ETF News

In the week of May 15-19, the tech sector once again asserted its dominance this year, propelled by chipmakers who are capitalizing on the burgeoning demand for artificial intelligence (AI)-related chips. Among the frontrunners in this realm, the eminent U.S. chip behemoth, Nvidia (NVDA), witnessed a remarkable 10.32% surge over the week, translating to an impressive year-to-date ascent of 113.93%. The allure of chip companies lies in their ability to grant investors access to the fervor surrounding ChatGPT and the generative AI field, as opportunities for engagement in this domain remain somewhat scarce given their relative newness on the market.

Reflecting the prevailing market sentiment, the tech-centric Nasdaq 100 ended the week on a resounding note, recording a robust 3.47% gain. With the index currently hovering near levels last witnessed in April 2022, its year-to-date performance consequently soared to an exceptional +26.18%. The tech sector's impressive performance has effectively solidified the gains, propelling the Nasdaq 100 to a notable peak of 28.51% above the troughs observed in the first week of January, marking the nadir of the market trajectory thus far this year.

While initially more measured in response to the vigorous momentum, the broader S&P 500 gained 1.65% for the week, contributing to an overall year-to-date advancement of +9.18%.

Group Data

Funds Specific Data

Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.