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

Benzinga_recent_news10-02

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...

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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...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/25/10/47986035/cathie-wood-bets-big-on-chinese-ai-ark-buys-alibaba-and-baidu-in-back-to-back-days-dumps-shopify-despite-recent-openai-rally\">Source 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These trades reflect Ark’s strategic positioning in the evolving tech and AI sectors.\nArk 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. \nAlibaba, 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.\nNotably, Ark acquired 23,538 shares of Alibaba on Tuesday. That transaction was valued at $4.1 million.\nIn 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.\nArk Invest’s ARKK fund also purchased 21,648 shares of Baidu, valued at around $2.97 million. \nBaidu’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.\nOn Tuesday, Ark had purchased 53,388 shares of Baidu worth $6.9 million.\nArk 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%. \nArk 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.\nRead Next: \nPhoto Courtesy: PJ McDonnell on Shutterstock.com\nThis story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"shareholding","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2572292567","isCrawlerRequest":true}