It's been a roller coaster ride for Cathie Wood-led investment firm Ark Invest recently.
The American investor is the founder of several exchange-traded funds (ETFs), including the flagship ARK Innovation Fund.
After two miserable years, the fund has made an impressive comeback in 2023, according to… Financial Times.
With a return of 68 percent, the fund, which has about $8 billion in assets under management, placed itself in the top percentage of technology funds last year, Morningstar figures show.
The stock collapses
The trend now appears to have reversed, and several Woods funds have lost significant values recently.
UiPath shares collapsed on Thursday evening at 19:00 Norwegian time by about 35 percent, which is at its lowest level since January 2023.
This decline comes despite the company reporting positive quarterly numbers with revenue increasing 16 percent to more than $335 million.
UiPath shares have fallen more than 56% from their high point this year, and its market value has fallen from more than $44 billion to less than $10 billion, he wrote. Trading offer.
Bull on artificial intelligence
UiPath is an important company in Cathie Wood's portfolio as several of her ETFs are invested in the company.
Tek provides business automation and artificial intelligence solutions to companies such as Orange and Siemens.
The stock is the fifth-largest holding in Woods' ARK Innovation fund, with a stake of more than 5 percent, worth about $350 million.
The same goes for its ARK Autonomous Tech & Robotics fund, where UiPath also ranks fifth behind Tesla, Teradyne, Kratos Defense & Security, and Iridium.
Wood, who is known to be extremely bullish on technology and AI stocks, has previously said that AI is the most important catalyst in her investment strategy.
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