• Privacy Policy
LSD News
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
  • Home
  • Business
  • Crypto News
  • Finance
  • Health
  • Politics
  • Sports
  • Stock
  • Tech
  • Travel
No Result
View All Result
LSD News
No Result
View All Result
Home Finance

ARK CEO Cathie Wood says she avoided the Arm IPO frenzy. Here’s why

by
September 20, 2023
in Finance
0
ARK CEO Cathie Wood says she avoided the Arm IPO frenzy. Here’s why
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


Cathie Wood, CEO of Ark Invest, speaks during an interview on CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, February 27, 2023.

Brendan McDermid | Reuters

ARK Invest CEO Cathie Wood said she did not participate in Arm‘s blockbuster initial public offering last week because she finds the British chip designer was overvalued relative to its competitive position.

Arm, the Cambridge-based company controlled by Japanese investment giant SoftBank, listed on New York’s Nasdaq on Thursday at an IPO price of $51 a share for a valuation of almost $60 billion. Shares jumped almost 25% on the first day of trading to close at $63.59.

The initial buzz has since fizzled, with the stock suffering successive daily declines to end the Tuesday trade session at $55.17.

Speaking on CNBC’s “Squawk Box Europe” on Wednesday, Wood said the recent frenzy around AI-exposed companies was justified and that “innovation is undervalued given the enormous opportunities that we see ahead, catalyzed very importantly by artificial intelligence.”

“As far as Arm, I think there might be a little bit too much emphasis on AI when it comes to Arm and maybe not enough focus on the competitive dynamics out there,” she added.

Arm CEO Rene Haas and executives cheer, as Softbank’s Arm, chip design firm, holds an initial public offering (IPO) at Nasdaq Market site in New York, U.S., September 14, 2023.

Brendan Mcdermid | Reuters

“So we did not participate in that IPO, and we also compare it to the stocks in our portfolios. Arm came out, we think, from a valuation point of view on the high side, and we see within our portfolios much lower priced names with much more exposure to AI.”

Arm declined to comment.

The top holdings in Wood’s flagship ARK Innovation ETF include Tesla, Shopify, UiPath, Unity, Zoom, Twilio, Coinbase, Roku, Block and DraftKings.

After taking a beating during the recent cycle of aggressive interest rate hikes from the U.S. Federal Reserve, the ARK ETF resurged this year, as investors flocked to stocks with AI exposure. Wood said that the anticipation of interest rates peaking would further this trend.

“The appetite for innovation is stirring here, and I think one of the reasons is because many investors and analysts are starting to look over the interest rate hike moves we’ve seen, record breaking in the last year or so, and to the other side,” she explained.

With inflation coming down across major economies and with central banks expected to begin unwinding their aggressive monetary policy tightening over the next year, Wood suggested the coming period “should be a very good environment for innovation and global megatrend strategies.”

ARK Invest on Wednesday acquired British thematic ETF issuer Rize ETF for £5.25 million ($6.5 million), marking the company’s first venture into the European passive investment market.

Wood said that Europe has not had access to actually invest in the company’s U.S.-based ETFs until now, despite accounting for around 25% of demand for the company’s research since ARK’s inception in 2014.

“The cost of technology, especially with artificial intelligence now, is collapsing, and therefore it’s going to be much easier to build and scale tech companies anywhere in the world. This is no longer just the purview of Silicon Valley,” Wood said. “We are very open-minded about technologies flourishing throughout the world, including Europe.”

Related

Tags: ARKARK Innovation ETFarmArm Holdings PLCavoidedBlock IncBreaking News: InvestingBreaking News: MarketsBreaking News: Technologybusiness newsCathieCEOCoinbase Global IncDraftkings IncfrenzyHeresInvestment strategyIPOMarketsMergers and acquisitionsRoku IncShopify IncSoftBank Group CorpTechnologyTesla IncTwilio IncUiPath IncUnity Software IncWoodZoom Video Communications Inc
Previous Post

Market update: Sensex tanks over 700 points, Nifty below 20,000

Next Post

FDA declines to approve Neffy epinephrine nasal spray for severe allergic reactions

