Cathie Wood Goes Bargain Hunting: 2 AI Stocks She Just Bought After the Tech Pullback
All of this means there may be plenty of bright days ahead for this innovator -- and its shareholders.
2. Amazon
Wood added to her Amazon (NASDAQ: AMZN) position on March 3 and March 4, buying shares for Ark Innovation and four of her other funds. Amazon is in the 20th spot in Ark Innovation, with a weight of 1.9%.
Amazon is another company that's already winning in the AI boom, as a user and seller of AI. The e-commerce business is using this technology to gain efficiency, help shoppers, and more. For example, AI helps Amazon select the fastest delivery routes, saving time and money. And Amazon Web Services (AWS), the company's cloud business, is a leading provider of AI products and services. This has helped the unit reach an annual revenue run rate of $142 billion. Amazon recently announced that as it opens new capacity, it's able to monetize it immediately.
AWS is the leading cloud provider globally, and this existing customer base should position it well to keep on gaining business in the AI space. Meanwhile, AWS also continues to deliver growth from non-AI contracts -- so it doesn't depend only on AI.
Today, Amazon shares trade for 28x forward earnings estimates after the recent dip, so it's not surprising that bargain-hunting Wood snapped them up for this great price.
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Adria Cimino has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Nvidia. The Motley Fool has a disclosure policy.
Cathie Wood Goes Bargain Hunting: 2 AI Stocks She Just Bought After the Tech Pullback was originally published by The Motley Fool
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