Cathie Wood’s ARK Invest Goes All In on AI: CoreWeave, OpenAI, and Autonomous Trucks

TLDR

• ARK Invest bought 83,764 shares of CoreWeave worth ~$6.9M, an Nvidia-backed AI cloud company
• ARK made its first-ever direct investment in OpenAI, acquiring nearly 349,000 shares across three funds
• ARK added to Kodiak AI, Oklo nuclear energy, DoorDash, and genomics firms Arcturus and GeneDx
• ARK sold 745K shares of Strata Critical Medical and trimmed Teradyne, Pinterest, and Veracyte
• ARKK is down ~12% year to date, with $1.2 billion in net outflows over the past 12 months

Cathie Wood’s ARK Invest made a clear push into artificial intelligence, genomics, and clean energy last week, buying millions in new positions while cutting several existing holdings.

The biggest purchase was CoreWeave, an Nvidia-backed cloud company that builds GPU-powered data centers for AI workloads. ARK bought 83,764 shares across three days — March 30, 31, and April 1 — worth roughly $6.9 million based on a closing price of $82.

CoreWeave, Inc. Class A Common Stock, CRWV

CoreWeave counts Google and Microsoft among its major customers. In February, the company reported fourth-quarter revenue of $1.57 billion, up 110% year over year. Its first-quarter guidance of $1.9 to $2 billion came in below analyst estimates of $2.29 billion.

Bank of America upgraded CoreWeave to buy in March, setting a $100 price target. Analysts cited the company’s position in what they called a $79 billion AI infrastructure market.

ARK also made its first-ever direct investment in OpenAI, the company behind ChatGPT. Three ARK funds — ARKF, ARKK, and ARKW — collectively bought 348,995 shares or units through a Series C allocation. ARK described this as the first time it has taken a direct cap table position in OpenAI.

ARK Adds Autonomous Trucking and Nuclear Energy

ARK’s ARKQ fund bought 230,000 shares of Kodiak AI, a company focused on autonomous trucking and AI logistics. ARK also picked up around 56,000 shares of Oklo, a nuclear energy startup developing advanced fission technology.

DoorDash was another addition, with ARK adding to its consumer platform exposure through the food delivery company.

In genomics, ARK’s ARKG fund bought more than 16,000 shares of Arcturus Therapeutics, which works on RNA therapeutics. ARK also added 39,000 shares of GeneDx, a genetic testing and precision medicine company, split across ARKG and ARKK.

Selling Side: Strata, Teradyne, and Pinterest Trimmed

On the selling side, ARK’s largest exit by share count was Strata Critical Medical. ARK offloaded 745,000 shares worth around $3 million.

ARK also reduced its position in Veracyte, a diagnostics company, and cut holdings in semiconductor testing firm Teradyne. Pinterest, Discovery, and Japanese internet platform LY Corp were also trimmed.

Wood has publicly stated she expects a “great acceleration” in global growth driven by AI. She said AI training costs are falling 75% per year and inference costs are dropping as much as 85% to 98% annually.

ARKK is down roughly 12% year to date, compared to a 3.8% drop in the S&P 500. The fund has seen $1.2 billion in net outflows over the past 12 months.

CoreWeave closed at $82.24 on April 2 and is up 15% year to date.

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