Cathie Wood Just Bought Into This Big Tech Stock After A Long Time

Technology stocks have rebounded this year after a dismal performance in 2022, helped by expectations of the Federal Reserve slowing down or pausing, profitability-boosting measures announced by companies, and the AI conversation set in motion by the popularity of OpenAI’s ChatGPT.

What Happened: Cathie Wood’s Ark Invest, which prides itself as a fund that invests in disruptive innovation, has picked up a high-profile big tech, which is making waves amid its accent on the hot-and-happening AI technology.

See Also: Best Technology Stocks Right Now

On Monday, Ark Next Generation Internet ETF ARKW picked up 40,957 shares of Microsoft Corp. MSFT, valued at $11.15 million based on the stock’s closing price of $272.23.

This marks Ark's first transaction in Microsoft shares this year. The Wood-run fund also holds Microsoft in its 3D Printing ETF PRNT. Microsoft is PRNT’s third biggest holding with a weighting of 4.34%. In absolute terms, the ETF holds 27,255 shares of the software.

Microsoft shares are up about 13.5% year-to-date and are one of the best-performing mega-cap tech stocks of the year.

Price Action: In premarket trading on Tuesday, the stock edged up 0.06%, at $272.40, according to Benzinga Pro data.