Cathie Wood Is Selling Her Favorite AI Stock, and Buying This Surprising Innovator Instead
Cathie Wood is a big believer in the potential for artificial intelligence (AI) to completely disrupt the way businesses operate. That's why some of the biggest holdings in her Ark Invest funds are focused on AI and various enterprise applications for the technology.
Her and her team's favorite artificial intelligence stock of late is UiPath (NYSE: PATH). The stock shows up in all six of Ark Invest's active exchange-traded funds (ETFs). However, after a strong run in the stock price, the funds are cutting down their position in UiPath and redeploying the funds into another innovative stock.
The team believes AI could be a major growth driver for another top holding, and it's not afraid to put its money where its mouth is. That's why the Ark Invest team increased the weight of Zoom Video Communications (NASDAQ: ZM) in the Ark Innovation ETF, already its fifth-largest holding.
Source Fool.com
