Cathie Wood’s ARK Buys More Alphabet, Meta, and Coinbase. Bu

Cathie Wood’s ARK Buys More Alphabet, Meta, and Coinbase. But Ditches These Stocks.
 

 

It’s the clear Big Tech winner in the race for AI dominance, with a stock that has soared 70% the past 12 months. But shares of Google parentAlphabet have further to go—that’s the read across from latest investments by Cathie Wood’s ARK Invest.

The high-profile AI investor, who has been dismissive of bubble talk, has been busy topping up tech holdings and buying the crypto dip, through various funds.

The investment manager’s daily trading file, posted on social media site X, revealed a tranche of pre-Thankgiving trades. On Tuesday four different ARK funds purchased a total of 174,293 shares inAlphabet 

 

GOOGL

+0.07%

, which closed at $320.50. If the transaction took place on that day the value would be worth $55.8 million.

 

Three funds purchased a total of 33,837 shares in Facebook owner Meta 

 

META

+2.26%

. The stock closed at $633.76 on Tuesday. The value of that purchase would have been around $21.4 million. ARK also bought $29.4 million of CoreWeave

 

CRWV

-1.57%

 Stock.

 

At a conference in Saudi Arabia last month Wood said: “I don’t believe AI is in a bubble. What I do think is, on the enterprise side, it is going to take a while for large corporations to prepare themselves to transform.”

Alphabet’s stock neared a $4 trillion valuation for the first time following a report Google is in talks to sell AI chips to Meta. This was bad news for chip makers Nvidia and Advanced Micro Devices —their stocks both fell.
 

ARK’s Tuesday trading file showed it had sold stock in AMD worth $38.6 million, and $59 million ofPalantir 

 

PLTR

+1.62%

 stock.

 

It continued to buy the crypto dip—snapping up $3.8 million of Coinbase, and $7 million of Circle.