Cathie Wood, the CEO of Ark Invest, recently expressed regret over selling her firm’s stake in Nvidia, a leading chipmaker. In an interview with CNBC, Wood stated that if she had known Nvidia’s stock would continue to rise, she would have held onto the position. Nvidia’s shares have surged over 200% this year, driven by the company’s dominance in artificial intelligence (AI) chips. Wood acknowledged that her firm underestimated the potential of Nvidia’s AI capabilities. She mentioned that Ark Invest had invested in Nvidia in the past but exited the position due to concerns about the company’s exposure to the gaming market. However, Nvidia’s pivot towards AI and data center chips has proven to be a game-changer. Wood expressed her admiration for Nvidia’s CEO, Jensen Huang, and the company’s ability to adapt to the rapidly evolving AI landscape. While she regrets the missed opportunity, Wood remains optimistic about the future of AI and its potential to drive innovation across various industries.
Source: https://www.businessinsider.com/cathie-wood-would-have-held-nvidia-if-knew-going-up-2024-7