After the U.S. stock market plunge, "Wood Sister" Cathie Wood: The more the market worries, the more optimistic I become; the bull market is not over.

This week, as the U.S. stock market's AI trade suffered a sharp selloff and the Nasdaq Composite Index fell into correction territory, ARK Invest chief Cathie Wood chose to add to positions against the trend. On Friday, November 6, Cathie Wood said in a CNBC interview that investors' widespread concerns have not shaken her confidence but instead reinforced her judgment that the bull market will continue. "The more the market worries, the more optimistic I become, because that often means the bull market is more sustainable. I don't think this bull market has derailed." Tech stocks staged a modest rebound on Friday, but market sentiment remained fragile. Wood believes the current volatility is the normal rhythm of "two steps forward, one step back" in the process of a technological revolution, and she expects the stock market to continue rising in 2027. Wood advised investors to take modest profits during rebounds and add to high-conviction holdings during declines. ARK has recently added to core positions such as SpaceX (SPCX.US). What triggered this round of declines The direct trigger for Thursday's selloff was market concerns that data center construction could slow after Democrats won control of Congress. But Wood pointed out that unease about AI has persisted through most of this yearinvestors have continuously questioned the scale of tech companies' AI capital expenditures, their cash-burn rate, and the shift by hyperscalers from very high positive free cash flow to negative free cash flow. "This has been unsettling the market for quite a while," she said. Meanwhile, macroeconomic pressures are also intensifying. The U.S.-Iran war has pushed up global inflation, U.S. interest rates and bond yields have climbed sharply this year, and corporate bond yields have risen accordingly. "Part of the reason for this correction is what's happening in the bond market," Wood said. The 'wall of worry' makes the bull market healthier Wood calls the pessimism pervading the current market a "wall of worry," but her interpretation is very different from most people's. She compared it with her own experience: "I lived through the tech and telecom bubble, and back then almost no one was worried. That was the '80s and '90s, a bull market, and people simply assumed it would keep rising to the sky. But the AI trade has not evolved that way at all." In her view, it is precisely this "wall of worry" that makes the current bull market healthier. She also named the "builders" of this wall: "This wall of worry was built by senior leaders in the financial worldthey were still young during the bubble. It is the industry veterans who keep this wall standing, and that's not a bad thing. Now, bond investors have joined in as well." She further explained that bond investors did not previously need to understand the tech industry deeply, because back then it was softwarelow fixed costs, viral applications, extremely high margins. But AI is high fixed cost, so bond investors are going through a journey into the tech world, which is actually quite unfamiliar to them. Limited rate shock, growth logic unchanged Facing upward pressure on interest rates, Wood believes AI hyperscalers have their own unique buffer mechanism. "If a company believes that borrowing can accelerate its own growth momentumthat is, raise its growth ratethen for these companies it hardly matters how interest rates move." Asked whether the bull market is nearing its end, Wood's answer was brief and direct: "I don't think so." "I think we are in the middle of a technological revolution," she said, citing developments such as robotaxis and AI agents as evidence. ARK's actual moves: adding to high-conviction positions Wood is not just optimistic in wordsARK has already acted during the recent volatility. She revealed that ARK has continued to concentrate positions in its highest-conviction names over the past week or so. "Our SpaceX position has increased. If anything, the controversy over data centers on Earth has created a bigger opportunity for space-based data centers." For ordinary investors, she offered a specific framework: when you see a rebound in a volatile environment, take modest profits; when you see a decline, if you have already taken profits, you have the psychological confidence to re-enter. Looking ahead to 2027, Wood maintained her optimistic judgment: "The revolution will become clearer and clearer, and I think the market will perform well." It is worth noting that Wood's flagship product, the ARK Innovation ETF, has risen more than 35% in 2025, far outpacing the S&P 500's 16.4% gain and the Nasdaq Composite's 20.5% gain over the same period. This article is reprinted from "Wallstreetcn," author: Long Yue; GMTEight editor: Huang Xiaodong.