Robot-Run ETF Known For Tesla, Apple Bets Cut Out Chipmakers In March And Bet On This Retail Giant Instead

Tech stocks have fallen out of favor amid the current macroeconomic and geopolitical turmoil, so it doesn't come as a surprise that an AI-powered exchange-traded fund, popular for its bets on EV leader Tesla, Inc. TSLA, has opted to liquidate out of high-profile chipmakers in March.

AMOM Hits Exit Button On Chip Giants: The QRAFT AI-Enhanced U.S. Large Cap Momentum ETF AMOM sold its entire stake in two high-profile chip names — GPU chipmaker Nvidia Corporation NVDA and Qualcomm, Inc. QCOM, monthly disclosure by Qraft Technologies, the sponsor of the ETF showed.

Nvidia previously accounted for 7.3% of the holdings and Qualcomm a more modest 2.6%.

Nvidia has recently had a strong GTC conference, wherein it laid out its ambitions of making major expansions into software.

The fund also hit the exit button on a few other tech names including cybersecurity vendor Palo Alto Networks, Inc. PANW and tax management software and solutions provider Intuit Inc. INTU.

Apple, Inc. (NASDAQ: APPL has been a constant, although the percentage share of the total holdings edged down from 8.2% to 8%. The iPhone maker continues to be the top holding of the fund.

Related Link: Apple Analyst Warns Of 'Considerable Risk' For Tech Sector In Coming Months

Retail, The In-thing: AMOM kept its position, or loaded up, in several retailers in March. Walmart, Inc. WMT found its way into the fund in March. From no position in the retailer in the previous month, AMOM's holding of the retail giant is now at 5%.

Among the other retail positions in the ETF are home improvement retailers Home Depot, Inc. HD and Lowe's Companies, Inc. LOW as well as membership-only warehouse retailer Costco Wholesale Corporation COST. These accounted for 4.1%, 2.6% and 3.6% of the ETF's holdings, respectively, in March.

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