Cathie Wood Buys $28.1 Million Worth of Meta Stock, Dumps Alphabet Shares As Mark Zuckerberg's Superintelligence Vision Takes Shape

On Wednesday, Cathie Wood-led Ark Invest made significant trades involving Meta Platforms, Inc. (NASDAQ:META) and Alphabet Inc. (NASDAQ:GOOGL).

The Meta Platforms Trade

Ark Invest’s flagship fund, ARKK, acquired 38,304 shares of Meta Platforms, Inc. (NASDAQ:META), while ARK Innovation ETF (BATS:ARKW) added 4,787 shares. The total investment in Meta amounted to approximately $28.1 million, based on the closing price of $653.69.

This move aligns with Meta’s recent launch of Muse, an AI agent designed to manage digital tasks autonomously. Despite internal tests revealing security and reliability issues, the AI agent is central to CEO Mark Zuckerberg’s vision for personal superintelligence.

Meta’s stock has been on an upward trajectory, partly due to a recent settlement in a major lawsuit, which removed a short-term overhang on the stock. However, experts warn that litigation risks are not entirely resolved.

The Alphabet Trade

In contrast, Ark Invest reduced its position in Alphabet by selling 72,803 Class A shares from ARKK and 11,589 Class A shares from ARK Next Generation Internet ETF (BATS:ARKW). The total value of shares sold was approximately $27.9 million, based on GOOGL closing price of $330.65.

Alphabet’s stock has faced pressure due to investor concerns over AI spending and cloud growth. Despite these challenges, analysts maintain a positive outlook on Alphabet’s potential to benefit from AI-driven growth across its advertising and cloud segments.

Other Key Trades

• Beam Therapeutics Inc. (BEAM): ARKG bought 73,237 shares, and ARKK acquired 197,922 shares.
• CRISPR Therapeutics AG (CRSP): ARKG purchased 10,761 shares, and ARKK added 36,352 shares.
• INTELLIA THERAPEUTICS, INC. (NTLA): ARKG bought 15,925 shares, and ARKK acquired 188,281 shares.
• Tempus AI, Inc. (TEM): ARKK sold 22,767 shares.

Benzinga Edge Stock Rankings indicate Meta stock has a Momentum score in the 17th percentile and Growth score in the 78th percentile.

Photo Courtesy: PJ McDonnell on Shutterstock.com

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