Okay, so the market decided to have a collective bad week. Like, four bad weeks in a row. It’s the kind of thing that makes you want to hide under a desk with a large coffee and pretend you’re a very important paperclip. But Cathie Wood, bless her aggressively optimistic heart, is doing what she does best: buying the dip. Though, let’s be honest, “quietly buying the dip” sounds a lot like my online shopping habits after a particularly brutal earnings report. This week, the shopping list was…specific. Only three names made the cut. It’s less a shopping spree, more a very curated selection of “things I think might work out.”
She added to positions in Figma, Arcturus Therapeutics, and 10x Genomics. Which, if you’re scoring at home, is a lot like picking the slightly bruised fruit at the grocery store. It could be perfectly fine, or it could lead to a digestive adventure. Let’s unpack these choices, shall we? Because, as a macro strategist, I’m less interested in the stock picking and more interested in what this tells us about the overall risk appetite—or lack thereof—in the current environment.
1. Figma
Figma. The design tool that everyone loves to hate…or, more accurately, that everyone loves until the AI comes for their jobs. It’s down 83% from its peak. Eighty-three percent! That’s the kind of drop that makes you question all your life choices. But here’s the thing: revenue growth is accelerating. Forty percent year-over-year. That’s like finding a twenty in an old coat. Still doesn’t fix the 83% problem, but it’s a start. They had a good quarter, then immediately gave the gains back. It’s the corporate equivalent of a trust fund kid blowing their inheritance on avocado toast.
Their net dollar retention rate is 136%. Which, in normal human terms, means people are still paying for this thing. And not just paying, but increasing their spending. It’s a good sign. But, let’s be real, the market is currently obsessed with profitability. And Figma, shall we say, is still “working on it.” It’s like dating someone with potential but no actual job. You know it could be great, but you’re also bracing for the inevitable awkward conversation about splitting the bill.
2. Arcturus Therapeutics
Arcturus. The name sounds like a rejected Bond villain. Wood bought this one in a flurry at the end of the week. It’s a biotech company, which means it’s either going to cure a disease or lose all your money. There is no in-between. Revenue is, shall we say, “experiencing a correction.” Down sharply for three years running. It’s the kind of performance that would get you fired from most jobs. But hey, this is biotech. Expectations are different.
They’re working on mRNA therapies for rare diseases. It’s a noble cause. And they’ve expanded their cash runway until 2028. Which is great. Unless, of course, they run out of actual therapies before then. It’s a long game, and as a strategist, I’m seeing a bet on future innovation. But also a high-risk, high-reward profile. It’s a bit like investing in a really ambitious startup run by your eccentric uncle.
3. 10x Genomics
10x Genomics. The name promises a ten-fold return. Which, let’s be honest, is a bold claim. They’ve seen nine-fold revenue growth over the past nine years. Impressive. But the stock price? Half of its IPO price. It’s like running a marathon and then tripping over the finish line. They’re a leader in single-cell genomic analysis. Which is a fancy way of saying they help scientists understand really tiny things. It’s important work. Ark owns several genetic sequencing stocks, so it fits the overall portfolio theme.
The problem? No profitability. And guidance for revenue decline in 2026. Which, in corporate speak, means “things might not get better anytime soon.” They’re excluding some licensing revenue, which is a bit like saying “if you ignore this massive debt, everything looks great!” It’s a fair exclusion, but it doesn’t change the fact that growth is slowing. It’s a promising company with a lot of potential, but it’s also a bit like a really expensive hobby.
So, what does this all mean? Wood’s shopping list isn’t about finding the next hot stock. It’s about finding companies that could be something great, even if they’re a little bruised and battered. It’s a bet on innovation, a willingness to take risks, and a healthy dose of optimism. Or, maybe, it’s just a really good sale. Either way, it’s certainly more interesting than staring at a spreadsheet all day.
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2026-03-23 14:13