TLDR
- ARK Invest bought 174,293 shares of Alphabet worth $55.8 million and 33,837 shares of Meta worth $21.4 million
- The fund purchased $3.8 million in Coinbase and $7 million in Circle crypto stocks
- ARK sold $38.6 million of AMD stock and $59 million of Palantir stock
- Cathie Wood stated she does not believe AI is in a bubble at a recent conference
- Alphabet’s stock has risen 70% over the past 12 months and is approaching a $4 trillion valuation
Cathie Wood’s ARK Invest purchased 174,293 shares of Alphabet across four different funds in recent trading. The transaction was valued at approximately $55.8 million based on the stock’s closing price of $320.50.
The purchases came as Alphabet’s stock neared a $4 trillion valuation for the first time. The company’s shares have increased 70% over the past 12 months.
ARK Invest also bought 33,837 shares of Meta Platforms through three funds. The purchase was valued at around $21.4 million with Meta’s stock closing at $633.76.
The fund manager added $29.4 million in CoreWeave stock during the same trading session. These purchases were disclosed in ARK’s daily trading file posted on social media.
ARK Sells Chip Stocks and Adds Crypto
ARK Invest sold $38.6 million worth of Advanced Micro Devices stock. The fund also exited $59 million in Palantir Technologies shares.
The AMD sale came after reports emerged that Google was in talks to sell AI chips to Meta. This news caused stock declines for both Nvidia and AMD.
The Palantir sale appears to be profit-taking after the stock’s extended run. The company has benefited from government and commercial AI contracts over multiple years.
Crypto Purchases Continue
ARK Invest bought $3.8 million in Coinbase stock during the trading session. The fund also purchased $7 million worth of Circle shares.
These crypto purchases suggest Wood is positioning for increased trading activity in digital assets. The buys came during a recent pullback in cryptocurrency markets.
At a conference in Saudi Arabia last month, Wood addressed concerns about artificial intelligence valuations. She stated: “I don’t believe AI is in a bubble.”
Wood added that enterprise adoption would take time. She said large corporations need to prepare themselves to transform their operations.
The recent trades show ARK concentrating investments in companies with large user bases and AI infrastructure. The fund trimmed positions in stocks where near-term expectations may have exceeded business performance.
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