The Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) is experiencing upward momentum, driven by several key developments in the AI and technology sectors. On December 20, 2024, Alphabet's Google announced a significant breakthrough in quantum computing with its new chip, Willow. This advancement is expected to enhance AI capabilities, potentially leading to cost savings and new sales opportunities for Alphabet. Such technological strides underscore the growing importance of AI in driving innovation and efficiency across industries, which is likely contributing to increased investor interest in AI-focused funds like AIO.
Additionally, the U.S. Department of the Treasury released a report on December 20, 2024, highlighting the expanding use of AI in financial services. The report emphasizes the potential of AI to broaden opportunities while also addressing associated risks, such as data privacy and bias. This governmental focus on AI underscores its critical role in the future of financial services, further boosting confidence in AI-related investments. The ongoing dialogue between regulators and the financial sector aims to establish robust standards, which could enhance the stability and attractiveness of AI technologies.
The AIO ETF is up 3.64% in pre-market hours on Friday, December 20, reaching a price of $24.50 as of 7:00 AM ET.