Stocks
ARK Bets Big on Meta, Offloads Google Shares Amid AI Push
Cathie Wood's ARK Investment Management has made significant moves in its exchange-traded funds, purchasing $27.9 million worth of Meta Platforms Inc. (META) shares and offloading Alphabet Inc. (GOOGL) shares for a total value of $27.8 million.
The transactions occurred across two ETFs: ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).
Wood's firm purchased 38,304 META shares through its ARKK ETF worth about $24.8 million, and bought another 4,787 shares of the Facebook parent company via its ARKW ETF, worth $3.1 million.
This move coincided with Meta stock surging to a two-month high amid its Meta Muse AI release and acquisition of Swedish AI firm Stilla.ai to support its business AI agents.