Cathie Wood, head of Ark Investment Management, is known for making bold bets on disruptive innovation, mostly in the U.S.
But this week, she looked abroad, buying an Asian chipmaker as investor optimism around AI infrastructure and semiconductors returns following signs of easing tariffs.
kAmkDEC@?8mπ΅π°k^DEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^?6HD=6EE6CDnFE>0D@FC46l2CE:4=6U2>AjFE>0>65:F>0E@AU2>AjFE>042>A2:8?l2>2K:?80C246QmkDEC@?8ms@?VE >:DD E96 >@G6i $F3D4C:36 E@ %96$EC66EVD 7C66 52:=J ?6HD=6EE6Ck^DEC@?8mk^2m kDEC@?8mπ°π΅k^DEC@?8mk^Am
kAmx? pAC:=[ !C6D:56?E s@?2=5 %CF>A C2:D65 E2C:77D @? r9:?6D6 8@@5D E@ 2D 9:89 2D `cdT[ AC@>AE:?8 DH:7E C6E2=:2E:@? 7C@> q6:;:?8 2?5 EC:886C:?8 2 D92CA >2C<6E D6==\@77 2D E6?D:@?D 7=2C65 36EH66? E96 H@C=5βD EH@ =2C86DE 64@?@>:6D]k^Am
kAmt2C=:6C E9:D >@?E9[ E96 &]$] 2?5 r9:?2 DECF4< 2 C2C6 562= π v6?6G2 E@ E6>A@C2C:=J 4FE E2C:77D 2D 3@E9 D:56D H@C< E@H2C5 2 3C@256C 28C66>6?E]k^Am
kAm(@@5βD 7F?5D D2H 2 3C:67 3F>A 27E6C %CF>A H@? E96 AC6D:56?4J =2DE }@G6>36C[ 3FE E92E >@>6?EF> 5:5?βE 8@ 72C] w6C 7=28D9:A pC< x??@G2E:@? t%uΒ kDA2?mWkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^BF@E6^p#zzQmp#zzk^2mk^DEC@?8mXk^DA2?m Β F?56CA6C7@C>65 E96 $U2>Aj! d__ :?56I 2>:5 3C@256C >2C<6E G@=2E:=:EJ]k^Am
kAm*62C\E@\52E6[ p#zz π 5@H? a]efT[ D=:89E=J H@CD6 E92? E96 $U2>Aj! d__βD =@DD @7 `]bcT]k^Am
kAm(@@5 82:?65 2 C6>2C<23=6 `dbT π a_a_[ H9:49 96=A65 3F:=5 96C C6AFE2E:@? 2?5 2EEC24E =@J2= :?G6DE@CD] $E:==[ 96C =@?8\E6C> A6C7@C>2?46 92D >256 >2?J @E96CD D<6AE:42= @7 96C 288C6DD:G6 DEJ=6]k^Am
kAmpD @7 |2J ab[ pC< x??@G2E:@? t%u[ H:E9 Sd 3:==:@? F?56C >2?286>6?E[ 92D 56=:G6C65 2 7:G6\J62C 2??F2=:K65 C6EFC? @7 ?682E:G6 `]fdT] x? 4@>A2C:D@?[ E96 $U2>Aj! d__ 92D 2? 2??F2=:K65 C6EFC? @7 `e]a_T @G6C E96 D2>6 A6C:@5]k^Am
k7:8FC6mk:>8 DC4lQ9EEADi^^HHH]E96DEC66E]4@>^]:>286^407:ETar90g__TarH0`a__^|;pH|K<c|;8K};4_|;|J|%8_^42E9:6\H@@5\:?G6DE\76DE];A8Q 96:89ElQefdQ H:5E9lQ`a__Q ^mk7:842AE:@?m%96 pC< x??@G2E:@? t%u 92D D66? 2 ?6E @FE7=@H @7 Sa]cd 3:==:@? @G6C E96 A2DE `a >@?E9D E9C@F89 |2J a`[ H:E9 Scce]eh >:==:@? 6I:E:?8 π E96 A2DE >@?E9[ 244@C5:?8 E@ t%u C6D62C49 7:C> ‘6EE2u:]kAmk2 9C67lQ9EEADi^^HHH]86EEJ:>286D]4@>^56E2:=^`ecbdf`fghQmx>286 D@FC46i !2C2D vC:77:?^v6EEJ x>286Dk^2mk^Amk^7:842AE:@?mk^7:8FC6m
