Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought

Cathie Wood's Ark increased positions in CoreWeave, Oklo, and DoorDash; the three names trade roughly 63%, 76%, and 49% below their 52-week highs. CoreWeave has posted consecutive quarters of >100% revenue growth and analysts model ~143% top-line growth this year, but is still a few years from profitability with an EV ~13x trailing revenue and a debt-heavy balance sheet. Oklo remains pre-revenue with widening losses and guidance that it will reach roughly $100M revenue in ~3 years and profitability in ~4 years; DoorDash posted +38% YoY revenue in its latest quarter and record 2025 earnings but is down ~35% YTD, reflecting macro sensitivity (gas prices, consumer demand).

Analysis

CoreWeave sits at an inflection where asset-light software economics collide with capital-intensive hardware cycles; its near-term value will track utilization and secondhand GPU market dynamics more than headline revenue growth. Expect hyperscalers to oscillate between buying and leasing GPUs depending on capex cycles — when hyperscalers repurpose or release hardware the spot rental market will compress CoreWeave’s pricing power, but sustained multi-cluster contracts with latency-sensitive AI workloads can sustain premium margins.

Oklo occupies the ‘energy buffer’ niche for compute densification: utility-scale constraints and localized grid upgrades create a multi-year runway for technologies that decouple power demand from gas-heavy peaker solutions, but licensing, fabrication of reactor modules, and long lead-time supply chains are the dominant program risks. Policy tailwinds can compress time-to-market if capex incentives and grid-interconnection queues get prioritized, yet a single regulatory delay can push multi-year revenue ramps out by 12–36 months.

DoorDash’s path depends on unit economics resilience to macro shocks — driver supply elasticity and fuel passthrough mechanics create asymmetric outcomes: modest improvements in take rate or retention can drive cash flow upside quickly, while a durable consumer pullback or higher fuel inflation would pressure order frequency and engagement. The clean catalyst set (quarterly GTV cadence, driver incentive rollbacks, and marketplace margin disclosures) gives tradable events on a 1–6 month horizon.

Contrarian lens: the market treats CoreWeave as a pure-growth lever and Oklo as pure policy binary; instead, treat both as mean-reverting exposures to capacity cycles (GPUs and reactor modules). DoorDash is underappreciated for embedded optionality on non-food logistics and grocery expansion — a modest re-rating is likely if inflation normalizes and unit economics remain positive over two consecutive quarters.

Key Decisions for Investors

• CoreWeave (CRWV): Initiate a tactical long via a 12–18 month call spread (buy 12–18m ATM call / sell 12–18m 1.5x strike call) sized 0.5% NAV to target 2.5x upside if utilization stabilizes >70%; finance by selling 6–9 month OTM puts for ~0.2% NAV. Stop-loss: cut at -40% from entry or if 6-month rolling utilization falls below 50%.
• Oklo (OKLO): Small, option-based asymmetric punt — buy deep OTM 36–48 month LEAPS calls (size 0.25–0.5% NAV) to capture licensing and subsidy derisking; layer in on incremental positive regulatory milestones (NRC acceptance, site permit). Hedge political/regulatory binary by shorting a renewable ETF basket that rallies on energy-fear trades (size net neutral).
• DoorDash (DASH): Pair trade — buy DASH stock on a 3–6 month horizon (size 0.75–1% NAV) and hedge macro/demand risk by selling 3-month iron condors or buying 3-month puts sized to limit downside to ~20% of position value. Target outcome: 25–45% upside if order frequency and take-rate stabilize; downside capped by collar to protect vs steep consumer pullback.
• Relative-value alternative: If uncomfortable owning CRWV outright, consider replacing a full equity allocation with a market-neutral construct — long CRWV call spread funded by short small-cap cloud infra names that historically move with GPU spot pricing (size combined 0.5% NAV). This preserves upside to AI demand while limiting exposure to capex-driven drawdowns.