Cathie Wood Says Palantir, Tesla, Coinbase And This Amazon Rival Are 'Tip Of The Spear' As Innovation Disrupts Old World In Equity Benchmarks

Fund manager Cathie Wood highlighted a handful of innovative and disruptive stocks that she says are set to displace the old guard in leading equity benchmarks.

What Happened: On Wednesday, the CEO of Ark Invest took to X to reaffirm her conviction in several of the firm's most prominent holdings, describing them as being at the “tip of the spear” as technology-driven innovation disrupts legacy industries and “displaces the old world in equity benchmarks.”

The companies she spotlighted include Tesla Inc. TSLA, Palantir Technologies Inc. PLTR, Coinbase Global Inc. COIN and Shopify Inc. SHOP, which represent core positions worth over $2.78 billion across Ark’s family of funds.

See Also: Tesla’s $350 Billion Rally Isn’t Just A Rebound — Gene Munster Says It’s Riding On Margins, Robotaxis, AI And Elon Musk

This comes following Coinbase Global Inc.’s COIN inclusion into the S&P 500 which was announced early this week, making it the first crypto company to do so. The company is replacing Discover Financial Services Inc. DFS in the index, which is being acquired.

Wood suggests that traditional index funds are increasingly misaligned with innovation, and says that “benchmarks are likely to chase innovation at an accelerated rate in the years ahead.”

Why It Matters: Wood said on Tuesday that Coinbase’s inclusion into the S&P 500 would compel other index-sensitive fund managers to consider the stock.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

Renowned for her bold, high-conviction bets, Wood doubled down on stocks such as Tesla, Coinbase, and Robinhood Markets Inc. HOOD amid the turmoil surrounding equity markets during the first week of April, acquiring $65 million worth of stock.

Speaking at an interview recently, Wood reiterated her bullish stance on Bitcoin (BTC/USD), stating a base-case scenario of $700,000 to $750,000 for the cryptocurrency by 2030, and a bullish case at $1.5 million. 

“We have always had a 2030 target, the base case in the $700,000 to $750,000 range, the bull case in the $1.5 million range,” she said, citing the digital currency’s potential to seize gold’s share as a store of value.

According to Benzinga’s Edge Stock Rankings, Coinbase scores in 79th percentile on growth, with a favorable price trend in the short, medium and long term. Let’s see how it compares with Tesla, Palantir, and other big Ark Invest holdings.

Photo Courtesy: Ira Lichi On Shutterstock.com

Read More:

• Jim Cramer Says Even ‘Safety’ Stocks Look Risky, Warns Of ‘Wild Card’ In Washington And Rising Treasury Yields As Reasons To Stay Away From Sure Bets