Cathie Wood Buys $16.7 Million of Megacap AI Stock Amid Market Volatility

Cathie Wood, CEO of Ark Investment Management, invested $16.7 million in megacap tech stock, aiming to add stability to her funds. Her flagship Ark Innovation ETF is up 27.32% YTD, but down 17% from last month. Wood's investment strategy focuses on emerging high-tech companies in AI, blockchain, biomedicine, and robotics, but has led to big fluctuations in fund values. Despite concerns about tech stock valuations, Wood believes in AI's potential and expects a market "shudder" as interest rates rise.