Cathie Wood's ARKK Misses Out on Nvidia's Surge, Focuses on "Real" AI Play.
Cathie Wood defended her firm's decision to sell Nvidia shares before the chipmaker's stock surged 160%, citing the boom-bust cycle of the computer-chip industry as a risk. Wood's flagship ARK Innovation ETF cut its holding in Nvidia in January, missing out on most of the rally that added more than half a trillion dollars in market value. Nvidia faces growing competition in the battle to produce chips to power the computing infrastructure behind artificial intelligence programs, Wood said, citing companies like Tesla, Meta Platforms, and Alphabet that are developing their own chips.