Cathie Wood buys $11M in falling tech stock amid market volatility

AI Summary

Cathie Wood, head of Ark Investment Management, purchased $11 million worth of shares in a megacap tech company that is down nearly 30% year-to-date. The Ark Innovation ETF (ARKK) is currently down roughly 11% this year, compared to a 0.42% drop in the S&P 500. Despite past performance, including a 35.49% gain last year, the ETF has seen a five-year annualized return of -10.7%. Wood believes in the innovative potential of high-tech sectors, emphasizing that AI technologies are significantly reducing costs across industries.