Cathie Wood Buys Millions Worth of One Surging Tech Stock

One of the biggest themes of Cathie Wood's Ark Invest is technology. Her biggest bets revolve around tech that Wood and her team have determined will be 'disruptive' in some manner, despite the volatility that is common in the industry. 

Lately, that has meant a lot of artificial intelligence, and, of course, plenty of support for Elon Musk's Tesla  (TSLA) - Get Free Report.

Wood's latest buy, however, involves the technology of automation -- through robotics. 

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Wood's Autonomous Tech and Robotics ETF picked up 141,910 shares -- more than two million dollars -- of UIPath  (PATH) - Get Free Report, a company that makes automation software for robotics. That same ETF, in addition to dumping a further 23,290 shares of Nvidia, picked up nearly seven million dollars worth of Teradyne  (TER) - Get Free Report, another robotics and automation company. 

UIPath reported a double beat on its first quarter 2024 earnings May 24; the company's revenue of $290 million represented an 18% year-over-year increase that beat analyst expectations by around $18 million. 

The company, however, offered second-quarter guidance below analyst expectations. 

(PATH) - Get Free Report closed May 31 at $17.89 per share, a big jump from its 52-week low of $10.40 and up from the dip the stock took immediately following the earnings. 

Teradyne, a much more expensive stock than UIPath, claims that "it’s a good bet that every device you use has been touched, and enhanced, by Teradyne during its assembly or test."

(TER) - Get Free Report, which reported earnings in late April, closed May 31 at $100.19 per share, up from its October 52-week low of $67.81