I happen to have been looking at some ETFs based on AI-related companies, and all of them showed the same pattern: a doubling of value from inception (2018 or 2019) to early 2022, then losing a lot of that over the next year, and from then to date recovering to about their former peak. Investing in any of them two years ago would have been literally a waste of time. I did not see this pattern in a few non-AI-related indexes. Are there any events between then and now to account for this, or it is just random fluctuation?
I happen to have been looking at some ETFs based on AI-related companies, and all of them showed the same pattern: a doubling of value from inception (2018 or 2019) to early 2022, then losing a lot of that over the next year, and from then to date recovering to about their former peak. Investing in any of them two years ago would have been literally a waste of time. I did not see this pattern in a few non-AI-related indexes. Are there any events between then and now to account for this, or it is just random fluctuation?
I think it in large part was correlated with general risk apetite of the market, primarily a reaction to interest rates.