Hedge funds’ exposure to artificial intelligence-related tech hardware reached its highest in October since Goldman Sachs started tracking the data in 2016, the U.S. bank said in a client note.

Hedge fund buying in semiconductor and related chip industry stocks, considered to be sensitive to economic and business cycles, suggests speculators believe rising markets have further to go, Goldman said in the note on Thursday, seen by Reuters on Friday.

Hedge fund stock buying centered on long positions, betting these equities would rise, in Asia and U.S. companies, said Goldman.

BCA Research’s Chief U.S. Investment Strategist Doug Peta said in a research note on Tuesday, that companies poised to benefit from prospective AI profits or investment are thriving while those without an AI link are

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