SPMO is trading 2.6% down today as its information technology-heavy portfolio is pressured by ongoing AI-spending concerns and a pullback in momentum tech names.
- Tech sentiment remains under scrutiny after recent Alphabet, Intel, and Tesla earnings highlighted aggressive AI capex and profit worries.
- High-momentum growth stocks and sector sentiment are being weighed down as investors react to increased capital expenditure requirements for AI development.
- While broader indices remain mixed, the fund's concentration in tech-heavy momentum names has led to underperformance in the current session.