TORONTO — When Cathie Wood scans the global technology sector, one innovation stands out, even as its proliferation creates new opportunities. Artificial intelligence, the U.S.
TORONTO — When Cathie Wood scans the global technology sector, one innovation stands out, even as its proliferation creates new opportunities.
The convergence is part of why she said Tesla holds the largest position in her investing strategy. The company, she reasoned, is not just playing in the autonomous vehicles and robotics space but also bound to dabble in AI. It's been a rocky few years for Ark and Wood, who gained a reputation for being a star stock-picker when her flagship fund soared 150 per cent in 2020, when tech firms like video conferencing platform Zoom and streaming giant Roku benefited from the time people were spending at home during COVID-19-related lockdowns. The gains Wood delivered through her New York-based Ark Innovation ETF well surpassed the S&P 500's then-16 per cent return.
As Wood now works to put her fund back on top, the world has become abuzz about AI. Companies are scrambling to implement it into their systems and workflows, while governments consider how to regulate the potential risks it causes. As companies navigate the critical eye being cast on AI by potential regulators, Wood said,"Half the solution is understanding the problem and if your company is deploying AI, typically it's going to be mission critical at the end of the day."
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