Large Cap Momentum ETF AMOM has acquired new stakes in Apple Inc. AAPL and Qualcomm Inc. QCOM, while dividing its interests in Alphabet Inc. GOOG GOOGL and Meta Platforms Inc. FB has completely divested.
What Happened: The ETF’s latest portfolio, which is powered by artificial intelligence, showed after a rebalancing in early March that it would also increase its stake in Applied Materials Inc. AMAT, Target Corp. TGT and Colgate-Palmolive Co. CL completely divested.
The fund, which has net assets of $19.8 million, has a history of accurately forecasting the price movements of Tesla Inc.’s TSLA stock.
Apple is now AMOM’s largest investment with a 7.9% weighting, followed by graphics chip maker Nvidia Corp. NVDA with 6.6% and home improvement retailer Home Depot Inc. HD by 4.4%.
The other two stocks that now make up the top five AMOM stocks are Costco Wholesale Corp. COST and Qualcomm.
The ETF had the top five holdings in Alphabet, Nvidia, Meta Platforms, Home Depot and Costco Wholesale in February.
Why it matters: AMOM, a product of South Korea-based fintech group Qraft, tracks 50 large-cap US stocks and rebalances its positions each month. The fund’s latest rebalancing shows it’s most bullish on Apple, Nvidia and HomeDepot.
Apple will hold its first hardware launch event of the year on Tuesday, March 8, where it will likely unveil a new iPhone SE with 5G capabilities, a new iPad Air and a new Mac with the M-series chips.
Nvidia reported better-than-expected fourth-quarter earnings results in February, helped by performance in its data center and gaming businesses.
Home Depot’s fourth quarter results also beat analysts’ estimates. The company has benefited from strong demand for home improvement products during the pandemic.
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This post Tesla Fame’s Robot-Run ETF Now Tops Apple – Here’s The Other Bets was original published at “https://www.benzinga.com/trading-ideas/long-ideas/22/03/26031839/tesla-fames-robot-run-etf-now-counts-apple-as-top-holding-here-are-its-other-bets”