Cathie Wood, head of Ark Investment Management, has sold large chunks of major tech names amid a market downturn due to the U.S.-Iran war. Her flagship Ark Innovation ETF (ARKK) was down roughly 18.4% year to date, while the S&P 500 dropped 7.3%. Wood's style of buying large dips in bearish markets has led to painful losses in her long-term gains. The Ark InnovationETF, which gained 35.49% last year, has delivered a five-year annualized return of -10.6%, compared to an annual return of 11.5% over the same period. Wood argues that the global economy is not heading into a downturn but into a "great acceleration" driven by AI and other breakthrough technologies.