Cathie Wood Flips Script, Sells Tech Giants Amid Market Dip

0:00Kathy Wood from ARC Investment just flipped her script, selling off big chunks of tech giants like Nvidia and AMD last week during the market dip. From US Iran, tensions. Normally she buys the dip, but her flagship ARC Innovation Fund is down 18.4% year to date, way worse than the S&P 5, 107.3% drop. Her fund crushed it with 153% gain back in 2020, but took a brutal 60% hit in 2022. Over five years through late March, it's lost 10.6% annualized while the S&P 500 gained 11.5%. Investors are pulling out with $1.35 billion in net outflows over the last 12 months. Still, Wood stays bullish, calling this a great acceleration from AI, robotics, and biotech, not a recession. She predicts global growth hitting 7-8% from these tech waves, with AI cost plummeting 75% a year on training and up to 98% on inference.

1:02Her top holdings include Tesla, at 10.62% and AMD, at 4.13%. Markets stay volatile with inflation fears and rising yields, but Wood sees endless upside in these innovations as the real game changers take hold. Local news, powered by AI. This is Durham News today.