It seems every day there is a new story when it pertains to an advancement in artificial intelligence. Take, for example, the changes being made to the mobile app at Royal Bank of Canada. The app will now offer a finance and budgeting tool to clients powered by AI technology.
Or what about the rise of autonomous vehicles? This revolutionary change will be here faster than it seems and companies are working feverishly to make it a reality. It is difficult to lay out a timeline, but most experts and analysts are expecting autonomous vehicles to be on roads by the early 2020s.
The PowerShares QQQ Trust Series 1 ETF (NASDAQ:QQQ) gives investors the opportunity to own a broad array of stocks that are poised to grow in this industry. The majority of its exposure is in tech stocks, but it also boasts shares in healthcare, communication, and even consumer defensives.
The top holding in this ETF at over 10% is Apple Inc. Apple recently reoriented its autonomous vehicle program, abandoning ambitions to develop its own vehicle to instead work on complimentary technology that will be sold to other manufacturers. And of course who can forget Siri, which launched in 2011. The personal assistant that compliments Apple’s operating systems.
The PowerShares QQQ Series 1 ETF was up 0.79% close to the end of the noon hour on October 25. Shares have increased 23.6% in 2017 and 22% year over year. This is still technology and the growth potential is huge, so this is an attractive target at this stage.