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Cathie Wood one of the most notorious investors in growth stocks just posted her portfolio at the beginning of 2024 she has almost $17 billion invested and 50% of these are concentrated in her top 10 positions now she made some important changes as for the first time in years Tesla is not her top holding anymore in fact it's not even the second holding but before we see which are her top positions let's start with some of the stocks that she sold and firstly we have Nvidia for which she sold $38 million or 34% of her position honestly this is a huge failure for Cathie as she owned Nvidia since 2016 and yet she managed to miss most of the rally because she saw Nvidia overvalued at $200 believe it or not many people do not believe this about us we're looking at relative valuations of uh names in the AI space and we were looking at Nvidia 25 time sales and Tesla which is probably the biggest AI story out there is at six times earnings I mean not earnings six times sales well Cathie wood out of all investors decided to look at valuations after she bought many growth stocks at ridiculous multiples she suddenly decided to look at valuations but what's truly ironic is that even if she sold one of the foundational layers of AI she predicted the growth of AI before anyone else artificial intelligence a lot of people are very scared of that one we're very excited about it and I'm not saying that I would do better I still do plenty of mistakes all the time but that's probably why I'm not running a $17 billion portfolio but to Cathie's defense she still got the AI trend right and she predicts that going forward this growth will continue at an even faster pace than before so let's see what are some of the stocks that she picked as the next AI leaders and we're going to start with the stocks that Cathie bought in the last quarter and firstly we have the trade desk for which she increased her position from 12 to $155 million in only 3 months the trade desk offers their demand side platform that helps advertisers serve their ads to consumers through programmatic advertising the company grew incredibly in 2023 and it's expected to continue to grow more than 20% in 2024 at the same time it has good margins and it generates net profits valuation looks attractive so there are plenty of positive things about the trade desk stock next Cathie bought $26 million of Palantir increasing her total position to $187 million Palantir just posted a great earnings report with future growth out of this world because of the AI demand moreover the operating metrics are improving as the company remained GAAP profitable for five quarters in a row however one downside is that the stock is now fairly expensive the stock price grew 40% after the earnings report and it trades now at 18 times Enterprise Value divided by the next 12 month sales so perhaps you want to wait and buy the dip on this AI leader but what's interesting is that Cathie was very active in her genomics fund as she invested significant amounts into biotech and genomics stocks a report from Fidelity shows that Healthcare stocks are very dependent on interest rates and inflation and when interest rates and inflation are low Healthcare stocks perform well so this is a bet that Cathie is taking that interest rates will drop significantly in 2024 actually she expects the FED to cut interest rates sooner rather than later and she predicts that interest rates will drop more than economists anticipate we do believe we're going to see deflation next year and that the FED will have to cut pretty aggressively moreover in 2024 ARK expects a harder Landing than the consensus estimates we tend to think we're going to have a harder Landing than most economists do still these stocks have underperformed the market recently and they remain risky picks so now let's check the top 10 stocks that Cathie wood owns starting with number 10 unity in which Cathie invested $500 million this is a realtime 3D platform used by gaming developers the company grew nicely but it still bleeds money with an operating margin around minus 25% this is a period when Wall Street rewards companies with GAAP profitability which doesn't apply for Unity as of now moreover the growth for 2024 is expected to only be around 11% so the stock is currently struggling next at number nine we have CRISPR a genomics company that runs a gene editing platform used to develop medicines Cathie increased her position 19% but keep in mind that CRISPR is a unique company since they don't recognize Revenue every quarter and they incur big Financial losses since they invest a lot in research and development and even if the stock grew 70% after their last earnings report it remains very risky so be sure to make a lot of due diligence before investing in the stock at number eight we have Twilio which is a market leader in Cloud Communications the company isn't GAAP profitable yet and it just started generating free cash flows however because of a growth of only 8% expected for 2024 the stock is pretty cheap around 12 times Enterprise Value divided by the next 12 months EBITDA still on a bigger time horizon it really struggles but Cathie still has confidence in this one at number seven we have ROBLOX they operate a game platform and game creation system where users can create games and other users can play their financials aren't great as the company is losing money and does not generate free cash flow regularly however because they grew their monthly active users to more than 71 million and now they expect an 18% growth for 2024 the market rewarded the stock with a 10% gap now the stock is relatively cheap compared to its historical multiple at number six we have zoom the communications platform has solid financials with good margins and plenty of free cash flows still they can't reignite the growth with only 3% growth expected for 2024 however because of the cheap valuation Cathie Wood increase her position 8% but the stock has one of the worst short-term performances as it sits near its all-time low so it's really difficult to see what kind of innovation Cathie sees with zoom at number five we have Roku with $875 million invested Roku is the global leader of connected TV operating systems because of the resilient economy Roku posted solid earnings for the last quarter of 2023 with improving margins however the guidance for 2024 for was for only 12% growth which made the stock crumble as a result the stock is now valued around two times Enterprise Value divided by the next 12 month Revenue which is becoming cheap compared to the last 12 months of trading at number four Cathie has Block for which she increased her position 9% Block or Square is a Payment Processing Company aimed at serving the small and medium size businesses the company had a great free cash flow margin in the third quarter for which the market reward it with a 65% price increase however longterm the stock is struggling even if it's relatively cheap still Cathie has tremendous confidence in the stock as she's been buying heavily because she sees lower interest rates making households spend more which would help Square at number three Cathie has Tesla the electric vehicles leader is struggling with single digit margins in the last quarters because of a slowdown in demand this comes as a result result of high interest rates she started buying the stock heavily in January as she still believes that Tesla's Robotaxis will absolutely dominate the market and pretty much transform the world the robotaxis are the perfect mixture between electric vehicles and AI in five years most car sales will be electric and while I don't agree with Cathie's ridiculous price targets for Tesla I believe that the stock offers a good risk reward the market forecast a modest 15% growth in 2024 but lower interest rates in the second half of the year might help Tesla reignite its growth at number two Cathie has UiPath they offer an automation platform that benefits from the increasing adoption of AI and it's one of Cathie's favorite AI plays alongside Tesla the market expects now 19% growth for 2024 and the stock rallied 30% and finally at number one the biggest position position in Cathie's portfolio is Coinbase Cathie owns $1.5 billion of Coinbase as this is the biggest cryptocurrency exchange platform in the United States the stock is trading around 22 times Enterprise Value divided by the next month EBITDA which is pretty cheap considering that the growth expected for 2024 is for 14% and the Company just posted their first quarter of GAAP profitability Cathie bought Coinbase heavily during the last quarters but after a phenomenal performance by the stock she sold 19% of her position to take some profits obviously Coinbase is a proxy for Cathie's exposure to crypto as she remains one of the most vocal proponents of cryptocurrencies Coinbase is going to be the flight to safety exchange no doubt about it Coinbase is probably the best stock to own if you believe that cryptocurrency will become wildly adopted but Cathie has gone one step further and after the approval of the Bitcoin ETFs ARK created its own Bitcoin ETF ARKB moreover Cathie just came up with her own price predictions for the price of one Bitcoin our base case is in the $600,000 range our bull case is $1.5 Million by 2030 honestly I believe that her price predictions are utterly ridiculous and she's been doing many of these in the last years for instance predicting a bare case price for Tesla of $1,400 and a GDP growth of 50% over the next decade so before investing in these risky stocks please make sure that you do your own due diligence because Cathie Wood can have some major wins but also some massive fails if you feel like you've learned anything of value or you want to see some more videos like this one please hit that like button and Subscribe
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