Cathie Wood’s ARK line of ETFs capitalized on the recent plunge in stock prices of tech companies and made some significant trades yesterday. Wood’s Ark Invest bought the dip in Tesla (TSLA), Palantir Technologies (PLTR), Coinbase Global (COIN), Advanced Micro Devices (AMD), Tempus AI (TEM), and Robinhood Markets (HOOD).
At the same time, Wood sold shares of Sofi Technologies (SOFI), Block (XYZ), and UiPath (PATH) among others. Investors are dumping tech stocks amid economic uncertainty, with experts predicting that the U.S. economy could be heading for another recession. Notably, the “Magnificent 7” stocks shed a collective $780 billion in market capitalization in a single day yesterday. Interestingly, Wood also is predicting a “deflationary boom” for the U.S. in the second half of this year, citing the current market turbulence as the final phase of a looming recession.
Let’s see how some of Wood’s stocks…
