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According to the latest disclosed trading details, several growth-focused ETFs managed by Cathie Wood, founder and CEO of Ark Invest, increased their positions in eight stocks last Friday. Among them, the additional purchases of Taiwan Semiconductor Manufacturing (TSM), next-generation nuclear energy company Oklo (OKLO), and Chinese autonomous driving company Pony AI (PONY) were particularly noteworthy.
Despite its market capitalization approaching $1.8 trillion, making it the sixth-largest publicly listed company in the U.S., TSMC once again demonstrated its unshakable industry position in the latest earnings season. Its fourth-quarter revenue grew 21% year-over-year (or 26% when converted to US dollars, reaching $33.7 billion), significantly exceeding market expectations. Although this growth rate has moderated compared to the over 30% year-over-year jumps seen in the previous six consecutive quarters, it remains quite impressive in the current macroeconomic environment.
More crucially is its unparalleled profitability. The company’s full-year 2025 net profit margin reached a record high of 45.1%, meaning that for every $1,000 in revenue generated, over $451 flowed to the bottom line as net profit. This high-margin business model is bolstered by its absolute leadership in advanced process technologies and robust demand for high-end custom integrated circuits like AI chips. Although the industry is cyclical, TSMC continues to command a market premium, serving as a stabilizing anchor in Wood’s portfolio against volatility.
This represents a classic forward-looking bet. Oklo’s stock price has nearly tripled over the past year, yet the company is not expected to generate revenue until 2027, with profitability not forecast for at least another four years. The market frenzy stems from its disruptive vision: the company is dedicated to developing fast fission technology and nuclear recycling, aiming to provide efficient and eco-friendly energy solutions for the power-hungry tech market, especially AI.
Endorsement from its former chairman, OpenAI CEO Sam Altman, initially brought it significant attention. Nine months ago, Altman stepped down as chairman to avoid conflicts of interest, but this did not dampen investor enthusiasm. The market logic is that as demand for computing power and energy from directions like “Agentic AI” grows exponentially, the modular, scalable advanced nuclear technology represented by Oklo could be key to unlocking next-generation AI infrastructure. Wood’s increased stake is another wager on the long-term thesis that “energy must lead the way for AI development.”
This investment focuses on a specific application scenario for AI technology — autonomous driving. As a leading company in China’s autonomous driving sector, Pony AI holds a favorable position in a market where commercialization is accelerating. Although it has been publicly traded for only 14 months and its stock price has experienced significant volatility, it still trades about 25% above its IPO price.
The core of the investment thesis lies in its immense growth potential. Despite trailing twelve-month revenue being just $96.4 million, analysts project the company’s revenue will nearly triple to $261 million next year and approach $1.5 billion by 2029. If Pony AI can meet current market expectations for future growth, its approximately $7 billion market capitalization does not seem unreasonable. Wood’s increased holding indicates her optimism about the commercialization prospects of China’s autonomous driving market and her belief that Pony AI is well-positioned to capture a significant share.
In summary, these three moves by Wood ahead of the U.S. market closure on Monday are not scattered stock picks. Instead, they form an interconnected “Future Triangle” layout: TSMC represents the underlying computing hardware supporting all digitization and intelligence; Oklo represents the next-generation energy foundation providing sustainable power for massive data processing and model training; and Pony AI represents cutting-edge AI application in one of the most commercially valuable real-world scenarios — autonomous driving.
This clearly continues her consistent investment philosophy: heavily backing disruptive innovations that have the potential to define the direction of technological development over the next five to ten years. Amidst market volatility, Wood has once again demonstrated her resolve for contrarian thinking and long-term positioning.
