Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Street
The Street
Tony Owusu

Cathie Wood Thanks Billionaire Entrepreneur for His Bold Perspective

Cathie Wood is completely in the tank for artificial intelligence and she took to Twitter to laude one of the tech's biggest boosters, entrepreneur Marc Andreessen. 

Andreessen recently penned his love letter to AI entitled "Why AI Will Save the World" where he described the tech as "a way to make everything we care about better."

DON'T MISS: Netflix Stock Leaps on Report Password Sharing Crackdown Is Boosting Subscriber Gains

Wood appreciated the sentiment. 

"Thank you [Mark Andreessen], for your perspective and inspiration as AI catapults us into an even more profound platform shift that could transform the lives of everyone on earth," Wood tweeted. 

But the beauty of social media is that less famous "nobodies" have equal footing to critique a hedge fund manager whose Ark Investment Management firm is worth $60 billion. 

One user pointed out that AI is already around in a bunch of products that are already on the market. 

Then there were the doomsday prophesiers who see a bleak future if AI ever gets to the level that Wood and Andreessen are predicting. 

Others pointed out one of Cathie Wood's biggest missteps, dumping Nvidia (NVDA) stock before the AI revolution dominated the stock market. 

Wood's Ark Invest started dumping its holdings of chipmaker Nvidia late last year and hasn't stopped doing so. Ark owned 1.3 million shares of Nvidia across all of its ETFs in early October, by the end of May that number was down to just 390,000 shares.

Analysts at Business Insider estimate that the draw down cost Ark Invest more than $200 million in potential profits as Nvidia has exploded,

Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.