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After paring back on Tesla (TSLA) shares in the Ark Innovation ETF (ARKK), the firm has recently started to add to its position again. Ark Invest CEO Cathie Wood tells Yahoo Finance's Julie Hyman that the decisions by General Motors (GM) and Ford (F) to delay some of their EV investments was a "telltale" sign that Tesla is in position to gain market share, calling the automakers' decisions "puzzling." The move comes as Tesla CEO Elon Musk's X platform (formerly Twitter) is suffering from a decline in ad revenue, raising concerns he may have to sell Tesla shares. Wood, however, doesn't seemed to be concerned, claiming that the platform's traffic is rising and that ultimately "advertising will follow traffic." "His [Musk's] reason for buying X we believe is sound and will be successful," Wood adds. Ark is one of the firms that has applied for a spot bitcoin ETF and is currently awaiting a decision from the US Securities and Exchange Commission. Wood is hopeful that Ark's application will be approved, saying that "After being denied several times by the SEC, without hearing from anyone at the SEC, we and others we know have gotten questions from the SEC, very thoughtful, detailed, technical questions. That's a very positive move." Overall, she says the "outlook is bright" for a spot bitcoin ETF and that she does think approval will come in January. With bitcoin (BTC-USD) prices rising in anticipation of an ETF approval, Wood does think investors will "sell on the news," but that longer term, by the SEC approving these ETFs, institutional investors will be able to invest more in the crypto space, with those inflows helping to prop up the price. When it comes to the flagship Ark Innovation ETF, Wood says the fund is "diversifying once again. We are adding back some stocks that we sold and... we are looking forward to the IPO window opening again." Wood thinks that with interest rates likely peaking, more companies could go public and that Ark will be "eager investors." So what companies is Wood hoping will go public? She says she would like to see companies like SpaceX, Anthropic, Databricks, and Discord hit the public market. Key video moments 00:00:25 Wood discusses her Tesla investment and the EV company's autonomous driving future 00:04:05 Is Wood concerned about issues at X impacting Tesla? 00:07:18 Wood explains why "the outlook is bright" for a spot bitcoin ETF 00:09:30 Why bitcoin could sell off if a spot ETF is approved 00:15:15 Why Ark could be "eager investors" in the IPO market 00:17:13 Why Wood wants to see companies like SpaceX, Anthropic, and Databricks go public...

ARK bought 110,000 Tesla shares, Cathie Wood said in X/Twitter talk with Elon Musk...

Tech has been the talk of Wall Street in 2023 as the Magnificent Seven - Amazon (AMZN), Apple (AAPL), Alphabet (GOOG,GOOGL), Nvidia (NVDA), Meta (META), Microsoft (MSFT), and Tesla (TSLA), hold almost 30% of the value of the S&P 500 (^GSPC). But could that change in 2024? Washington Crossing Advisors Senior Portfolio Manager Chad Morganlander joins Yahoo Finance for the latest edition of Good Buy or Goodbye where he provides insight for investing in the tech sector heading into 2024. The stock Morganlander argues is a good buy is Accenture (ACN). Morganlander says Accenture will benefit from other companies investing in AI and tech advancements that will need their services. Morganlander also claims the company has increased in bookings and revenue growth and points to long-term growth for the company going forward. Overall, Morganlander says the stock is "an easy way of playing the cloud, artificial intelligence, as well as data security in one company." The stock Morganlander is avoiding is Tesla. The EV maker has had a turbulent 2023 with recalls, product delays, and problematic leadership. Morganlander claims the reasons to avoid this stock are the current valuation is too high, growing competition will put pressure on the company, and vulnerable to unexpected slowdowns with consumers. Click here to watch more "Good Buy or Goodbye" or you can watch this full episode of Yahoo Finance Live here. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live...

Tesla (TSLA) has had a rocky road in 2023 with recalls, product delays, and headline making leadership in Elon Musk. Ark Invest CEO Cathie Wood recently increased her investment in Tesla and spoke with Elon Musk on X Spaces. Wood joined Yahoo Finance to discuss her conversation as well as why she believes Tesla is still in position to be the leader in the EV space. Wood says that General Motors (GM) and Ford (F) delaying some of their EV investments was a "telltale" sign for Tesla's potential share gains. Longer term, Wood says Tesla is "in the pole position to be the autonomous taxi platform in the United States." Click here to watch the full interview with Ark Invest’s Cathie Wood or check out why she hopes companies like SpaceX and Anthropic go public here. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live...