Cathie Wood Is Buying These AI Stocks -- And Both Could Make You Richer in 2024
As 2023 draws to a close, it is time to reflect on the investment trends that emerged during the year. For Cathie Wood, it was a period of redemption. The value of her tech-heavy Ark Innovation portfolio has risen around 60% year to date, helped by a surge in interest in artificial intelligence (AI)-related companies. Let's discuss why two of these stocks, Palantir Technologies (NYSE: PLTR) and UiPath (NYSE: PATH), could help make you richer in 2024 and beyond.
Palantir specializes in data mining, which involves using software to discover actionable insights from large amounts of data. As of mid-October, Ark owns a whopping 9.4 million company shares worth almost $151 million. And the investment fits well into Wood's innovation-focused strategy -- especially as Palantir incorporates new generative AI tech into its business model.
Palantir wants to combine data mining with large language models (LLMs) -- the magic behind conversational chatbots like ChatGPT. The two technologies are highly synergistic, and putting them together could expand the potential of Palantir's software, especially in real-time military scenarios where rapid data analysis could be crucial.
Source Fool.com
