Cathy Wood, founder of Ark Investments, said on Wednesday that she did not think there was a bubble in the US stock market, reiterating her previous view.

Speaking online at an investment conference hosted by Morningstar, Wood said: "We are not in a bubble and I firmly believe that. "

"but I believe the market is beginning to recognise how far-reaching the opportunities for these platforms are and how sustained and rapid their growth will be," says Mr Wood. " She was referring to Tesla, Inc..And other companies that use artificial intelligence and other emerging technologies.

Driven by massive fiscal and monetary stimulus, the S & P 500 has risen nearly 100 per cent from its low when the COVID-19 pandemic began in March 2020. That puts the index at about 21 times forward earnings, compared with an average of 16.5 times over the past decade, according to Refinitiv.

Wood's Ark Innovation ETF was the best-performing active management fund in 2020, but it has been weak this year.

Tesla, Inc. shares rose 1.7 per cent on Wednesday to close at $751.94, up 77 per cent over the past year. Wood's Ark Investment Company predicted in March that Tesla, Inc. 's share price would reach $3000 by 2025. Since then, Wood has reiterated this long-term target price in several interviews.