This article first appeared on GuruFocus.
Cathie Wood’s ARK Invest added a fresh exposure to CoreWeave (NASDAQ:CRWV), an AI cloud infrastructure company, purchasing more than 83,000 shares valued at nearly $5.8 million.
The purchase was made across several Ark funds, including the Ark Innovation ETF (ARKK). CoreWeave provides cloud computing services tailored for artificial intelligence workloads.
The trade was part of a broader daily trading update from the portfolio manager. Ark also adjusted positions in other technology and healthcare names, but the CoreWeave acquisition stood out as a notable build.
CoreWeave has emerged as a specialist in GPU-based cloud infrastructure. The company competes with larger cloud providers by offering scaled compute capacity for AI model training and inference.
Ark’s move into the AI cloud space comes as institutional demand for compute resources continues to grow. The firm did not disclose the average purchase price per share.
The buy represents a relatively small position within Ark’s overall portfolio.