NVDA - Cathie Wood Just Recommended 2 Stocks Over Nvidia: But Which Is the Better Buy?
2023-09-28 07:05:00 ET
At a recent conference in Munich, Ark Innovation ETF (NYSEMKT: ARKK) manager Cathie Wood was asked about her favorite artificial intelligence (AI) plays.
While ARK has owned AI star Nvidia (NASDAQ: NVDA) in the past, Wood actually sold out of Nvidia in the company's main fund in January before Nvidia took off 189% this year. Though ARK's smaller ARK Autonomous Tech. & Robotics ETF (NYSEMKT: ARKQ) and other strategies still hold the stock, Wood had also greatly scaled back the Nvidia holding in those ETFs since the earlier part of the year.
At the conference, Wood somewhat dismissed Nvidia as an "obvious" play on AI, given the stock's run to date and its valuation over 100 times earnings. Instead, Wood put forward two other "less obvious" AI names. But which is the better buy, and are they really better plays than Nvidia at the moment?
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Cathie Wood Just Recommended 2 Stocks Over Nvidia: But Which Is the Better Buy?