Ark Invest’s Cathie Wood built a sizable stake in Meta Platforms Monday after the innovation investor missed out on the recent rally in artificial intelligence winner Nvidia . Wood snapped up 150,459 shares of the Facebook parent for her flagship ARK Innovation ETF in the previous session. She also added 24,389 shares for ARK Next Generation Internet ETF . Combined, these purchases were worth more than $47 million based on Meta’s closing price of $271.05. META YTD mountain Meta Platforms Meta has been a popular tech and AI play for hedge fund investors, including David Tepper, Daniel Sundheim and Philippe Laffont. Meta recently announced AI computer chips, which will power more advanced metaverse-related tasks, such as virtual reality and augmented reality, as well as generative AI. The stock has soared 125% this year amid the AI optimism. To fund the purchase, Wood sold 324,551 shares of Tesla in ARKK Monday. The electric vehicle company, whose shares have doubled in price this year, is still the ETF’s biggest holding with a nearly 12% weighting. Wood’s flagship fund exited Nvidia entirely in early January, missing out on the jaw-dropping rally that propelled it to a $1 trillion market capitalization briefly. She continued to trim her Nvidia stakes in her smaller funds on Monday. Wood revealed that her reason for dumping Nvidia was its high valuation as the stock was “priced ahead of the curve.” Meanwhile on Monday, she took a stake in Taiwan Semiconductor for ARK Autonomous Technology & Robotics ETF . The chip bellwether is seen as another AI play, rivaling Nvidia.
