Cathie Wood buys $19.2 million of tumbling AI stock

Cathie Wood, chief of Ark Investment Management, is known for making quick moves in her favorite tech stocks. This week, she reversed course on CoreWeave (CRWV), buying $19.2 million of the AI stock just days after selling shares. Last year, the flagship Ark Innovation ETF gained 35.49%, far outpacing the S&P 500's return of 17.88% in the same period. So far this year, Wood's flagship Ark Innovation ETF (ARKK) is up 14.04% as of writing, while the S&P 500 surged 11.38%, Yahoo Finance data shows. Wood gained a reputation after the Ark Innovation ETF delivered a rosy 153% return in 2020. But her style also brings painful losses in bearish markets, as seen in 2022, when the ETF tumbled more than 60%. Those swings have weighed on Wood's long-term gains.