NEW YORK—Europe’s economy is likely already in a recession as a result of the Russian invasion of Ukraine and the U.S. economy may not be far behind, which will likely prompt companies and consumers to look toward technology to lower costs, star stock picker Cathie Wood of Ark Invest said in a webinar on Tuesday.
Wood, whose ARK Innovation fund outperformed all other U.S. equity funds following the coronavirus lockdowns in 2020 before stalling in February 2021, said that soaring oil prices should accelerate the transition to electric vehicles, while genomics companies should benefit as a form of cost-saving compared to existing forms of treatment.
