By George Glover
The stock market had its worst day since the Iran war began. Well-known technology bull Cathie Wood is no stranger to buying the dip on such occasions -- but not this time it seem.
Wood's ARK Invest is known for making big bets on artificial intelligence, cryptocurrencies, and robotaxis.
But ARK trimmed its positions in a bunch of tech stocks on Thursday, just as the Nasdaq Composite fell into correction territory. A correction is when an index falls by 10% or more from its recent high.
Across three funds, ARK cut its stakes in the likes of Google parent Alphabet, chip makers Advanced Micro Devices, Broadcom, and Nvidia, Facebook owner Meta Platforms, and video streamer Netflix, according to a daily trade notification.
Baidu, Block, Cloudflare, CrowdStrike, Doordash, GitLab, and Spotify Technology were among the other stocks that ARK sold.
It's surprising because ARK invests in disruptive innovators that it believes can deliver sizable long-term returns, so tends to buy the dip when there's a major selloff in one of the stocks it likes.
Still, there's plenty of reason to feel jittery at the moment. The war in Iran has triggered a sharp surge in oil prices, fueling worries about a flare-up in inflation.
If that happens, it will strengthen the case for central banks to hike interest rates -- and higher borrowing costs tend to weigh on growth stocks.
The ARK funds crushed the market in 2025 but have had a tougher time of it recently. The flagship ARK Innovation exchange-traded fund, which trades under the ticker ARKK, is down about 14% for the year through Thursday's close.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 27, 2026 08:43 ET (12:43 GMT)
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