Cathie Wood says Ark Invest avoided Arm's blockbuster IPO because valuation was on 'high side'

• Arm was the biggest IPO in the US since late 2021 when it made its market debut last week.
• But Ark Invest's Cathie Wood sat out the chip designer's float. 
• "Arm came out, we think, from a valuation point of view on the high side," she told CNBC.

Cathie Wood sat on the sidelines while chip designer Arm made its blockbuster stock market debut last week. 

The Ark Invest CEO chose not to participate in Arm's $55 billion float because she thought it was overvalued compared to its competitors.