Cathie Wood: Despite missing out on Nvidia's share price rally, Ark is still well-positioned in AI

Cathie Wood said Ark Investment Management is well-positioned in artificial intelligence assets even though her firm reduced its holdings in Nvidia before its stock price rose last year. Ark is reported to have invested in artificial intelligence, Tesla, Coinbase and Robinhood. Wood said in a video interview on Thursday that her private fund "has a lot of investments in companies with potential." She added that her company still holds Nvidia shares in more specialized portfolios and flagship funds. Wood bought Nvidia shares in 2014 when Nvidia's split-adjusted share price was about $4. The flagship fund ARK Innovation ETF held the stock until it hit about $400. She sold most of her position before Nvidia's stock price rebounded last year. Meanwhile, Wood said autonomous driving is the "world's largest artificial intelligence project" and defended her bet on Tesla Inc. Ark increased its holdings of Tesla shares again in the first quarter of this year as investor sentiment cooled on concerns about slowing electric vehicle consumption. In its analysis for 2023, Ark estimates that Tesla's stock price will reach $2,000 per share in 2027, with its bull and bear case scenarios of $2,500 and $1,400 per share, respectively. In late May, Ark Venture Fund also disclosed a stake in Elon Musk's artificial intelligence startup xAI, accounting for about 2% of its holdings. A month ago, the company disclosed a stake in OpenAI, accounting for about 4% of its total holdings; it also owns a stake in Anthropic. (Bloomberg)