Cathie Wood buys $4.3 million of tumbling tech stock
Cathie Wood, chief of Ark Investment Management, likes to buy stocks after sharp selloffs, hoping for a bargain.
That's what she just did, adding shares of DoorDash after the stock fell roughly 8% over the past month and is down 33% year to date.
In 2025, the flagship Ark Innovation ETF gained 35.49%, far outpacing the S&P 500's return of 17.88% in the same period. But so far this year, Wood's flagship Ark Innovation ETF (ARKK) is down 6.24%, while the S&P 500 surged 6.16%, Yahoo Finance data shows.
Wood gained a reputation after the Ark Innovation ETF delivered a 153% return in 2020. However, her style also brings painful losses in bearish markets, as seen in 2022, when the Ark Innovation ETF tumbled more than 60%.
Those swings have weighed on Wood's long-term gains. As of June 9, the Ark Innovation ETF has delivered a five-year annualized return of -7.69%, while the S&P 500 has an annualized return of 11.85% over the same period, according to data from Morningstar.
Cathie Wood expects a rate cut
Wood focuses on high-tech companies across artificial intelligence, blockchain, biomedical technology, and robotics. She thinks these businesses have strong growth potential, though their volatility often causes fluctuations in the Ark's funds.
According to Morningstar analyst Bella Albrecht, two of Wood's Ark funds were among the worst-performing ETFs in the first quarter of 2026. The Ark Next Generation Internet ETF (ARKW) ranked second on the list, while the ARK Innovation ETF placed fifth.
From 2014 to 2024, the Ark Innovation ETF wiped out $7 billion in investor wealth, according to a March 2025 analysis by Morningstar's analyst Amy Arnott. That made it the third-biggest wealth destroyer among mutual funds and ETFs in Arnott's ranking. The analyst hasn't updated her ranking.
Wood said on the June 5 episode of "In the Know" that she is closely watching June 17, when Kevin Warsh, the new Federal Reserve chair, announces the next interest rate decision.
"I do believe Kevin Warsh knows that interest rates have to come down, mortgage rates at least. And if inflation comes down as productivity is increasing, no matter how strong the economy is, I think he will cut rates," Wood said.
Wood argued that productivity improvements brought by technology are helping drive the economy while reducing inflation. She added that oil prices already appear to be peaking and could fall further if the Iran war is resolved.
Wood also pointed to early signs that some companies are cutting prices.
"We're hearing other companies like Walmart and Costco saying that they are not passing price increases through as much as one would expect because they are seeing efficiency gains and productivity thanks in large part to AI and robotics," Wood added.
In a March Bloomberg podcast, Wood says the global economy is not heading into a downturn, but into what she calls a "great acceleration" driven by AI and other breakthrough technologies.
"We're not going into the Great Depression, we're going into the great acceleration," Wood said. "These technologies are deflationary… AI training costs are dropping 75% per year, and inference costs are falling as much as 85% to even 98% annually."
Not all investors agree with Wood's optimism. Over the past 12 months through June 9, the ARK Innovation ETF saw roughly $548.26 million in net outflows, according to data from ETF research firm VettaFi
Cathie Wood buys $4.3 million of DoorDash stock
On June 4, 5 and 8, Wood's Ark funds purchased 28,751 shares of DoorDash Inc (DASH). Based on the latest closing price of $151, these stocks were worth about $4.34 million.
In November 2025, DoorDash stock fell sharply after it said it would spend "several hundred million dollars" more in 2026 than 2025, which shocked investors concerned about its rising costs.
On May 6, DoorDash reported strong first-quarter results and upbeat order growth guidance. However, shares of DoorDash have plunged more than 10% since that release.
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The food delivery company reported Earnings per share of 42 cents, compared with the 36 cents expected. Revenue rose 33% year over year to $4.04 billion, topping analysts' estimates of $4.01 billion.
For the current quarter, DoorDash expects marketplace gross order value (GOV), which measures the total dollar value of orders placed on its platform, to range between $32.4 billion and $33.4 billion. That was above analysts' forecast of $32.43 billion, CNBC reported.
DoorDash also guided for EBITDA of $770 million to $870 million. The midpoint of that range was slightly below the $830 million analysts had expected.
"In Q1 2026, continued product improvements and healthy consumer demand trends helped drive record membership signups, a new high for monthly active users (MAUs2), and strong consumer engagement across our marketplaces," DoorDash said in a statement.
Wall Street is mixed on DoorDash stock price target after the earnings report.
Wells Fargo analyst Ken Gawrelski raised his price target to $200 from $198 and kept an Equal Weight rating, citing "strong headline Q1 print and Q2 guide, both ahead of consensus," according to The Fly.
Goldman Sachs lowered its price target on DoorDash to $280 from $286 but maintained a buy rating.
The firm said DoorDash's first quarter results highlighted "continued tech stack improvements supporting faster product development, solid ad performance... and a financial outlook."
Meanwhile, DA Davidson lowered its price target to $200 from $224 and maintained a neutral rating. The firm said resilient consumer demand helped support solid results and guidance, but it reduced its target due to lower valuation multiples across the internet marketplace sector.
DoorDash is not a top 10 holding in the Ark Innovation ETF.
Top 10 holdings of the Ark Innovation ETF as of June 3, 2026:
- Tesla Inc. (TSLA) 10.47%
- Advanced Micro Devices Inc. (AMD) 5.17%
- CRISPR Therapeutics AG (CRSP) 4.80%
- Tempus AI Inc. (TEM) 4.72%
- Robinhood Markets Inc. (HOOD) 4.51%
- Shopify Inc. (SHOP) 4.36%
- Roku Inc. (ROKU) 4.11%
- Circle Internet Group Inc. (CRCL) 3.73%
- Coinbase Global Inc. (COIN) 3.56%
- Twist Bioscience Corp. (TWST) 3.30%
Other than buying DoorDash shares, Wood's recent trading activity included adding to positions in Beam Therapeutics (BEAM), Pony AI (PONY), Kodiak AI (KDK), and X-Energy (XE). Meanwhile, she trimmed holdings in Archer Aviation (ACHR) and Baidu (BIDU).
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This story was originally published June 10, 2026 at 4:16 PM.