Cathie Wood Sells $5.5 Million Worth of Snowflake Stock
On July 31, Cathie Wood’s Ark Innovation ETF sold approximately $5.5 million worth of shares in Snowflake Inc (SNOW), following a nearly 10% surge over the past five trading days ahead of earnings reports. The move reflects her strategy to lock in gains during strong stock performances. Wood's flagship fund, ARKK, has faced significant challenges this year, with an 8.51% decline as of July 31 compared to a 9.41% rise for the S&P 500. Over five years through 2025, it delivered an annualized return of -9.75%, underperforming the broader market's 11.25%. The fund has also seen $1.49 billion in net outflows over the past year. Despite these setbacks, Wood remains optimistic about tech-driven deflation and its impact on inflation and interest rates. She argues that technological innovation—especially AI—is reducing costs across sectors, which could lead to a favorable environment for growth stocks.
Tickers: $SNOW
Topics: Ark Innovation ETF (ARKK) Cathie Wood investment strategy Snowflake