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Ark's Cathie Wood Disses Meme Stocks, Calls Them 'Dinosaurs'

'I guess the only one people might consider a meme stock that we own, or have ever owned, is Robinhood,' investor Cathie Wood says.
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Cathie Wood, head of Ark Investment Management, may like some speculative technology stocks that others don’t, but that doesn’t include meme stocks.

Videogame retailer GameStop  (GME) - Get GameStop Corp. Class A Report and movie-theater chain AMC Entertainment  (AMC) - Get AMC Entertainment Holdings, Inc. Class A Report are the most famous meme stocks, of course.

“I guess the only one people might consider a meme stock that we own, or have ever owned, is Robinhood  (HOOD) - Get Robinhood Markets, Inc. Class A Report,” Wood said at an investment conference in Australia, according to Bloomberg. 

She called most meme stocks “dinosaurs.”

She and her colleagues seek “the next FAANGs,” she said, referring to Facebook  (FB) - Get Meta Platforms Inc. Class A Report, Amazon  (AMZN) - Get Amazon.com, Inc. Report, Apple  (AAPL) - Get Apple Inc. Report, Netflix  (NFLX) - Get Netflix, Inc. Report and Alphabet’s  (GOOGL) - Get Alphabet Inc. Class A Report Google.

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Investors still underestimate the spectacular growth-rate potential of some technology companies, she said.

Wood repeated her happy talk regarding bitcoin, saying, according to Bloomberg, that it could rise by $500,000 if institutional investors devote 5% of their portfolios to the cryptocurrency. 

Bitcoin recently traded at $60,751, up 6%. It has doubled year to date.

TheStreet.com reported Wednesday that ARK has filed some changes for its ARK Next Generation Internet ETF  (ARKW) - Get ARK Next Generation Internet ETF Report and has allowed the fund to gain exposure to cryptocurrencies through Canadian bitcoin ETFs.

While the ETF currently does have exposure through Grayscale Bitcoin Trust  (GBTC) - Get Grayscale Bitcoin Trust ETF Report, the new filing said the fund may also gain "exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust or in other pooled investment vehicles, such as exchange-traded funds domiciled in Canada."

Ark said it is putting its name on an exchange-traded fund tracking bitcoin futures.