PATH - UiPath Is Cathie Wood's Largest AI Investment. Should the Stock Be in Your Portfolio?
2024-04-07 03:30:00 ET
Cathie Wood of Ark Investment Management is well known for investing in high-growth, cutting-edge technology companies that she thinks are industry disruptors. Not surprisingly, artificial intelligence (AI) is one of the investment themes she is most excited about. However, the top AI holding in her flagship Ark Innovation ETF (NYSEMKT: ARKK) may surprise investors. It's not Nvidia or Microsoft , but instead a lesser-known company called UiPath (NYSE: PATH) . The stock is the fifth-largest position in the Ark Innovation ETF, representing about 5.8% of its holdings.
With Wood excited about the prospect of UiPath, the question is, does the stock deserve a place in your portfolio?
UiPath is an AI-powered automation company that helps clients build tools to perform various business tasks. So what exactly does that mean? The company's platform allows organizations to do several things. One is that it helps automate everyday mundane tasks. This could be something like data entry or filling out forms. It also provides low-code development tools to create apps, as well as tools to understand and process documents such as invoices.
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UiPath Is Cathie Wood's Largest AI Investment. Should the Stock Be in Your Portfolio?