Cathie Wood Is Betting Big on These 5 AI Stocks
Wood’s Ark Invest recently published its 2023 edition of its Big Ideas report. AI played no small part of this year’s report, naturally. Ark argues on behalf of AI’s seemingly endless use-cases. And, the decreasing costs to train AI models as evidence that the industry will continue to thrive in the coming years. And of the many tech stocks lining Wood’s balance sheet, there are five which investors would do well to keep aware of:
C3.ai ( $C3.ai(AI.US$ )
UiPath ( $UiPath(PATH.US$ )
Exact Sciences ( $Exact Sciences(EXAS.US$ )
Upstart ( $Upstart(UPST.US$ )
Tesla ( $Tesla(TSLA.US$ )
C3.ai ( $C3.ai(AI.US$ )
UiPath ( $UiPath(PATH.US$ )
Exact Sciences ( $Exact Sciences(EXAS.US$ )
Upstart ( $Upstart(UPST.US$ )
Tesla ( $Tesla(TSLA.US$ )
Cathie Wood’s top AI stocks for the rest of the year are both a bit expected and surprising. It’s perhaps the stock Wood is not betting on that’s most surprising — Nvidia. Indeed, Ark Invest has been slowly but surely offloading its NVDA shares, and collecting quite the bag along the way with an impressive return-on-investment. Given NVDA’s spotlight in the AI space right now, the move comes as unorthodox. But, there are plenty of others receiving a more bullish treatment by the firm.
Ark holds significant amounts of stock in companies C3.ai, Upstart and UiPath. These are some of the most obvious of AI picks on the market. C3.ai’s AI stock remains one of Wall Street’s flagship AI players, offering software-as-a-service (SaaS) to companies who want to employ AI tech at scale for any number of reasons.
C3.ai counts among its clients the likes of oil companies, the U.S. military and multiple defense contractors, giving the company plenty of credibility around its model. UiPath works to similar ends, creating software for clients meant to help streamline various processes. Though, it works specifically in the niche of automating manual tasks with robotics.
These are very broad and promising businesses. But, Ark has also honed in on several companies with more specific goals in mind. Take, Upstart and its UPST stock, for example. The corporation uses AI technology in the field of credit assessment, automating the process of evaluating customers’ creditworthiness. Or, take Exact Sciences — a company which Wood’s firm has recently deepened its holding in. Exact aggregates data to more accurately detect and diagnose cancer in patients.
These are very broad and promising businesses. But, Ark has also honed in on several companies with more specific goals in mind. Take, Upstart and its UPST stock, for example. The corporation uses AI technology in the field of credit assessment, automating the process of evaluating customers’ creditworthiness. Or, take Exact Sciences — a company which Wood’s firm has recently deepened its holding in. Exact aggregates data to more accurately detect and diagnose cancer in patients.
And while it’s no stranger to most investors, Wood has also held $Tesla(TSLA.US$ in high regard, calling Elon Musk’s EV giant a “hidden gem” among AI plays. Wood says TSLA stock — the largest Ark holding at more than 8% of the company’s aggregate portfolio — will be the biggest winner in AI and the most “go-to service” if it can perfect self-automated driving technology.
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