Cathie Wood’s ARK Invest increased its exposure to Tesla and Snowflake on Thursday while continuing to trim its position in Roku, according to the firm’s latest daily trading disclosures.
The moves underscore ARK’s continued focus on artificial intelligence, cloud software, and long-term technology themes even as market volatility persists around some of its biggest holdings.
ARK’s purchases came as TSLA shares remained under pressure following the market debut of Elon Musk’s SpaceX and as Snowflake continued to attract investor interest as a beneficiary of growing demand for data and artificial intelligence applications.
ARK rebuilds Tesla position after SpaceX-related selling
ARK’s exchange-traded funds purchased 54,815 Tesla shares valued at approximately $21.9 million.
The purchases were spread across the ARK Innovation ETF and the ARK Next Generation Internet ETF.
Tesla remains the largest holding in the ARK Innovation ETF, representing 9.7% of the fund’s assets, and the second-largest position in the ARK Next Generation Internet ETF, accounting for 8.6% of the portfolio.
The latest purchases mark a reversal from last week, when ARK sold portions of its Tesla holdings as SpaceX went public.
By June 12, ARK held approximately 3.29 million SpaceX shares across several exchange-traded funds.
It remains unclear whether those shares were acquired through an initial public offering allocation or purchased in the open market after trading began.
Wood has long viewed both Tesla and SpaceX as investments tied to transformative technologies rather than traditional business models.
ARK’s research has argued that Tesla’s future opportunities extend beyond electric vehicles into areas including robotaxis, robotics, and energy storage. The investment firm expects Tesla shares to reach $2,600 by 2029.
ARK has also highlighted SpaceX’s potential role in artificial intelligence infrastructure.
“SpaceXAI will be able to monetize its infrastructure as it pushes toward AI’s competitive frontier. Ultimately, the compute capacity from orbital AI servers, and their lower costs, should differentiate SpaceXAI from its earth-centric competitors,” wrote ARK Chief Futurist Brett Winton in the firm’s Innovation Newsletter earlier this week.
Snowflake and healthcare buys offset Roku reduction
Beyond Tesla, ARK purchased approximately 149,700 shares of Snowflake valued at roughly $34.8 million.
The fund also acquired additional shares of the pharmaceutical company Eli Lilly.
At the same time, ARK sharply reduced its Roku position.
The firm’s funds sold a combined 721,279 Roku shares worth approximately $99.6 million on Thursday, following earlier sales totaling more than $93 million this week and an additional disposal of 239,267 shares on Wednesday.
ARK also sold positions in Strata Critical Medical and Twist Bioscience.
The portfolio rotation suggests increasing conviction in artificial intelligence, cloud computing, and Tesla-related growth opportunities while reducing exposure to streaming and media-related businesses.
Musk transactions and SpaceX volatility remain in focus
Tesla’s latest gains also coincided with news that Musk exercised stock options tied to approximately 303.96 million shares at a strike price of $23.34 and surrendered 17.53 million shares to cover a tax bill of approximately $7.09 billion.
Meanwhile, SpaceX has given up some of its initial post-IPO gains after rising as much as 67% above its $135 offering price.
Despite the recent pullback, ARK’s latest moves suggest Wood remains committed to Musk’s long-term vision and continues positioning her funds around technologies she believes will shape the future economy.