Cathie Wood, CEO of Ark Invest, said she did not participate in Arm's initial public offering last week because she found the chip designer was overvalued relative to its competitive position. Arm is listed on Nasdaq at an IPO price of $51 per share for a valuation of almost $60 billion. The shares initially jumped 25% but have since declined. Wood said there may be too much emphasis on AI regarding Arm’s business and insufficient focus on competitive dynamics.