k9amr2E9:6 (@@5βD :?G6DE>6?E DEC2E68J[ 6IA=2:?65k^9am
kAm(@@5βD :?G6DE>6?E DEC2E68J π DEC2:89E7@CH2C5i w6C pC< t%uD EJA:42==J 3FJ D92C6D π 6>6C8:?8 9:89\E649 4@>A2?:6D π 7:6=5D DF49 2D 2CE:7:4:2= :?E6==:86?46[ 3=@4<492:?[ 3:@>65:42= E649?@=@8J[ 2?5 C@3@E:4D]k^Am
kAm(@@5 D2JD E96D6 4@>A2?:6D 92G6 E96 A@E6?E:2= E@ C6D92A6 :?5FDEC:6D[ 3FE E96:C G@=2E:=:EJ =625D E@ >2;@C 7=F4EF2E:@?D π pC< 7F?5DV G2=F6D]k^Am
kA 2=:8?lQ46?E6CQmkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE@CD^42E9:6\H@@5\?6E\H@CE9Qm#6=2E65i r2E9:6 (@@5VD ?6E H@CE9i %96 pC< x?G6DE rt~VD H62=E9 U2>Aj :?4@>6k^2mk^DEC@?8mk^Am
kAm%96 pC< x??@G2E:@? t%u H:A65 @FE Sf 3:==:@? π :?G6DE@C H62=E9 @G6C E96 `_ J62CD 6?5:?8 π a_ac[ 244@C5:?8 E@ 2? 2?2=JD:D 3J |@C?:?8DE2CβD 2?2=JDE p>J pC?@EE] %92E >256 :E E96 E9:C5\3:886DE H62=E9 56DEC@J6C 2>@?8 >FEF2= 7F?5D 2?5 t%uD π pC?@EEβD C2?<:?8]k^Am
kAm(@@5 C646?E=J D2:5 E96 &]$] π 4@>:?8 @FE @7 2 E9C66\J62C βC@==:?8 C646DD:@?β 2?5 9625:?8 :?E@ 2 AC@5F4E:G:EJ\=65 C64@G6CJ E92E 4@F=5 EC:886C 2 3C@256C 3F== >2C<6E]k^Am
kAmx? 2 =6EE6C E@ :?G6DE@CD AF3=:D965 @? pAC:= b_[ D96 5:D>:DD65 AC65:4E:@?D @7 2 C646DD:@? 5C288:?8 :?E@ a_ae[ 2D D96 6IA64ED Q>@C6 4=2C:EJ @? E2C:77D[ E2I6D[ C68F=2E:@?D[ 2?5 :?E6C6DE C2E6D @G6C E96 ?6IE E9C66 E@ D:I >@?E9D]Qk^Am
kAmQx7 E96 4FCC6?E E2C:77 EFC>@:= C6DF=ED π 7C66C EC256[ 2D E2C:77D 2?5 ?@?\E2C:77 32CC:6CD 4@>6 5@H? π E2?56> H:E9 564=:?6D π @E96C E2I6D[ C68F=2E:@?D[ 2?5 :?E6C6DE C2E6D[ E96? C62= vs! 8C@HE9 2?5 AC@5F4E:G:EJ D9@F=5 DFCAC:D6 @? E96 9:89 D:56 @7 6IA64E2E:@?D 2E D@>6 A@:?E 5FC:?8 E96 D64@?5 92=7 @7 E9:D J62C[Q D96 HC@E6]k^Am
kAm$96 2=D@ DECF4< 2? @AE:>:DE:4 E@?6 7@C E649 DE@4<D]k^Am
kAmQsFC:?8 E96 4FCC6?E EFC3F=6?E EC2?D:E:@? π E96 &$[ H6 E9:?< 4@?DF>6CD 2?5 3FD:?6DD6D 2C6 =:<6=J E@ 2446=6C2E6 E96 D9:7E E@ E649?@=@8:42==J 6?23=65 :??@G2E:@? A=2E7@C>D :?4=F5:?8 2CE:7:4:2= :?E6==:86?46[ C@3@E:4D[ 6?6C8J DE@C286[ 3=@4<492:? E649?@=@8J[ 2?5 >F=E:@>:4D D6BF6?4:?8[Q D96 D2:5]k^Am
kAmqFE ?@E 2== :?G6DE@CD D92C6 (@@5VD @AE:>:D>] %96 pC< x??@G2E:@? t%u 92D D66? 2 ?6E @FE7=@H @7 Sa]cd 3:==:@? @G6C E96 A2DE `a >@?E9D E9C@F89 |2J a`[ H:E9 Scce]eh >:==:@? 6I:E:?8 π E96 A2DE >@?E9[ 244@C5:?8 E@ t%u C6D62C49 7:C> ‘6EE2u:]k^Am
