Cathie Wood Sees Buying Opportunity in Market Dip, Adds to Stakes in Joby, Kodiak AI, and CRISPR

ARK Investment Management LLC's Cathie Wood, whose flagship funds dramatically outperformed the market in 2025, is putting her capital to work early in the new year. As markets dipped on Thursday, the high-profile growth investor added to existing positions in three core holdings: electric air taxi developer Joby Aviation (NYSE: JOBY), autonomous trucking firm Kodiak AI (NASDAQ: KDK), and gene-editing pioneer CRISPR Therapeutics (NASDAQ: CRSP).

The moves come as Wood's disruptive innovation thesis faces renewed scrutiny in 2026. While her bets on technology-driven transformation have delivered outsized returns in the past, questions linger about valuations and timelines to profitability for many of her picks.

Joby Aviation: Funding Future Flight

Wood's most notable buy followed a steep sell-off. Joby shares plunged 17% after the company announced plans to raise $1.2 billion through stock and convertible note offerings. The capital raise, while dilutive, is aimed at funding the costly certification and commercialization of its eVTOL aircraft. "The market's reaction seems disproportionate," said Michael Torres, a portfolio manager at Horizon Capital. "This isn't a distressed raise; it's a company with a potentially multi-decade runway using a strong stock price to build the infrastructure for revenue that's still years away."

Despite the drop, Joby's stock remains up 33% over the past year. The company has signed preliminary agreements with major airlines and urban mobility networks, though it has generated less than $23 million in revenue over the past four quarters. Analysts project revenues could surpass $1 billion within three years if deployment schedules hold.

Kodiak AI: An Overlooked AI Play?

In contrast to the frenzy around many artificial intelligence stocks, Kodiak AI has languished. Since going public via SPAC at a $2.5 billion valuation, its market cap has shrunk to $1.6 billion. The company specializes in AI-driven self-driving technology for commercial trucks and has logged over 3 million test miles. However, its commercial fleet currently numbers just 10 vehicles. "The market is punishing them for a slow ramp," noted Sarah Chen, a technology analyst at Finley Research. "But their focus on the tangible trucking sector, rather than consumer robotaxis, could be a more pragmatic path to monetization."

CRISPR Therapeutics: Gene Editing's Steady Progress

Wood also bolstered her position in CRISPR Therapeutics, a leader in gene-based medicines. The stock, while beating the market over the past year, remains 76% below its 2021 peak as investor enthusiasm for the broader gene-editing sector has cooled. The company's landmark therapy, Casgevy, surpassed $100 million in revenue last year for treating blood disorders. CRISPR recently outlined ambitious 2026 milestones, including expanding Casgevy's use to younger patients and advancing other therapies in its pipeline. "This is a 'show me' story now," Chen added. "The science is proven; the commercial execution is the next hurdle."

Investor Reactions: Conviction or Contrarianism?

Wood's latest trades have sparked debate among market watchers.

"This is classic Cathie," said David Park, a long-time ARK follower and retail investor from Austin. "She's doubling down on her vision when others get scared. She's playing a five-to-ten-year game, not worrying about next quarter's dilution."

"It's sheer arrogance," countered Lisa Hammond, a former hedge fund analyst and now vocal financial commentator on social media. "Throwing good money after overhyped, cash-incinerating companies? Joby is valued at 500 times sales! Kodiak has ten trucks! This isn't investing; it's performance art for the bulls who missed the last bubble."

"The interesting thread here is capital allocation," observed Marcus Reynolds, a professor of finance at Stanford University. "Wood is effectively using market pessimism around dilution and slow commercialization as a filter. Her bet is that the long-term addressable markets for urban air mobility, autonomous freight, and gene editing justify the near-term financial pain. History will judge whether that patience pays off."

Wood's purchases underscore her strategy of maintaining concentrated exposure to what she calls "disruptive innovation" during periods of market stress. As macroeconomic conditions and interest rate expectations continue to shift, the performance of these high-conviction buys will be a key test for ARK's investment approach in 2026.