Wood defended the decision to dump Nvidia stock before the company soared to a $1 trillion valuation and said Ark is “onto the next thing.”
Analysts believe Nvidia, which makes high-powered computer chips crucial to building the kinds of generative AI systems that have exploded in popularity in recent months, is one of theto benefit from the AI boom and until January Wood’s Ark Innovation Fund held a sizable position in the company.
Wood said Nvidia is likely to do well over time but defended Ark’s decision to dump its stake—the timing was unfortunate and the fund missed out on the massive Nvidia rally this year—andArk is now “onto the next thing,” Wood said, predicting that companies providing software as a service will “generate 8 dollars in revenue” for every dollar of hardware Nvidia sells.
Wood pointed to virtual healthcare firm Teladoc Health, communication firm Twilio and automation company UiPath as three software companies that she thinks will one day swell to the size of Nvidia. Woods funds hold stocks from all three and all three are currently a long way off their respective highs by around 80% to 90%.Many people consider Elon Musk’s Tesla to be an auto stock, Wood said. “We don’t, we think it’s much more than that.” Tesla is actually the “biggest artificial intelligence play” around. Wood said AI will propel Tesla’s stock price to $2,000 in 2027, up from around $200 now.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nvidia stock 'priced ahead of the curve': ARK Invest's Cathie WoodNvidia is 'priced ahead of the curve' says Cathie Wood — as ARK Invest sold most of its stake in the company ahead of a bumper rally
Read more »
Cathie Wood says Nvidia too expensive, Tesla to benefit from AI boom By Investing.com*CATHIE WOOD SAYS NVIDIA TOO EXPENSIVE, TESLA TO BENEFIT FROM AI BOOM $NVDA $TSLA
Read more »
Cathie Wood's Ark Invest misses out on Nvidia's powerful rally — dumped stock too early, citing high valuationArk Invest's Cathie Wood, known for her investments in next-generation technologies, missed out on the biggest winner in artificial intelligence this year.
Read more »
Jim Chanos rolls eyes at AI hype as Nvidia signals it may issue stockShort seller Jim Chanos rolls his eyes at AI hype as Nvidia signals it may sell new shares to eager investors
Read more »
Cardano-Linked SingularityNET (AGIX) up 7%, Is This Bubble or Legit Run?SingularityNET has drawn further attention to new AI stock sensation, NVIDIA
Read more »
ARK Innovation ETF rises sharply, Cathie Wood views its top holding Tesla as ‘most obvious beneficiary’ of recent AI breakthroughsCathie Wood’s ARK Innovation ETF was rising sharply Tuesday, as shares of its largest holding Tesla jumped and technology stocks rallied amid ongoing...
Read more »