k9amr2E9:6 (@@5 3FJD Sce >:==:@? @7 %2:H2? $6>:4@?5F4E@C DE@4<k^9am
kAm~? |2J `h 2?5 a_[ (@@5βD pC< 7F?5D 3@F89E ac`[_cf D92C6D @7 %2:H2? $6>:4@?5F4E@C |2?F724EFC:?8 r@>A2?J[ @C %$|rΒ kDA2?mWkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^BF@E6^%$|Qm%$|k^2mk^DEC@?8mXk^DA2?m ]k^Am
kAm%92E 49F?< @7 DE@4< π G2=F65 2E C@F89=J Sce]b >:==:@? 2?5 π @?6 @7 (@@5βD 3:886DE C646?E EC256D]k^Am
kA 2=:8?lQ46?E6CQmkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE:?8^42E9:6\H@@5\3FJD\a\f\>:==:@?\DFC8:?8\49:?2\E649\DE@4<\27E6C\E2C:77\E2=<DQm#6=2E65i r2E9:6 (@@5 3FJD Sa]f| DFC8:?8 r9:?2 E649 DE@4< 27E6C E2C:77 E2=<Dk^2mk^DEC@?8mk^Am
kAm%2:H2? $6>:4@?5F4E@C π E96 H@C=5VD =625:?8 4@?EC24E 49:A>2<6C 2?5 2 <6J DFAA=:6C E@ }G:5:2Β kDA2?mWkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^BF@E6^}’spQm}’spk^2mk^DEC@?8mXk^DA2?m Β 2?5 p5G2?465 |:4C@ s6G:46DΒ kDA2?mWkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^BF@E6^p|sQmp|sk^2mk^DEC@?8mXk^DA2?m ]Β xE >2?F724EFC6D 25G2?465 49:AD FD65 π 2CE:7:4:2= :?E6==:86?46 2AA=:42E:@?D[ :?4=F5:?8 E9@D6 E92E A@H6C =2C86 =2?8F286 >@56=D 56G6=@A65 3J 4@>A2?:6D DF49 2D |:4C@D@7EΒ kDA2?mWkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^BF@E6^|$u%Qm|$u%k^2mk^DEC@?8mXk^DA2?m Β 2?5 v@@8=6Β kDA2?mWkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^BF@E6^v~~v{Qmv~~v{k^2mk^DEC@?8mXk^DA2?m ]k^Am
kAm%$|r D92C6D 2C6 5@H? c]aT D@ 72C π a_ad[ 3FE E96 DE@4< 92D C63@F?565 D92CA=J π E96 A2DE >@?E9[ 4=:>3:?8 ?62C=J afT 2D :?G6DE@CD C62DD6DD E96 :>A24E @7 &]$]\r9:?2 E2C:77D @? E96 49:A>2<6CVD @FE=@@<]k^Am
kAmx? pAC:=[ E96 4@>A2?J C6A@CE65 DEC@?8 7:CDE\BF2CE6C C6DF=ED[ H:E9 62C?:?8D A6C D92C6 :?4C62D65 e_]cT E@ Sa]`a A6C ps#] #6G6?F6 C624965 Sad]db 3:==:@?[ 2 c`]eT :?4C62D6 J62C\@G6C\J62C]k^Am
kAmu@C E96 4FCC6?E BF2CE6C[ %$|r 6IA64ED C6G6?F6 @7 Sag]c 3:==:@? E@ Sah]a 3:==:@?] %96 >:5A@:?E @7 Sag]g 3:==:@? E@AA65 (2== $EC66EVD E2C86E @7 Sae]ha 3:==:@?]k^Am
kAmQ|@G:?8 :?E@ D64@?5 BF2CE6C a_ad[ H6 6IA64E @FC 3FD:?6DD E@ 36 DFAA@CE65 3J DEC@?8 56>2?5 7@C @FC :?5FDECJ\=625:?8 b\?2?@>6E6C 2?5 d\?2?@>6E6C E649?@=@8:6D[Q %$|r r9:67 u:?2?4:2= ~77:46C (6?56== wF2?8 D2:5]k^Am
