ARK Bets Big on Meta, Sells Alphabet Shares Amid AI Push

Cathie Wood's ARK Investment Management made two significant technology stock trades on Wednesday, purchasing shares of Meta Platforms Inc. (META) and selling Alphabet Inc. (GOOGL) shares.

The asset management firm bought META shares worth a total of $27.9 million across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW). Specifically, it purchased 38,304 shares of META through ARKK, valued at approximately $24.8 million, and another 4,787 shares via ARKW, worth about $3.1 million.

On the other hand, ARK Invest sold a total of 84,392 GOOGL shares for $27.8 million. This includes selling 72,803 shares through its ARKK ETF, valued at around $24 million, and an additional 11,589 shares via its ARKW ETF, estimated to be worth $3.8 million.

The transactions coincided with META stock surging to a two-month high amid the release of its Meta Muse AI and acquisition of Stilla.ai to support business AI agents.