Cathie Wood’s funds have reentered Meta Platforms Inc. and Taiwan Semiconductor Manufacturing Co. after nearly a year and a half, as the high-profile manager makes new bets on artificial intelligence and chips.
Two Ark Investment Management LLC funds, including Wood’s flagship Ark Innovation ETF, bought 174,848 shares of Facebook’s parent company on Monday, while Ark Autonomous Technology and Robotics ETF picked up 98,170 shares of chip bellwether TSMC, according to data compiled by Bloomberg. Before this, Ark last held the two stocks in the final quarter of 2021.
Ark’s moves comes weeks after Wood spoke highly of Meta’s AI strategy and said her decision to drop Nvidia Corp. was due to the company facing growing competition. She added during an interview with Bloomberg last month that she would pivot “to another set of plays.” Meta’s large language model is “able to deliver better” using less computing power and more data, she said, adding that she likes “the fact that Mark Zuckerberg is now prioritizing artificial intelligence as opposed to the metaverse, which was really what he was focused on last year.”
Wood’s other AI-related bets include electric vehicle maker Tesla Inc. among large caps and UiPath Inc., Twilio Inc. and Teladoc Health Inc. among smaller names. Her flagship fund has risen 38 per cent this year, compared with a gain of 35 per cent for the Nasdaq 100 Index and a 13 per cent advance for S&P 500. Ark Innovation ETF slumped 67 per cent last year.
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