Cathie Wood-Led Ark Invest Scoops Up $5.16M Worth Of Palantir Shares Amid Raging AI Fervor

On Monday, Cathie Wood-led Ark Invest made a notable investment in Palantir Technologies Inc PLTR, a move that comes as the AI sector gains momentum.

The PLTR Trade

Ark Invest, through its ARK Autonomous Technology & Robotics ETF ARKQ, purchased 199,372 shares of Palantir, a significant addition to its portfolio. The value of this trade, based on the closing price of $25.88 on the same day, stands at approximately $5.16 million.

Palantir has recently been praised as an ‘AI Halo’ play by momentum investors. The company was added to BofA Securities’ top 10 best U.S. ideas list for the third quarter, highlighting its growing popularity in the AI sector. Joe Terranova of Virtus Investment Partners explained that Palantir is a key player in the AI space, participating actively in the AI halo.

Palantir co-founder Peter Thiel recently shared his insights on the AI landscape at the Aspen Ideas Festival, drawing parallels between the dot-com bubble and the current state of AI.

Other Key Trades:

• Ark Invest’s ARKG bought shares of Adaptive Biotechnologies Corp ADPT.
• ARKK purchased shares of Recursion Pharmaceuticals Inc RXRX. ARKQ also added shares of Blade Air Mobility Inc BLDE to its portfolio.
• ARKF sold shares of Teladoc Health Inc TDOC.

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