Gold Is the Real Bubble, Says Ark Invest’s Cathie Wood—Not AI

Gold’s rise has caught the eye of noted technology investor Cathie Wood, who says the precious metal is the real ongoing market bubble—not artificial intelligence.

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Wood’s remarks came Thursday as gold surged to a new all-time high above $5,600 while hitting a new record percentage of the U.S. M2 money supply in intraday trading, based on data from her investment firm Ark Invest. 

“Odds are high that the gold price is heading for a fall,” Wood posted to her followers on X. “While parabolic moves often take asset prices higher than most investors would think possible, the out-of-this-world spikes tend to occur at the end of a cycle. In our view, the bubble today is not in AI, but in gold.”

Wood’s trading prediction was prescient, as gold has fallen nearly 9% in the last 24 hours to change hands around $4,861 an ounce. And silver is faring far worse, diving more than 27% on the day to a recent price of about $83.

Friday’s drop in value for precious metals may provide something of confirmation bias for Wood, who recently said that the top crypto asset and its capped supply make for a much more compelling scarce asset than gold. 

“Gold miners, by boosting production of gold, can do something not possible with Bitcoin,” Wood wrote in her 2026 outlook report. “Bitcoin is mathematically metered to increase ~0.82% per year for the next two years, at which point its growth will decelerate to ~0.41% per year.”

As CEO of Ark Invest, Wood has maintained vocal optimism for Bitcoin, projecting ambitious price targets—including as much as $1.2 million per coin for the top crypto asset by 2030. That mark is actually around 20% lower than her previous estimate, which she dropped from $1.5 million on account of growing stablecoin adoption.

Her firm also maintains a vested interest in the success of Bitcoin and crypto, holding major positions in crypto equities like American exchange Coinbase, stablecoin issuer Circle, and its own spot Bitcoin ETF—ARKB. 

As for bubbles, while gold may have provided a timely target, Wood remains outspoken that she does not believe artificial intelligence is currently the culprit, going as far to say she is “reassured” when people frequently compare the current state of AI investment to the tech and telecommunications bubble from the early 2000s.

“The fact that so many people are worried that we are in an AI cycle, like the tech and telecom bubble, actually reassures me,” Wood said on an Ark Invest podcast published in November. “It’s very different from what happened during the tech and telecom bubble.”

On the other hand, some investors are still leery about the massive investments being made in artificial intelligence, and how a popping bubble could wreak havoc on the markets. For example, shares in Microsoft fell more than 10% on Thursday as some investors questioned higher-than-expected spending related to AI.