Cathie Wood Sells $28.7 Million of Alphabet Stock
Cathie Wood's Ark Investment Management sold $28.7 million worth of Alphabet stock in late September, while simultaneously investing heavily into Meta Platforms as the company advances its AI initiatives. The move reflects her ongoing strategy to shift capital between high-growth tech stocks based on market developments and sector momentum. Wood’s flagship fund, the Ark Innovation ETF (ARKK), has had a mixed performance over recent years—posting strong returns in 2020 but suffering significant losses during bear markets like that of 2022. As of September 11, ARKK delivered an annualized five-year return of -6.89%, lagging behind the S&P 500’s positive performance over the same period. Despite these challenges, Wood remains bullish on AI and its potential to drive corporate profits and economic growth. She has emphasized that companies leveraging AI effectively will outperform those that do not.
Topics: AI investment Alphabet (GOOGL) ARKK Cathie Wood Meta Platforms (META)