Cathie Wood Bets Big On Chinese AI: Ark Buys Alibaba And Baidu In Back-to-Back Days, Dumps Shopify Despite Recent OpenAI Rally

On Wednesday, Cathie Wood-led Ark Invest executed significant trades involving major companies like Alibaba Group Holding Ltd (NYSE:BABA), Shopify Inc (NASDAQ:SHOP), Baidu Inc (NASDAQ:BIDU), and Brera Holdings PLC (NASDAQ:BREA). These trades reflect Ark’s strategic positioning in the evolving tech and AI sectors.

The Alibaba Trade

Ark Invest’s flagship fund, ARK Innovation ETF (BATS:ARKK), acquired 30,137 shares of Alibaba. The transaction, valued at approximately $5.5 million, underscores Ark’s potential confidence in Alibaba’s growth trajectory.

Alibaba, a key player in the e-commerce and cloud computing sectors, has been making strides in artificial intelligence. The company’s shares closed at $182.78 for the day. The stock is currently hovering near its 52-week high of $183.08.

Notably, Ark acquired 23,538 shares of Alibaba on Tuesday. That transaction was valued at $4.1 million.

The Shopify Trade

In a notable move, Ark Invest’s Ark Fintech Innovation ETF (BATS:ARKF) fund sold 18,440 shares of Shopify. This sale, valued at approximately $2.76 million, comes amid Shopify’s recent surge in stock price, driven by its collaboration with OpenAI’s “Buy it in ChatGPT” feature. This partnership is expected to enhance Shopify’s merchant reach, as over a million merchants are set to benefit from this integration. Shopify’s shares closed at $149.57.

The Baidu Trade

Ark Invest’s ARKK fund also purchased 21,648 shares of Baidu, valued at around $2.97 million.

Baidu’s aggressive expansion of its Apollo Go robotaxi business into new markets, including Australia and Southeast Asia, could be a significant factor in this investment. The company recently received 50 trial licenses in Dubai, allowing it to expand its fleet in the UAE. Baidu’s shares saw a 4.3% increase, closing at $137.44.

On Tuesday, Ark had purchased 53,388 shares of Baidu worth $6.9 million.

The Brera Holdings Trade

Ark Invest’s ARKK fund sold 100,983 shares of Brera Holdings, amounting to approximately $2.5 million. Brera Holdings recently experienced a dramatic rise in its stock price following its announcement of a Solana (CRYPTO: SOL) treasury strategy. On Wednesday, the stock closed at $24.72, down by 17.6%.

Ark sold 231,903 shares of Brera on Tuesday. Earlier in the month, the Wood-led firm had acquired 6,500,001 shares of Brera, which is set to be renamed Solmate, worth nearly $162 million.

Other Key Trades

• Draftkings Inc (NASDAQ:DKNG): Ark Invest’s ARKF, ARKK, and ARKW funds collectively bought 511,049 shares. The transaction was valued at nearly $18 million as DKNG closed at $35.16.
• Roblox Corp (Pre-Reincorporation) (RBLX): ARKW fund sold 37,148 shares.
• Roku Inc (ROKU): ARKW fund sold 36,697 shares.

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal