Cathie Wood Bets on Superintelligence... Buys Meta (META), 'Sells' Alphabet (GOOGL)

▲ Cathie Wood, Meta (META), Alphabet (GOOGL)/AI generated image

Cathie Wood bought $28.1 million worth of Meta Platforms (META) while selling $27.9 million worth of Alphabet (GOOGL).

According to Benzinga on September 9 (local time), Ark Invest, led by Cathie Wood, purchased 43,091 shares of Meta. ARKK acquired 38,304 shares, and ARKW acquired 4,787 shares. Benzinga estimated the transaction value at approximately $28.1 million.

Ark Invest's purchase of Meta shares comes as the company expands its artificial intelligence strategy. Meta recently unveiled Muse, an AI agent designed to autonomously handle digital tasks. Although internal tests revealed security and reliability issues, Muse was introduced as a key pillar of Meta CEO Mark Zuckerberg's personal superintelligence vision.

Conversely, Ark Invest reduced its stake in Alphabet. It sold 72,803 Class A shares from ARKK and 11,589 shares from ARKW. The total sale amounted to approximately $27.9 million. Benzinga reported that Alphabet is facing investor concerns regarding its AI investment spending and cloud growth.

Ark Invest also adjusted its portfolio in biotech and AI stocks. ARKG and ARKK purchased 73,237 shares and 197,922 shares of Beam Therapeutics (BEAM), respectively. They also made additional purchases of CRISPR Therapeutics (CRSP) and Intellia Therapeutics (NTLA), while selling 22,767 shares of Tempus AI (TEM).

This transaction is noteworthy as Ark Invest chose to increase its weighting in Meta and decrease its weighting in Alphabet among large AI companies. Benzinga reported that Meta's growth score is in the 78th percentile, and its momentum score is in the 17th percentile.

[Article Summary]

-Cathie Wood's Ark Invest purchased 43,091 shares of Meta for approximately $28.1 million.

-On the same day, it sold 84,392 Class A shares of Alphabet for approximately $27.9 million.

-Meta's AI agent Muse was introduced as a core project of Mark Zuckerberg's personal superintelligence strategy.

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