ARK Investment Management LLC Rotates From Legacy AI Winners Into New Pipes

The biggest adds cluster around three themes: AI-native software, fintech/crypto infrastructure, and design/productivity platforms.

On the software side, ARK is leaning into companies that monetize AI workflows directly rather than just selling GPUs. Tempus AI is a major add (up 27.1% in shares), while CoreWeave and Roblox see sizeable increases, signaling a preference for compute orchestration, vertical AI, and engagement platforms over generic cloud.

In fintech, they are pushing chips forward on Robinhood (shares up 24.9%), Circle Internet Group (up 8.9%), and Bullish (up 36.1%), even though Circle and Bullish sit deep in the red versus average cost. That is a classic ARK tell: they are buying the crypto and trading-rail shakeout, not selling it.

The surprise is the scale-up in Figma (shares up 483.2%), plus a fresh entry into Broadcom at 0.98% of the book. Together with bigger stakes in Alphabet and Shopify, this says they see durable demand for AI-infused productivity and design tools, and want exposure to the more recurring, software-like parts of the AI stack.

Funding sources this quarter are clear: ARK is pulling capital out of AI winners that have already repriced and out of mature genomics platforms, then recycling into earlier-stage upside.

The biggest single cash register is Teradyne, with the position cut 47.2% by shares. Roku is down 35.0%, Meta down 48.4%, and Tesla trimmed 2.9% — all sizeable winners versus cost — which looks more like risk-budgeting than a thesis abandonment.

In semis, Nvidia is cut 17.5% and Taiwan Semi 16.1%, even as they open Broadcom, effectively rotating within the capex cycle from pure GPU scarcity into broader diversified chip exposure. Health care trims — notably Twist Bioscience, Illumina, Natera, and Veracyte — indicate a conscious pivot away from genomics and lab tooling in favor of higher-upside therapeutics and platform biology (they add to CRISPR Therapeutics, Intellia, and Recursion instead).

The sector bars tell you ARK isn’t backing off risk; it’s redirecting it. Technology climbs from 30.59% to 33.67% of the book, while Industrials falls from 29.31% to 26.92% and Health Care dips from 17.11% to 16.3%.

Within Technology, the mix is shifting from megacap platforms and commodity semis toward application software, developer tooling, and AI-native services. Adds in Tempus AI, Figma, Roblox, CoreWeave, Shopify, DoorDash, and Toast outweigh trims in Meta, Block, and some semis, leaving the sector more idiosyncratic and less FAANG-dependent.

Finance jumps from 13.9% to 15.29%, driven by Robinhood, Circle, Bullish, BitMine, and incremental SoFi positioning. Meanwhile, Industrials is being reshaped rather than abandoned: they are taking some money out of machinery (Deere, Trimble, BWX) and test equipment (Teradyne) and loading up on advanced defense and aerospace names like L3Harris, AeroVironment, Joby, Archer, Rocket Lab, Elbit, and Intuitive Machines.

Taken together, this is ARK doubling down on its core identity: early in controversial, high-beta innovation, late to capitulate on drawdowns. The average mark-to-cost on several of their biggest adds — Circle, Bullish, Recursion, Figma, GeneDx, BitMine, Archer, Joby — is deeply negative, yet they are increasing exposure, effectively calling a bottom in the more speculative edges of AI, genomics, and crypto.

At the same time, the trims in Nvidia, Taiwan Semi, Meta, Roku, Teradyne, Twist, Illumina, and Tesla show a new discipline around crowded winners and hardware-heavy stories. They are redirecting that risk into software leverage, financial infrastructure, and dual-use defense platforms that can monetize AI and autonomy over a full cycle.

Going forward, expect this book to behave less like a bet on “AI leaders” and more like a leveraged play on the second and third derivatives of AI adoption — the rails, tools, and specialized platforms that either become monopolistic or go to zero. ARK is clearly comfortable with that distribution; the quarter’s -11.3% print did not push them toward safety, it pushed them deeper into where they think the next 5–10 years of growth live.