These Are the Only 3 Stocks That Cathie Wood Bought Last Week

Key event: Ark Invest (Cathie Wood) added to positions in Figma (FIG), Arcturus Therapeutics (ARCT), and 10x Genomics (TXG) last week. Figma is down ~83% from last summer's highs but reported accelerating revenue growth of 40% YoY last quarter and a net dollar retention rate of 136%; analysts project revenue growth slowing to ~30% this year and ~20% next year. Arcturus has seen revenues fall sharply over three years and faces another ~50% top-line cut this year, but expanded its cash runway to at least Q2 2028 and reported positive clinical updates. 10x Genomics has grown revenue ~9x over eight years but remains unprofitable; management's guidance implies roughly 0–4% organic revenue change excluding one-time licensing/settlement items while warning of near-term revenue pressure into 2026.

Analysis

AI commoditization creates a two-track outcome for software platforms: naked UI replication is cheap, but embedded workflow and data moats remain valuable. A design platform that sits at the center of product development can monetize AI not just by feature add-ons but by per-seat compute surcharges, enterprise APIs, and workflow integrations that raise switching costs; those mechanisms can offset margin pressure from rising inference costs if management executes differentiated packaging and pass-through pricing over 12–36 months.

In mRNA therapeutics the dominant return drivers are clinical inflection points and de-risking of manufacturing scale rather than near-term top-line trends. Suppliers of lipid nanoparticle technologies and CMOs are second-order beneficiaries when a platform shows positive clinical momentum, and partnership/license announcements can re-rate equity quickly; conversely, safety or efficacy misses are binary and can compress value by multiples within days.

For genomics tools, instrument-capex cycles plus recurring reagent economics govern realized margin and valuation multiple. Short-term guidance misses are common because instrument installs lag reagent consumption; AI-driven bioinformatics (heavy GPU demand) creates a secular lift for infrastructure players and can be used as a hedge or pairing strategy against exposure to sequencing-equipment providers.

Given these dynamics, capital should be deployed with asymmetric payoffs and tight sizing: buy long-dated optionality to capture multi-quarter re-rates, sell nearer-term premium to finance positions, and keep single-name biotech allocations small because of binary outcomes. Event calendars (product launches, trial readouts, guidance windows) are the primary short-term drivers — treat them as entry/exit triggers rather than narrative confirmation.

Key Decisions for Investors

• FIG: Initiate a directional, limited-risk position via Jan-2028 LEAP calls (buy) financed by selling two 6–12 month calls (sell) to create a collar; target 2.5x upside in 12–24 months, max loss = net premium paid. Add on a material product-event beat (new enterprise AI pricing or major ISV integration).
• ARCT: Size as a tactical optionality bet (0.5% NAV). Buy a 24-month call or call spread to capture clinical/partnership re-rating; maintain a 25% hard stop on underlying equity exposure. Take profits on any 50%+ rally into partnership headlines or licensing announcements.
• TXG: Short-biased trade for 3–12 months: buy a 6–12 month put spread (defined risk) sized to 1% NAV or short into transient strength; pair with a 12–24 month long NVDA position (0.75% NAV) to hedge upside from AI-driven genomic demand. Close the short leg ahead of major instrument-install guidance windows.
• Portfolio risk controls: keep aggregate exposure to these three names <=3% NAV, use event-driven rebalancing (trim into outsized moves >50%), and prefer option structures that cap downside while leaving substantial upside optionality.