Ark Investment Management 13F Portfolio · Cathie Wood

The biggest buys this quarter show Ark paying up for platforms where AI and data monopolies are already throwing off cash. They’re clearly more willing to add to names with real earnings power than to keep swinging at early-stage stories.

On the software and cloud AI side, the pattern is obvious:

• Alphabet (GOOG) was boosted by +44.8%, a ~$114.1M add that leans into its AI search and cloud stack while the position is already up 30.1% vs Ark’s cost.
• Snowflake (SNOW) is a new ~$68.6M entry, bought around $204.1 and already up 62.1% vs average cost, signaling a full-throated belief that AI value will pool in data-control layers.
• Meta Platforms (META) jumped +55.2%, a ~$47.9M add, backing its AI-fueled ad and social graph flywheel while still early in monetizing its compute spend.

On the compute and infra side, they are concentrating rather than broadening exposure:

• Nvidia (NVDA) was lifted +33.4% (~$69.2M), even though the stake is already up 77.0% — Ark is explicitly accepting momentum and valuation risk for the de facto AI hardware standard.
• Amazon (AMZN) rose +17.4% (~$56.2M), positioning Ark for AI-driven retail and logistics leverage plus AWS as the deployment layer for many of its other software bets.

Biotech and defense tell a more barbelled story. Intellia (NTLA) got a +16.3% boost ($40.0M) despite being down 61.3% vs cost, while Eli Lilly (LLY) exploded +509.5% ($77.5M) into a $92.7M stake, effectively pairing high-probability obesity/diabetes economics with high-variance gene editing. Kratos (KTOS) saw a +33.8% increase (~$58.9M), and L3Harris (LHX) and AeroVironment (AVAV) were also added to, building out a defense-tech rail that monetizes autonomy, drones, and space as a steady, contracted counterweight to Ark’s more volatile moonshots.

The funding sources this quarter are remarkably consistent: Ark is selling winners where speculative enthusiasm has outrun its original thesis, and dialing back structurally weaker growth stories. They’re not abandoning themes so much as reshaping how they own them.

The most striking move is the de-risking of the AI hardware supply chain:

• Advanced Micro Devices (AMD) was slashed -47.8%, freeing up roughly $753.1M, even though the position is up 271.3% vs Ark’s cost — a classic “use the hype to pay for the rails” trade.
• Teradyne (TER) was cut -48.2% (~$290.5M out), despite a 280.1% gain; they’re clearly less interested in cyclical test equipment now that they can buy Nvidia and Alphabet instead.
• Taiwan Semiconductor (TSM) was trimmed -23.2% (~$69.4M), another sign they prefer differentiated chip IP over foundry exposure after a massive run (148.8% above cost).

Consumer and fintech froth is also being harvested:

• Roku (ROKU) was effectively euthanized, down -84.4% (~$445.4M out), reflecting a belief that connected-TV distribution isn’t the prize asset in a world where AI-native platforms own attention.
• Robinhood (HOOD) was eased back -12.8% (~$76.9M out) even while sitting 140.0% above cost, a tacit admission that retail brokerage is no longer a differentiated Ark edge.

In healthcare and tools, trims of Twist Bioscience (TWST, -28.3%, ~$184.5M), CRISPR Therapeutics (CRSP, -16.4%, ~$101.0M), 10x Genomics (TXG, -14.6%, ~$65.7M), and Intellia peers like Beam (BEAM, -15.6%, ~$65.2M) show Ark consolidating from broad discovery-platform exposure into a narrower set of gene-editing “shots on goal.” On the speculative frontier — space, crypto, and future mobility — Rocket Lab (RKLB, -27.3%), Archer (ACHR, -14.6%), Iridium (IRDM, -29.6%), and several crypto-adjacent names (ARKB, BMNR, SoFi) are being shaved to keep the optionality without letting it drive the risk budget.

At the sector level, the shifts look small in basis points but meaningful in intent. Technology inches up from 34.83% to 35.93%, yet the internal mix is what matters: Ark is swapping volatile enablers for entrenched platforms.

Within tech, they’ve moved weight toward software and data monopolies — Alphabet, Snowflake, Meta, Palantir, CoreWeave — and away from hardware cyclicals and single-product stories. Semis like AMD and TSM are being partially recycled into Nvidia and Broadcom, but the bigger picture is a tilt toward AI software, data infrastructure, and payments (Block, Shopify, DoorDash) that actually monetize AI workloads.

Healthcare rises from 21.14% to 21.53%, but again the character changes. Ark is trimming tool vendors (Twist, 10x Genomics, Veracyte, Illumina) while maintaining or adding to diagnostics and therapy names with clearer clinical economics: Natera, Guardant, Eli Lilly, and selective gene editors like Intellia and Recursion. It’s a slow walk from “platform science” to “reimbursed outcomes.”

Finance climbs from 11.17% to 12.09% as they lean into regulated access points to crypto and digital assets. Coinbase and Circle see incremental adds, while their own ARK 21Shares Bitcoin ETF and mining-adjacent BitMine are edged down, signaling a preference for fee and transaction tollbooths over pure price beta.

The one outright abandonment is legacy media and telco. Telecommunications collapses from 4.39% to 1.18%, almost entirely via the Roku liquidation and Iridium trim, in favor of Consumer Discretionary platforms like Amazon (now 3.02% of the book). In practice, Ark has swapped eyeballs and satellites for logistics, marketplaces, and AI-driven commerce.

Read across the book, Ark is no longer content to own the shiniest demo of each theme; it wants the tollbooths and operating systems behind them. The core thesis now is that sustained excess returns in AI, genomics, and crypto will accrue to scaled platforms with network effects, not to the “purest” early-stage expression of each idea.

That’s why dollars are flowing from AMD, Teradyne, and Roku into Alphabet, Snowflake, Nvidia, Meta, and Amazon — from cyclical capacity and distribution into software, data, and cloud rails. It’s also why the biotech barbell pairs high-certainty compounding (Eli Lilly’s metabolic franchise, diagnostics like Natera and Guardant) with a narrower but still aggressive cluster of gene-editing bets (Intellia, Beam, CRISPR, Recursion).

On the edges of the portfolio, Ark is quietly constructing diversification that still fits its brand. Defense-tech (Kratos, L3Harris, BWX Technologies, AeroVironment, Rocket Lab) provides contracted, geopolitical upside; industrial autonomy and ag-tech (Tesla, Deere, Caterpillar, Trimble, Joby, Archer) tie AI and electrification to physical assets. In digital assets, the move from mining and spot-beta toward Coinbase, Circle, and Bullish suggests a future where Ark’s crypto exposure looks more like financial infrastructure than a direct coin bet.

If this quarter is a guide, expect Ark to keep selling strength in narrow, hype-driven names and recycling into scaled rails with better unit economics. The portfolio is still volatile by design, but the underlying message is clear: Ark wants to be paid in cash flows, not just narratives, for being early on the right technologies.