Bill Ackman and Cathie Wood lead the charge back into tech stocks as the sell-off attracts bargain-hunters

Bill Ackman is the founder of investment company Pershing Square. He is also the company's CEO.
Bill Ackman and Cathie Wood have been buying up shares in technology companies, as the sell-off attracts dip-buyers.
Hedge fund legend Ackman said last week that he thinks Netflix is a good investment at its current price.
Star stock-picker wood has increased her bet on Tesla, buying more than $20 million of stock.
Subscribe to the TradingView newsletter to get the latest news and analysis on the markets, delivered to your inbox daily.
Something is being loaded.
Email addresses are used to send and receive messages. Email addresses are used to send and receive messages. They are also used to identify the sender and recipient of a message.
By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers. You also agree to our Terms of Service and Privacy Policy.
After a steep sell-off, hedge-fund legend Bill Ackman and star stock-picker Cathie Wood are leading the charge back into technology stocks because they look more appealing.
Ackman last week bought $1.1 billion worth of shares in Netflix, saying the streaming service looked "extraordinarily attractive."
On Thursday, Wood's flagship Ark Innovation exchange-traded fund purchased more than $20 million of Tesla stock. On Friday, it snapped up more shares in trading platform Robinhood.
Some investors believe that the sell-off in technology stocks has gone too far, as evidenced by Ackman and Wood's recent purchases.
The Nasdaq 100 index has fallen around 10% this year, but was up close to 2% on Monday morning as many technology companies rebounded. The Nasdaq 100 index has fallen around 10% this year, but some technology companies rebounded on Monday morning.
Investors have ditched fast-growing tech stocks in 2022, as they brace for the Federal Reserve to hike interest rates in its bid to get a grip on inflation.
Technology stocks that are not profitable have done the worst as investors look for cheaper companies that can deliver good returns, given that inflation looks set to stay hot.
The sell-off has also whacked the biggest names in the market, from Tesla and Netflix to Apple and Amazon. That's lured in bargain-hunters who scent a good deal.
Tesla has slumped more than 15% this year and fallen around 30% since hitting a record high in November.
The sell-off has clearly made the electric-vehicle maker more attractive in the eyes of Wood, whose Innovation ETF bought more than $20 million of its shares on Thursday.
Wood said last week that she welcomes volatility and uses it as a chance to focus on her "highest conviction names."
Netflix hit an intraday high of more than $700 in November, but has since slumped roughly 40%. It dropped more than 20% in a day earlier this month, after warning subscriber growth would slow sharply. This month, it slumped more than 20% in a day after warning subscriber growth would slow sharply.
The move lower in the stock price of Herbalife Ltd. attracted Ackman's Pershing Square investment group, which has built a stake of around 3.1 million shares.
Many of our best investments have emerged when other investors, whose time horizons are short-term, discard great companies at prices that look extraordinarily attractive when one has a long-term perspective, Ackman wrote in a letter to Pershing investors last week.
A fund manager with a great track record of beating market crashes explains how to position a portfolio to thrive in the coming decade.
"The sharp fall in many high-quality tech firms is already creating opportunities for longer-term investors to add exposure," said Mark Haefele, chief investment officer at UBS Global Wealth Management.
Rather than giving up on tech in the face of near-term headwinds, we recommend being more selective with what tech investments you make.
Tesla stock was upgraded to "outperform" by Credit Suisse analysts on Monday. Dany Levy and Trevor Young predicted the car-maker will rally more than 10% over the coming year to $1,025.
Netflix was up 8.06% Monday to $415.32, as of 10.58 a.m. ET, while Tesla rose 8.52% to $918.46. Robinhood was 9.19% higher at $13.88.
Netflix is a publicly traded company, and as such, is required to disclose any potential conflicts of interest. Mathias Döpfner, CEO of Business Insider's parent company, Axel Springer, is a Netflix board member.
Robinhood is a commission-free stock trading app. Robinhood is a stock trading app that doesn't charge commissions.
A close icon is an image of two crossed lines that form an 'X'. It is used to close an interaction or dismiss a notification.