kAm%96 3F==:D9 36E :D?βE H:E9@FE C:D<] %$|r π 6IA@D65 E@ 86@A@=:E:42= E6?D:@?D 2?5 EC256 F?46CE2:?E:6D 36EH66? E96 &]$] 2?5 r9:?2[ H9:49 4@F=5 9FCE E96 4@>A2?JVD 56=:G6CJ 2?5 C6G6?F6]k^Am
kAmβ(9:=6 H6 92G6 ?@E D66? 2?J 492?86D π @FC 4FDE@>6CDβ 3692G:@C D@ 72C[ F?46CE2:?E:6D 2?5 C:D<D 7C@> E96 A@E6?E:2= :>A24E 7C@> E2C:77 A@=:4:6D 6I:DE[β wF2?8 D2:5 π 2 %$|r ?6HD C6=62D6]k^Am
kAm}G:5:2VD rt~[ y6?D6? wF2?8[ D2:5 =2DE $6AE6>36C E92E }G:5:2 925 E96 23:=:EJ E@ EFC? E@ @E96C DFAA=:6CD 2D :E 925 6?@F89 :?E6==64EF2= AC@A6CEJ] qFE 96 7=28865 E92E E96 DH:E49 >:89E =@H6C 49:A BF2=:EJ]k^Am
kAmkDEC@?8m|@C6 }G:5:2ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^E649?@=@8J^H:==\?G:5:2\86E\9:E\92C5\3J\2:\42A6I\C:D<QmkDEC@?8m(:== }G:5:2 86E 9:E 92C5 3J px 42A6I C:D<nk^DEC@?8mk^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE:?8^DE@4<D^2?2=JDED\C6G:D6\?G:5:2\AC:46\E2C86E\@?\49:A\56>2?5QmkDEC@?8mp?2=JDED C6G:D6 }G:5:2 AC:46 E2C86E @? 49:A 56>2?5k^DEC@?8mk^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE:?8^DE@4<D^DFCAC:D:?8\49:?2\?6HD\D6?5D\?G:5:2\DE@4<\EF>3=:?8QmkDEC@?8m$FCAC:D:?8 r9:?2 ?6HD D6?5D }G:5:2 DE@4< EF>3=:?8k^DEC@?8mk^2mk^=:mk^F=m
kAmβ|2J36 E96 AC@46DD E649?@=@8J π ?@E 2D 8C62E[ >2J36 H6 H@?VE 36 23=6 E@ 86E E96 D2>6 =6G6= @7 A6C7@C>2?46 @C 4@DE[ 3FE H6 H:== 36 23=6 E@ AC@G:56 E96 DFAA=J[Q wF2?8 D2:5 2E v@=5>2? $249DβD r@>>F?24@A:2 Z %649?@=@8J r@?76C6?46] Qx? E96 6G6?E 2?JE9:?8 H6C6 E@ 92AA6?[ H6 D9@F=5 36 23=6 E@ A:4< FA 2?5 723 :E D@>6H96C6 6=D6]βk^Am
kAm$E:==[ 96 AC2:D65 %$|rβD F?>2E4965 42A23:=:E:6D]k^Am
kAmβ%$|r π E96 H@C=5VD 36DE 3J 2? :?4C65:3=6 >2C8:?β¦E96 8C62E 496>:DECJ[ E96:C 28:=:EJ[ E96 724E E92E E96J 4@F=5 D42=6[β 96 25565]k^Am
kAmx? E96 7:CDE BF2CE6C[ (@@5 AFC492D65 g[hhe %$|r D92C6D] %96 DE@4< π ?@E π 96C E@A `_ 9@=5:?8D]k^Am
kAmq:==:@?2:C6 :?G6DE@C $E2?=6J sCF4<6?>:==6C 2=D@ >256 2 3@=5 36E π %$|r[ 255:?8 ch`[aed D92C6D π E96 7:CDE BF2CE6C[ H9:49 C6AC6D6?ED 2? :?4C62D6 @7 cde]hT π 9:D DE2<6]Β k^Am
kA 2=:8?lQ46?E6CQmkDEC@?8mk2 9C67lQ9EEADi^^HHH]E96DEC66E]4@>^:?G6DE:?8^DE@4<D^G6E6C2?\7F?5\>2?286C\F?G6:=D\6J6\A@AA:?8\D\A\d__\7@C642DEQm#6=2E65i ‘6E6C2? 7F?5 >2?286C F?G6:=D 6J6\A@AA:?8 $U2>Aj! d__ 7@C642DEk^2mk^DEC@?8mk^Am