Cathie Wood has Deere (DE) in her ARKK ETF because of their autonomous tractors and AI tech. The stock is up nearly 30% to start the year and has outperformed the S&P 500 over the last five years. However, the fundamentals look expensive right now. Management expects net income to drop in fiscal 2026 and stated that this year might be the bottom of the agriculture cycle. The stock is trading at a forward P/E of 36, which is high compared to its typical 22-30 range. Free cash flow yield has also dropped to 2%. It looks like investors are trying to time the bottom of the cycle, but the current price doesn't leave much room for error.