Key Points
Cathie Wood, founder and CEO of Ark Invest, purchased shares of Advanced Micro Devices (NASDAQ: AMD) as the stock dropped 17% after its earnings report on February 4, 2023. Despite beating analysts’ estimates, investors were disappointed by AMD’s first-quarter revenue forecast of $9.8 billion. Wood added AMD to five of her funds, making it the sixth-largest holding in Ark Innovation, where it constitutes nearly 3.9% of the portfolio.
Additionally, Wood acquired shares of CoreWeave (NASDAQ: CRWV) on the same day, capitalizing on a 50% decline from its peak. This company, which allows access to Nvidia GPUs for AI workloads, has seen significant growth, reporting triple-digit revenue increases in its latest quarter. Wood’s investments target long-term potential in the AI market, expected to reach trillions of dollars, despite short-term volatility.
