ARK Invest Loads Up on Cloud Computing and Alphabet Ahead of Mega Tech Earnings

Cathie Wood's ARK Invest has been aggressively investing in cloud computing company CoreWeave (CRWV) and Alphabet (GOOGL). In just one day, they added $18.2 million worth of CRWV shares to their portfolio and $14.2 million worth of GOOGL shares. This move comes ahead of a packed Wednesday for tech earnings reports, with Amazon, Meta Platforms, Microsoft, and Alphabet all set to release their quarterly results.

The funds have been buying up both companies' stocks for at least a year, with total investments reaching $80 million in CoreWeave and $110 million in Alphabet so far this year. CoreWeave's shares have gained 47% year-to-date, while GOOGL has climbed 12%. The ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW) purchased a combined total of 162,306 shares of CRWV.

Stocktwits sentiment for CRWV had been 'neutral' as of late Tuesday, while GOOGL's sentiment was still 'bullish', although it had dropped a few points in the 'bullish' territory. The trades send a notable signal ahead of Alphabet's report, which is expected to shape market direction and influence analyst sentiment around the broader AI trade.