Shares in the technology sector have been deemed to be overvalued for some time now. Thanks to the AI boom, almost any and every tech stock has seen its bouts of sizzling rallies. However, skepticism around huge capex payoffs and the “cloud” over software stocks has resulted in an unwinding of the trade to some extent.
In such a scenario, one would expect the mercurial Cathie Wood to come to the rescue of these stocks, right? Wrong. Amid signs of profit-taking and portfolio rebalancing, the CIO of investment management firm Ark Invest has trimmed its stake in bellwether tech names such as Nvidia (NVDA), AMD (AMD), Meta (META), Alphabet (GOOG) (GOOGL), and Netflix (NFLX), among others. Yet, there was an exception.