Next Post
FDA declines to approve Neffy epinephrine nasal spray for severe allergic reactions

FDA declines to approve Neffy epinephrine nasal spray for severe allergic reactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 131 Followers
  • 23.9k Followers
  • 99 Subscribers
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Hawaii officials work to address mental health challenges facing wildfire survivors

Hawaii officials work to address mental health challenges facing wildfire survivors

August 17, 2023
Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

Wegovy heart health data is promising — but insurers face long road, high cost to cover obesity drugs

August 10, 2023
Working-age Americans are struggling to pay for health care, even those with insurance, report finds

Working-age Americans are struggling to pay for health care, even those with insurance, report finds

October 28, 2023

Aron Szabo: The Hungarian voice of the American legal profession

September 27, 2023
Ethereum Price To Reclaim $1,300, What Are The Possibilities?

Ethereum Price To Reclaim $1,300, What Are The Possibilities?

0
Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

Tech layoffs in Southeast Asia mount as unprofitable startups seek to extend their runways

0
Stock market update: Stocks that hit 52-week lows on NSE in today’s trade

Stock market update: Stocks that hit 52-week lows on NSE in today’s trade

0
Wealthy Chinese keep on spending while others cut back, survey finds

Wealthy Chinese keep on spending while others cut back, survey finds

0
Pediatric pneumonia outbreaks reported in Ohio, Massachusetts

Pediatric pneumonia outbreaks reported in Ohio, Massachusetts

December 2, 2023
This sector gave positive returns in December last 3 years, will history repeat?

This sector gave positive returns in December last 3 years, will history repeat?

December 2, 2023
How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

December 2, 2023
Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

December 2, 2023

Recent News

Pediatric pneumonia outbreaks reported in Ohio, Massachusetts

Pediatric pneumonia outbreaks reported in Ohio, Massachusetts

December 2, 2023
This sector gave positive returns in December last 3 years, will history repeat?

This sector gave positive returns in December last 3 years, will history repeat?

December 2, 2023
How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

How $100 billion mining giant Rio Tinto is poised to benefit from the EV boom

December 2, 2023
Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

Hashdex Submits Revised Bitcoin Spot ETF Filing To The SEC, Here’s What Changed | Bitcoinist.com

December 2, 2023

We bring the latest news from all over the world and get all time updated you

Follow Us

Browse by Category

  • Arts & Entertainment, Music
  • Arts & Entertainment, Photography
  • Business
  • Business, Careers
  • Business, Customer Service
  • Business, Home Based Business
  • Business, Marketing
  • Business, Sales
  • Communications, Mobile Phones
  • Computers, Data Recovery
  • Computers, Games
  • Computers, Hardware
  • Crypto News
  • Disease & Illness, Breast Cancer
  • Fashion, Jewelry
  • Finance
  • Finance, Credit
  • Finance, Currency Trading
  • Finance, Investing
  • Finance, Real Estate
  • Finance, Taxes
  • Food & Beverage, Coffee
  • Food & Beverage, Gourmet
  • Food & Beverage, Wine
  • Health
  • Health & Fitness, Acne
  • Health & Fitness, Cardio
  • Health & Fitness, Diabetes
  • Health & Fitness, Exercise
  • Health & Fitness, Medicine
  • Health & Fitness, Weight Loss
  • Home & Family, Crafts
  • Home & Family, Gardening
  • Home & Family, Hobbies
  • Home & Family, Holidays
  • Home & Family, Home Improvement
  • Home & Family, Home Security
  • Home & Family, Landscaping
  • Home & Family, Pets
  • Internet Business, Affiliate Programs
  • Internet Business, Audio-Video Streaming
  • Internet Business, Blogging
  • Internet Business, Ecommerce
  • Internet Business, Email Marketing
  • Internet Business, Podcasts
  • Internet Business, SEO
  • Internet Business, Site Promotion
  • Internet Business, Web Design
  • Politics
  • Politics, Commentary
  • Politics, Current Events
  • Product Reviews, Book Reviews
  • Product Reviews, Consumer Electronics
  • Product Reviews, Movie Reviews
  • Product Reviews, Music Reviews
  • Recreation & Sports, Biking
  • Recreation & Sports, Fishing
  • Recreation & Sports, Martial Arts
  • Reference & Education, College
  • Reference & Education, Homeschooling
  • Reference & Education, K-12 Education
  • Reference & Education, Sociology
  • Self Improvement, Coaching
  • Self Improvement, Creativity
  • Self Improvement, Happiness
  • Society, Divorce
  • Society, Sexuality
  • Society, Weddings
  • Sports
  • Stock
  • Tech
  • Travel
  • Travel & Leisure, Aviation
  • Travel & Leisure, Destinations
  • Travel & Leisure, Travel Tips
  • Travel & Leisure, Vacations
  • Uncategorized
  • Vehicles, Boats
  • Vehicles, Cars
  • Writing & Speaking, Writing

