Gold Is the Real Bubble, Says Ark Invest's Cathie Wood—Not AI
Cathie Wood identifies gold, rather than artificial intelligence, as the true market bubble, noting gold’s recent surge to over $5,600 per ounce and its record high relative to the U.S. M2 money supply. She predicts a sharp decline for gold, suggesting the spike is a late-cycle move likely to reverse, especially if the dollar strengthens. Following her comments, gold dropped nearly 9% to about $4,861 per ounce, while silver plunged over 27% to approximately $83. Wood argues that gold’s supply can increase with mining, unlike Bitcoin, which has a strictly limited and predictable supply schedule. She maintains strong optimism for Bitcoin, lowering her 2030 price target from $1.5 million to $1.2 million per coin due to increased stablecoin adoption, and her firm Ark Invest holds significant positions in crypto assets. Wood asserts that the current excitement around AI does not represent a bubble, contrasting it with the conditions before the tech and telecom crash, though some investors remain cautious about large-scale AI investments.
