Cathie Wood Dumps Palantir, Shopify Shares — Loads Up on Alibaba and Pony.ai

This article first appeared on GuruFocus.

Oct 13 – Cathie Wood’s Ark Invest adjusted its portfolio last week, cutting positions in data analytics firm Palantir Technologies (NASDAQ:PLTR) and e-commerce platform Shopify (NASDAQ:SHOP), while expanding exposure to Chinese tech major Alibaba (NYSE:BABA) and autonomous driving company Pony.ai.

Ark’s flagship Innovation ETF (ARKK) sold about 4,000 Palantir shares as valuations stayed elevated despite continued optimism around artificial intelligence. The fund’s total holding in the software company remains above $660 million.

The investment firm also offloaded roughly 18,000 shares of Shopify across its Fintech and Next Generation Internet ETFs, trimming about $3 million in exposure. Ark still maintains nearly $700 million in the online marketplace operator.

On the buying side, Ark added more than 4,000 shares of Alibaba to its ARK Innovation ETF, raising its total investment to about $44 million. The fund has been gradually building its position in the Chinese e-commerce leader over recent weeks.

Ark also purchased more than 10,000 shares of autonomous mobility startup Pony.ai through its Autonomous Technology and Robotics ETF, following positive coverage from Jefferies that rated the stock a Buy.