ARK Invest ramped up its exposure to Google and one more AI stock, shifting capital into two of its most aggressive themes while trimming stakes in two other names in the space.
Data from ARK Invest tracker Cathie’s ARK shows that the asset manager gobbled up $56.3 million in Google (GOOG) in four separate trades on November 25th.
ARK Invest’s Google accumulation spree follows the latest issue of its weekly newsletter, where the firm believes that the hyperscaler is poised to become a dominant force in the next era of AI models. According to ARK Invest, Google controls every layer of its AI stack from silicon to software, giving it an edge over other players in the race.
As of Wednesday’s close, GOOGL is trading at $319.
The asset manager also loaded up on the cloud computing platform CoreWeave, loading up $59.87 million in CRWV shares. The accumulation comes as Wall Street sees a 40% to 45% probability that CoreWeave will default on its debts in the next five years.
CRWV is currently worth $74.29.
Meanwhile, ARK Invest sold $57 million in Palantir (PLTR). The stock has been struggling to maintain bullish momentum ever since news emerged that “Big Short” investor Michael Burry has made a bet that PLTR will collapse.
PLTR is currently trading at $165.77.
The asset manager also dumped $21.73 million in AMD (AMD), even after Nvidia (NVDA) competitor delivered monster results for the quarter ending September. Earlier this month, AMD CEO Lisa Su said that the AI accelerator total addressable market (TAM) stood at $1 trillion, up from her previous estimates of $300 billion two years ago.
AMD is worth $214.24 per share.
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