Tesla Inc. forming an autonomous taxi platform will be the catalyst for a roughly 10-fold increase in its share price, Ark Investment Management LLC’s Cathie Wood said, echoing years of bullish predictions about a business the carmaker has yet to stand up.

Cathie Wood said Ark Investment Management is well positioned in artificial intelligence assets, even after her company trimmed back on Nvidia Corp. shares before the rally last year.

Asian hedge fund firms are pouring hundreds of millions of dollars into private investments as they seek higher returns, muscling into an area that has long been the preserve of private equity and venture capital.

Firms run by Ray Dalio, Michael Hintze, Adam Levinson and others suffered their worst-ever losses last month.