Bargain hunting drove investors to exchange-traded funds tracking technology companies after shares fell sharply on mixed earnings from heavyweights.) among its top holdings, saw net inflows of $694 million in the week ended Oct. 25, according to Lipper data, its best performance in over a year.
The fund’s price fell nearly 4% in the week, as mixed results from megacaps like Alphabet weighed on the sector. Tech-heavy Nasdaq gained 20% since the start of the year, supported by rallies in the “Magnificent 7″ tech stocks on optimism around artificial intelligence.
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