2 Discounted Stocks Cathie Wood Is Buying Aggressively Right Now
Key Points
Cathie Wood is known for ignoring short-term obstacles and instead focusing on a company’s long-term picture. That has allowed her to get in on some of the world’s most exciting and innovative companies at fantastic prices. The chief executive officer of Ark Invest doesn’t wait for everyone else to get excited about a stock and pile in; she’s known to buy during low periods, when other investors are hesitant, and the particular stock is in the doldrums.
With this in mind, it’s no surprise that, as many artificial intelligence (AI) and technology stocks fell in recent days, Wood has been on a buying spree. She recognizes the potential of certain players a few years down the road, so she views today’s declines as a key buying opportunity. Wood has picked up shares of a number of stocks over the past few weeks, and two names in particular have shown up more than once in her list of purchases. In fact, she just bought more of the following two discounted stocks on July 17. They’ve each fallen more than 30% over the past month.
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Let’s check out the two potential long-term winners that Wood is aggressively buying right now.
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1. Space Exploration Technologies
Space Exploration Technologies (NASDAQ: SPCX) has been a longtime favorite of Wood. Through the Ark Venture Fund, she invested in the company well before its historic initial public offering. Wood then bought shares of SpaceX in its early days of trading, following the June 12 IPO, and has picked up shares periodically ever since. In her latest move, she bought shares for her flagship Ark Innovation fund, and the Ark Autonomous Technology and Robotics, Ark Next Generation Internet, and Ark Space and Defense Innovation funds.
SpaceX is the top holding in the Ark Space fund and among the top holdings in Ark Innovation and the autonomous technology and robotics fund.
Wood may view SpaceX as a bargain right now. The stock on July 17 closed at $123.99, lower than its IPO price of $135. Though SpaceX climbed in its initial days of trading, the stock has tumbled in more recent times amid general concerns about tech companies’ enormous investments in AI — and some investors also may worry that SpaceX’s capital spending in its AI unit may make it difficult for the company to become profitable any time soon.
SpaceX could have a very bright future if it’s able to succeed in the development of certain technologies and reach big goals, such as operating data centers in space. But the company comes with a significant amount of risk right now — so this Cathie Wood favorite is best left to the most aggressive of investors.
2. CoreWeave
Cathie Wood added shares of CoreWeave (NASDAQ: CRWV) to Ark Innovation and Ark Next Generation Internet on July 17. It’s the 16th biggest position in the internet fund and the 20th biggest position in Ark Innovation. Wood has bought shares of this tech player on other occasions in recent weeks, too, so she clearly sees it as a deal to get in on now.
CoreWeave offers something that’s in great need at the moment: access to compute for AI workloads. The cloud provider specializes in these types of workloads, helping it stand out from cloud giants like Amazon or Microsoft, which offer a broader range of services well beyond AI.
CoreWeave allows customers to rent access to its enormous fleet of Nvidia graphics processing units (GPUs), offering them the advantage of flexibility, speed, and cost savings — instead of building their own data centers, customers can turn to CoreWeave for exactly what they need, when they need it. CoreWeave works closely with Nvidia, which is also a CoreWeave shareholder, and has been among the first to make Nvidia’s platforms generally available.
Like SpaceX, CoreWeave isn’t yet profitable and carries some risk, but for aggressive investors, this Cathie Wood stock pick may represent an interesting buying opportunity.
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Adria Cimino has positions in Amazon. The Motley Fool has positions in and recommends Amazon, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
