Cathie Wood Buys $13.4 Million of CoreWeave Stock as Jensen Huang Says ‘Strength Is Improving Every Day,’ Ark Trims Amazon and Palantir

On Thursday, Cathie Wood-led Ark Invest purchased shares of CoreWeave Inc. (NASDAQ:CRWV) and Rocket Lab Corp. (NASDAQ:RKLB), while trimming Amazon.com Inc. (NASDAQ:AMZN) and Palantir Technologies Inc. (NASDAQ:PLTR).

The CoreWeave Trade

ARK purchased 148,950 CoreWeave shares through the ARK Innovation ETF (BATS:ARKK) and another 43,616 shares through the ARK Next Generation Internet ETF (BATS:ARKW).

The combined purchase totaled 192,566 shares, a trade worth approximately $13.4 million, based on Thursday’s closing price of $69.69.

Ark had bought 188,665 shares on Wednesday, worth approximately $12.4 million at that session’s closing price. Across the two days, the firm purchased 381,231 CoreWeave shares, with an estimated combined value of $25.8 million.

Nvidia CEO Jensen Huang publicly backed CoreWeave on Thursday, saying the company’s “strength is improving every day” and its cost of capital was declining. He also said he saw no need for Nvidia to backstop the AI cloud provider.

Separately, Bank of America analyst Tal Liani reiterated a Buy rating and $140 price target, while raising revenue growth forecasts to 105% for 2027 and 63% for 2028.

Credit markets remained cautious, with yields on CoreWeave’s 2031 and 2032 bonds nearing 15%. BofA’s model projected approximately $67 billion in cumulative negative free cash flow from 2026 through 2028, alongside about $59 billion of new borrowing.

The Rocket Lab Trade

Ark purchased 120,655 Rocket Lab shares through ARKK, 34,387 shares through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) and 13,591 shares through ARK Space & Defense Innovation ETF (BATS:ARKX).

The combined purchase totaled 168,633 shares, worth approximately $9.3 million, based on Thursday’s closing price of $55.25.

Rocket Lab pushed Neutron’s first flight into 2027 late Wednesday after identifying a manufacturing flaw in a carbon-composite propellant dome. The company expects to finish testing in the first quarter before setting a launch date.

Rocket Lab reported second-quarter revenue of $234 million, up 62% year over year, and a $2.36 billion backlog. Management forecast third-quarter revenue of $250 million to $265 million.

Recent defense awards included a $266 million contract for suborbital launches and a $397 million Space Force award to build, launch and operate spacecraft designed to track airborne threats. The latter spacecraft are scheduled to launch aboard Neutron.

The Amazon Trade

Ark sold 25,086 Amazon shares through ARKK, 3,560 shares through ARKQ and 1,404 shares through ARKX.

The combined sale totaled 30,050 shares, a trade worth approximately $7.7 million, based on Thursday’s closing price of $254.76.

Needham analyst Laura Martin recently described Amazon as undervalued, highlighting its customer ecosystem, AI adoption and higher-margin cloud operations.

Speaking to CNBC on Oct. 8, Martin said only about 20% of Amazon’s traffic was exposed to outside AI commerce tools because most customers visited its website or app directly. She also said 67% of Amazon users used AI when searching for products on the platform.

Martin argued that Amazon’s longstanding investment in physical infrastructure and data centers could give it an advantage as demand for AI computing expands.

The Palantir Trade

Ark sold 16,068 Palantir shares through ARKK, 4,560 shares through ARKQ, 7,530 shares through ARKW and 1,799 shares through ARKX.

The combined sale totaled 29,957 shares, worth approximately $6 million, based on Thursday’s closing price of $200.50.

The firm had sold 31,432 shares on Wednesday, worth approximately $6.3 million at that day’s closing price. Across the two sessions, Ark sold 61,389 Palantir shares, with an estimated combined value of $12.3 million.

Goldman Sachs upgraded Palantir to Buy from Neutral on Oct. 8, setting a $230 price target. Analyst Gabriela Borges highlighted opportunities tied to sovereign AI, customized applications and industry-specific offerings.

The company’s second-quarter revenue rose 93% year over year. Its third-quarter results are scheduled for Nov. 9.

Other Key Trades

• Recursion Pharmaceuticals Inc. (RXRX): ARKG and ARKK purchased a combined 4,230,235 shares.
• Iambic Therapeutics Inc. (IAM): Ark bought 1,184,955 shares through ARKG.
• Shopify Inc. (SHOP): ARKK and ARKW sold a combined 43,517 shares.
• Toast Inc. (TOST): ARKF and ARKW sold a combined 53,344 shares.
• Block Inc. (XYZ): Ark sold 40,368 shares through ARKK.
• Personalis Inc. (PSNL): Ark sold 146,911 shares through ARKG.
• Freenome Inc. (FRNM): Ark purchased 25,455 shares through ARKG.

Benzinga Edge Stock Rankings indicate Coreweave stock has a Momentum score in the 8th percentile.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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