Bullish on AI Trade Despite Nasdaq's Worst Week Since April, State Street Says

State Street reiterates its bullish stance on AI trade despite Nasdaq's worst week since April. The firm's chief business officer Anna Paglia believes momentum stocks still have legs due to investors' reluctance to step away from the growth story. Paglia expects a rotation to focus on diversification early next year, but sees a higher likelihood of the space cooling off early next year. The SPDR NYSE Technology ETF, managed by State Street, has gained 38% so far this year.