New York Looking for a hot stock to buy? Investors — especially younger millennial and Gen Z traders— are increasingly getting tips from sources like Twitter, Reddit and TikTok. Just look at the GameStop phenomenon.
Picking up on the trend, a Wall Street investment firm is launching a new ETF Thursday to focus on stocks generating buzz on social media.VanEck, a money manager which already runs exchange-traded funds keyed to big themes such as casinos and sports betting as well as video games, is rolling out the VanEck Vectors Social Sentiment ETF.
El-Erian: Robinhood is a reminder that 'you have no friends on Wall Street' 02:20Buzz Indexes uses AI to comb through more than 15 million stock-related social media posts each month, Wise said, and then ranks the stocks in the index based on which ones have the most favorable comments. "We've long held that there could be value from the insights of the collective wisdom of individual investors," Wise added.