3 Stocks With Potential to Dethrone Nvidia in the AI Race
Cathie Wood founded ARK Investment Management back in 2014. She chose the name «ARK» because it stands for Active Research Knowledge and also alludes to the Ark of the Covenant, as she is a devout Christian.
She launched her ETF, ARK Innovation (NYSE:ARKK), which invests in disruptive innovation companies in developed and emerging markets. The fund was very popular with investors, and it generated strong returns in its early years.
A few months ago, Wood sold her stake in Nvidia (NASDAQ:NVDA), which was one of the stocks held in her main funds. The chipmaker was one of Wood's star stocks, and it contributed significantly to the fund's returns. In October, she held 750,000 shares, but by January, she had sold all of her shares.
Wood's comments about the future of artificial intelligence (AI) are worth paying attention to. She believes that software vendors will be the next to benefit from the AI boom, which is being driven by Nvidia. Wood specifically mentioned UiPath (NYSE:PATH), Twilio (NYSE:TWLO), and Teladoc (NYSE:TDOC) as examples of software vendors that are well-positioned to benefit from AI.
In fact, Wood's funds hold all three of these stocks. So, let's take a look at the three stocks using the InvestingPro tool.
Twilio is a company based in San Francisco, California that provides communication tools. These tools allow businesses to make and receive phone calls, send and receive text messages, and perform other communication functions using its web service API. Twilio was founded in 2008 in Seattle but moved its headquarters to San Francisco in 2010.
On May 9, 2023, Twilio reported its financial results for the first quarter of 2023. The results were very good, beating market forecasts in terms of earnings per
Read more on investing.com
