Cathie Wood Just Bet $26 Million on SpaceX Days Before Earnings
Complete. Here is the key summaryArk Invest, led by Cathie Wood, invested approximately $26 million in SpaceX shares ahead of its first public earnings report. The firm also increased positions in AI and tech stocks, including CoreWeave, Tesla, TSM, Nvidia, and Meta, while reducing holdings in Shopify, Snowflake, Robinhood, Alphabet, Amazon, Deere, and biotech companies.
Cathie Wood's Ark Invest shifted more capital toward artificial intelligence, space and defense stocks in late July, with SpaceX emerging as the firm's largest purchase, according to an Aug. 3 report.
Ark bought more than 358,000 shares of SpaceX across several funds, with the purchases valued at about $26 million. The investment came ahead of the company's first earnings report following its public listing.
The firm also added $15.5 million of CoreWeave after the AI cloud provider's shares fell about 15% last week. Tesla (TSLA) was another major addition, with Ark purchasing $14.3 million worth of shares after the stock reached a new 52-week low.
Ark also increased positions in Taiwan Semiconductor Manufacturing (TSM) and Nvidia , buying about $8.2 million of each. Meta Platforms (META) received another $8.6 million of investment after its shares weakened following its second-quarter profit shortfall.
Meanwhile, Ark reduced several positions. Shopify (SHOP), Snowflake and Robinhood Markets (HOOD) led the selling, while the firm also trimmed Alphabet (GOOGL), Amazon.com (AMZN), Deere (DE) and several biotechnology holdings.