I recently took a look at Cathie Wood's portfolio changes and found that her allocations aren't as mysterious as they seem—if you break down the six themes, the logic is pretty clear.

**First: AI isn’t just a concept—it’s about computing power and real-world application**
She’s not buying into "AI stories," but investing in companies that are actually running compute, handling data, and helping enterprises turn models into revenue. AMD and NVDA are obvious computing power suppliers. PLTR represents enterprise AI deployment, while TEM is more focused on medical data. The core word here: productivity.

**Second: Autonomous driving and robotics—AI steps out of the cloud**
No matter how impressive models are on servers, if they can’t be applied in the real world, it’s meaningless. Her top pick is TSLA, of course, but she hasn’t missed out on foundational automation equipment like TER, and has even bet on more aggressive automated transportation plays like ACHR. The logic is straightforward: AI needs hands and feet to make money.

**Third: Fintech + crypto infrastructure—building low-friction pipelines**
She doesn’t speculate on coin prices. She’s betting on an upgrade of the entire value transfer system—exchanges, brokers, clearing and settlement, stablecoins; in her view, these “pipelines” are all of a kind. COIN, HOOD, CRCL, BLSH are all pieces on this chessboard. She’s betting on the reconstruction of the financial infrastructure itself.

**Fourth: Gene editing—the most capital-intensive and long-term play**
This sector is volatile and slow to pay off, but she believes it’s the source of the next generation of productivity. CRSP, BEAM, TXG, TWST, ILMN, NTRA, VCYT—they all represent different segments along the multi-omics sequencing + AI chain. This is her most "long-termist" bet.

**Fifth: Next-gen internet—where attention goes, money follows**
This theme is more on the application layer. She’s betting on a reconstruction of the new consumer entry points and ways content is distributed. ROKU, RBLX, META—they’re all fighting for user time and attention distribution rights.

**Sixth: E-commerce and cloud-based business platforms—digital and modular transactions**
This is adjacent to the previous theme but more focused on business infrastructure. SHOP and AMZN are companies moving transactions online and turning capabilities into modules.

Looking across these six themes, you’ll see she’s not making random bets. Every line is focused on the moment when “the old system gets replaced.” For reference only 🫰