Cathie Wood’s ARK Invest bought shares of the AI cloud company CoreWeave and sold shares of the data analytics firm Palantir on Thursday, November 12.
ARK purchased 283,022 CoreWeave shares worth about $16 million. The stock fell 6.86 percent to $56.60 that day. ARK also sold 58,339 Palantir shares worth about $10 million, as Palantir slipped 0.48 percent to $171.58. It bought about $8.9 million of Twist Bioscience shares the same day.
The CoreWeave and Palantir trades ran through the ARK Innovation ETF and a sister internet fund. According to the November 12 holdings file, the ARK Innovation ETF held about 2.43 million CoreWeave shares, or 2.37 percent of the fund, and about 948,590 Palantir shares, or 2.63 percent.
CoreWeave has been volatile since it reported third-quarter results on November 10, when it closed at $48.73. The stock rose 24.71 percent to $60.77 on November 11, then fell as low as $50.17 on Thursday before closing at $56.60. It is down 27.26 percent for the month through November 12 and is valued at about $25.97 billion.
CoreWeave’s third-quarter revenue rose 168 percent to $3.66 billion, and its backlog stands at $132.5 billion. The company plans $37 billion to $39 billion in capital spending. It posted a net loss of $709 million, including $846 million in net interest expense. Nvidia invested $2 billion in the company in January.
Barclays cut its price target for CoreWeave to $85 from $105, and Argus lowered its target to $100 from $150, both on November 12.
Palantir, valued at about $395.78 billion, reported third-quarter revenue growth of 95.9 percent to $2.313 billion. It expects $4.8 billion to $5.0 billion in adjusted free cash flow for 2026. Its shares are down 17.77 percent this year through November 12.
Nvidia is due to report earnings on November 17.
