Innovative technology stocks have seen a remarkable comeback in November, with Cathie Wood’s flagship Ark Innovation ETF (ARKK) rallying 32% and on track to record its strongest month ever since its inception in 2014. The fund has rebounded dramatically from three consecutive months of losses, pushing 2023 gains to 48%.
Driving the innovation fund higher this month have been biotech names like Crispr Therapeutics and Twist Bioscience, along with companies like Roku, Coinbase, Block, and Shopify, all of which are up at least 50%. This strong performance comes despite about $664 million in outflows from ARKK in 2023, and the fund’s larger losses over the past two years.
Cathie Wood, the 68-year-old CEO of Ark Invest, expressed her belief that many of her big holdings stand to be leading beneficiaries from the artificial intelligence boom, including Tesla, Twilio, and UiPath. Wood had previously stated that she expects the economy to slow down more than the consensus, creating an ideal environment for AI-driven companies to expand as firms seek to protect profit margins by using their products.
The recent success of Ark Innovation ETF has cemented Cathie Wood’s position as a prominent figure in the world of innovative technology investing. Her firm belief in the potential of AI-driven companies has continued to attract considerable attention from investors and analysts alike. With the current lofty performance of ARKK, Wood’s conviction in the long-term success of these holdings has been further validated.
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