Cathie Wood's China Bet: Ark Drops $16.3 Million On Red-Hot Alibaba, Picks Up Baidu And Pony AI Stocks — Sells Oklo Shares

On Monday, Cathie Wood-led Ark Invest made significant trades involving Alibaba Group Holding Ltd BABA, Baidu Inc. BIDU, Pony AI Inc. PONY, and Oklo Inc. OKLO.

The Alibaba Trade

Ark Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW funds collectively acquired 99,090 shares of the Jack Ma-co-founded company on Monday. With Alibaba’s stock closing at $164.25, the total value of these purchases amounts to approximately $16.3 million.

Alibaba recently unveiled a high-performance processor aimed at challenging Nvidia dominance in China. This move is part of Alibaba’s broader strategy to enhance its hardware and AI capabilities. BABA stock has popped over 30% in 30 days, with year-to-date returns at 93.3%.

The Baidu Trade

The ARK Autonomous Technology & Robotics ETF ARKQ fund purchased 21,245 shares of Baidu, valued at approximately $2.90 million based on the closing price of $136.63.

Baidu, alongside other Chinese tech giants, has seen a surge in investor confidence due to increased AI spending and product launches. This trend is supported by recent insights highlighting the rapid monetization of AI technologies by Chinese companies.

The Pony AI Trade

ARKQ acquired 103,002 shares of Pony AI, totaling around $2.1 million at the closing price of $20.56.

Pony AI is expanding its presence in Singapore, partnering with ComfortDelGro to introduce autonomous vehicles. This initiative aligns with Singapore’s vision for autonomous public transport.

The Oklo Trade

Ark Invest’s ARKQ fund sold 54,936 shares of Oklo, valued at approximately $7.70 million with the stock closing at $140.30.

Oklo recently hit a 52-week high, driven by positive analyst sentiment and increased government support for nuclear energy. Benzinga reports that Wedbush has raised Oklo’s price target to $150, citing its strategic position in the AI and nuclear sectors.

Other Key Trades

• Arcturus Therapeutics Holdings Inc (ARCT): ARKG bought 10,505 shares.
• Roblox Corp (RBLX): ARKW sold 20,019 shares.
• Shopify Inc (SHOP): ARKW sold 17,428 shares.

Benzinga’s Edge Stock Rankings indicate Alibaba stock has a momentum in the 87th percentile and Growth in the 91st percentile. Here is how it compares against the chip giant Nvidia.

Read Next:

Photo: ChrisStock82 / Shutterstock

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal