Cathie Wood Adjusts Portfolio with Meta, Amazon, CoreWeave Buys and SpaceX Sale
ARK Invest, the firm led by Cathie Wood, made several notable portfolio adjustments on Tuesday. The company increased its holdings in Meta Platforms, Amazon, and CoreWeave while reducing its position in SpaceX. ARK Invest purchased a total of 10,789 shares of Meta Platforms, valued at approximately $8 million, through two of its ETFs. Despite the purchase, Meta’s stock closed down 0.41% at $738.88, reflecting ongoing concerns about the costs and competitive challenges of its AI investments.
ARK Invest also added 36,050 shares of Amazon, worth around $9.2 million, as the stock rose 1.95% to $256.29. Analyst Ivan Feinseth from Tigress Financial Partners reiterated a Buy rating for Amazon, highlighting the company’s AI-driven growth in AWS, advertising, and Prime engagement as key factors supporting his $385 price target.
The firm significantly boosted its stake in CoreWeave, acquiring 97,639 shares for about $9 million. CoreWeave’s stock gained 4.95% to $91.72, driven by the launch of Nvidia’s Vera Rubin NVL72 platform. Analyst Brett Knoblauch from Cantor Fitzgerald maintained an Overweight rating and a $176 price target, noting Cognition’s successful use of the platform.
In contrast, ARK Invest trimmed its SpaceX position by selling 54,873 shares, worth approximately $9.4 million. The sale coincided with reports of SpaceX’s potential financing efforts for Nvidia chip purchases, involving $10 billion in bank loans and $30 billion in debt.