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Ark Invest Expands Portfolio with Major Purchases
On Monday, Ark Invest, led by CEO Cathie Wood, purchased shares of Alibaba (NYSE: BABA), Intellia Therapeutics (NASDAQ: NTLA), and Baidu (NASDAQ: BIDU). Alibaba’s stock has surged 112% this year, while Intellia’s shares have nearly tripled since April.
Baidu’s stock, which has increased 57% this year, is seen as a beneficiary of the U.S.-China trade tensions due to increasing demand for domestic AI solutions. Analysts have adjusted price targets for Alibaba to between $230 and $245 in light of recent positive outlooks from the company’s AI cloud business.
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