Cathie Wood Invests in Cerebras Systems
Cathie Wood, CEO of Ark Invest, has recently purchased shares of Cerebras Systems (NASDAQ: CBRS), an AI chip company that just went public two weeks ago. This follows a significant 68% rise on its first trading day, even as the stock slipped 14% from its market close on May 14 until May 27. Cerebras secured $5.5 billion in its IPO, making it the largest of 2023 so far.
Wood’s investments were made on May 22, 26, and 27, positioning Cerebras as the 30th holding in Ark’s Innovation fund and 27th in the Next Generation Internet fund, with weightings of 1.13% and 1.22%, respectively. Comparatively, Nvidia, another key player in AI chips, holds 1.23% and 1.07% in those same funds.
Cerebras experienced remarkable revenue growth, increasing from $24 million in 2022 to $510 million in 2023. While it is still not operationally profitable, its recent partnership with Amazon Web Services may further boost its market reach.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
