Cathie Wood just made her loudest bet on cloud data infrastructure in months. ARK Invest purchased 223,690 shares of Snowflake (SNOW) on June 18, valued at approximately $52.45 million, split across the firm’s flagship ARKK and ARKW exchange-traded funds.
The same day, ARK also bought $22 million worth of Tesla shares. The dual purchase signals a clear capital rotation toward AI-adjacent growth stocks, even as the firm trimmed positions in names like Roku.
The Snowflake play
Snowflake occupies a specific niche in the AI value chain that Wood has been vocal about for years: cloud data infrastructure. Companies can’t train models or run analytics without massive, well-organized data warehouses, and Snowflake is one of the dominant providers in that space.
Snowflake has strong net revenue retention metrics suggesting existing customers keep spending more over time. Wood’s decision to pile in at elevated levels, rather than waiting for a pullback, suggests ARK sees further runway ahead.
