Cathie Wood Bets Over $17 Million on Crypto and AI Stocks
The renowned investor Cathie Wood’s ARK Invest has shown a significant movement in the portfolio on July 16, Wednesday, while focusing on crypto and AI stocks. As per ARK’s daily trade disclosure, the Ethereum staking space and AI-powered health stock named Tempus AI TEM were the most noticeable buys on the day. Also, the ace hedge fund manager consistently offloaded shares of Roku, the streaming platform.
According to the sources, the largest trade of the day was $7.16 million purchase of 3iQ Ether Staking ETF. ARK added 600,000 shares, which are distributed equally across the ARK Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW.
Moreover, signaling towards its focus on AI, ARK has also increased its stake in Tempus AI, a firm that encourages the use of artificial intelligence in healthcare. The company purchased 158,051 shares across ARK Genomic Revolution ETF ARKG and ARK Innovation ETF ARKK, valued at $8.83 million. The purchase is followed by a small Tempus buy earlier in the week, which well-represents ARK’s increasing confidence in the stock.
At the same time, ARK Space Exploration & Innovation ETF ARKX also added 11,021 shares of NVIDIA NVDA worth $1.88 million into its portfolio. The significant role of NVIDIA in the gaming and AI landscape makes it a good long-term option for ARK’s fund.
Looking at Wall Street, Tempus AI stock carries a Moderate Buy consensus rating with the average TEM stock price target of $59.97. It indicates a positive spike of 14.8% from current stock level. Talking about NVIDIA, it cmparetively holds a Strong Buy consensus rating with average NVDA stock price target showcasing a 5.72% upside risk.
Overall, TEM is up 77.64% year to date. On the other hand, NVDA has shown a positive movement of 27.63% during the same period.
