Cathie Wood's Ark Invest Is Selling Nvidia Stock and Buying These 2 Artificial Intelligence (AI) Growth Stocks Ahead of 2024
Cathie Wood is the founder and CEO of Ark Invest, an asset management company focused on disruptive technologies, like artificial intelligence (AI). After struggling in 2022, the firm has had a spectacular 2023. Its flagship Ark Innovation ETF is up 73% year to date, easily outperforming the broad-based S 500 and the technology-heavy Nasdaq Composite.
Yet, some readers may be surprised to learn that Ark has been selling Nvidia stock throughout the fourth quarter, unloading 33,900 shares since the end of September. Investors should not misinterpret that as a lack of confidence in the AI chipmaker. Nvidia stock has more than tripled in 2023, and Ark is likely rebalancing its portfolio.
In any case, Wood and her team have been redistributing capital across two other AI stocks, Palantir Technologies (NYSE: PLTR) and The Trade Desk (NASDAQ: TTD). Both now account for roughly 1% of Ark's $16 billion portfolio. Here's what investors should know about these growth stocks.
Source Fool.com