Recent News

Pediatric pneumonia outbreaks reported in Ohio, Massachusetts

Pediatric pneumonia outbreaks reported in Ohio, Massachusetts

December 2, 2023
This sector gave positive returns in December last 3 years, will history repeat?

This sector gave positive returns in December last 3 years, will history repeat?

December 2, 2023
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Privacy Policy

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

  • bitcoinBitcoin(BTC)$35,404.002.62%
  • ethereumEthereum(ETH)$1,834.511.58%
  • tetherTether(USDT)$1.000.05%
  • binancecoinBNB(BNB)$230.812.55%
  • rippleXRP(XRP)$0.610.69%
  • usd-coinUSDC(USDC)$1.00-0.05%
  • solanaSolana(SOL)$43.8211.48%
  • staked-etherLido Staked Ether(STETH)$1,833.391.69%
  • cardanoCardano(ADA)$0.3098437.47%
  • dogecoinDogecoin(DOGE)$0.0699594.44%
  • tronTRON(TRX)$0.1003142.05%
  • ToncoinToncoin(TON)$2.201.43%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • chainlinkChainlink(LINK)$11.221.48%
  • matic-networkPolygon(MATIC)$0.676.54%
  • polkadotPolkadot(DOT)$4.748.08%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$35,382.002.69%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • litecoinLitecoin(LTC)$70.122.70%
  • bitcoin-cashBitcoin Cash(BCH)$243.091.20%
  • shiba-inuShiba Inu(SHIB)$0.0000083.84%
  • avalanche-2Avalanche(AVAX)$12.017.66%
  • daiDai(DAI)$1.000.07%
  • leo-tokenLEO Token(LEO)$3.89-2.12%
  • uniswapUniswap(UNI)$4.6914.32%
  • stellarStellar(XLM)$0.120970-1.09%
  • true-usdTrueUSD(TUSD)$1.000.23%
  • ftx-tokenFTX(FTT)$23.71-3.46%
  • moneroMonero(XMR)$171.280.18%
  • Bitcoin Cash ABCBitcoin Cash ABC(BCHA)$151.06-6.64%
  • okbOKB(OKB)$45.561.24%
  • ethereum-classicEthereum Classic(ETC)$17.690.18%
  • BitTorrentBitTorrent(BTT)$0.003681-1.64%
  • cosmosCosmos Hub(ATOM)$7.932.86%
  • binance-usdBUSD(BUSD)$1.000.00%
  • hedera-hashgraphHedera(HBAR)$0.0551277.19%
  • filecoinFilecoin(FIL)$3.944.61%
  • internet-computerInternet Computer(ICP)$4.075.54%
  • AptosAptos(APT)$7.030.90%
  • crypto-com-chainCronos(CRO)$0.0630372.69%
  • lido-daoLido DAO(LDO)$1.852.02%
  • quant-networkQuant(QNT)$103.420.82%
  • nearNEAR Protocol(NEAR)$1.467.26%
  • vechainVeChain(VET)$0.0194284.35%
  • aaveAave(AAVE)$95.4516.20%
  • injective-protocolInjective(INJ)$15.5911.92%
  • ArbitrumArbitrum(ARB)$1.016.10%
  • MantleMantle(MNT)$0.4025286.42%
  • optimismOptimism(OP)$1.422.60%
  • Shiba SagaShiba Saga(SHIA)$0.151738-15.33%