TLDR
- ARK Invest bought 22,734 Meta Platforms shares, worth about $17.33 million, on October 13.
- ARK also bought 67,362 Cerebras Systems shares, worth nearly $10 million.
- ARK sold 901,647 Personalize shares for $14.29 million through its ARKG ETF.
- ARK sold Toast and Everpure shares worth $12.54 million and $10.13 million.
- Meta rose 2.6% and Cerebras gained 1.7% on the day of the trades.
ARK Invest, led by Cathie Wood, bought Meta Platforms and Cerebras Systems shares on Tuesday, October 13. The firm shared the trades in its daily disclosure.
ARK bought 22,734 Meta shares through its ARKW and ARKF ETFs. At a closing price of $762.50, the purchase was worth about $17.33 million.
Meta shares rose 2.6% that day. ARK also made a smaller Meta purchase earlier in the week.
The firm also bought 67,362 Cerebras shares through ARKW. At a close of $149.08, the purchase was worth nearly $10 million.
Cerebras shares gained 1.7% on the day. ARK has bought the stock in recent days as well.
What Is Behind the Meta and Cerebras Buys
Meta launched its Muse Wonder and Muse Wonder Full AI models on Monday. The company says they can handle personal and work tasks using AI agents.
CEO Mark Zuckerberg said on a podcast that he was ready to spend $100 billion to $200 billion on AI. He said this before knowing if the models would succeed.
Meta is building AI data centers, including its Prometheus cluster in Ohio and a planned Hyperion site in Louisiana. It plans to pay for them with its existing business and borrowing.
ARK also sold 4,520 Meta shares on October 12. It cut its Meta position by $14.3 million on October 8.
Cerebras has a deal to supply OpenAI with 750 megawatts of computing power. The agreement is valued at more than $20 billion.
OpenAI reportedly reached an annual revenue run rate of $50 billion in September. That was below an earlier forecast.
ARKās Sales and Smaller Trades
ARKās largest sale was 901,647 Personalize shares through ARKG, worth $14,291,104. The firm has been selling the stock for the past week.
ARK sold 406,020 Toast shares for $12,541,957. It also sold 64,530 Everpure shares for $10,129,274.
The firm sold 43,521 CareDx shares for $2,847,579. It bought 84,652 Freenome shares for $1,070,001 and 49,090 Beam Therapeutics shares for $1,199,268.
Smaller buys included Kymera Therapeutics for $391,408 and Kodiak AI for $16,705. Analysts rate both Meta and Cerebras a Strong Buy, with implied upside of 7.1% for Meta and 93.6% for Cerebras.
Up to 19.4 million Cerebras shares were set to come off IPO lock-up limits on October 14. More shares could be sold once eligible holders are free to trade.
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