Cathie Wood Buys CoreWeave Stock After 11% Drop While Trimming AMD and Rocket Lab

TLDR

• Cathie Wood bought 113,076 shares of CoreWeave worth $12.9 million on May 8, days after selling $25 million of the same stock at higher prices
• CoreWeave dropped 11% after issuing weaker-than-expected Q2 revenue guidance, though full-year outlook of $12–$13 billion was maintained
• ARK sold over 121,000 shares of AMD valued at nearly $46 million and disposed of 187,000 shares of Rocket Lab
• ARK’s flagship Innovation ETF has a five-year annualized return of -6.17%, compared to 13.45% for the S&P 500
• ARK also increased positions in GeneDx, Kratos Defense, Tempus AI, and Kodiak AI during the same week

Cathie Wood’s ARK Invest bought $12.9 million worth of CoreWeave stock on May 8, just days after selling roughly $25 million of the same stock at higher prices.

CoreWeave, Inc. Class A Common Stock, CRWV

ARK sold 198,572 CoreWeave shares on May 4 and May 5 at prices around $125 to $127. Then, after the stock fell 11% to $114.15 on May 8, ARK bought back 113,076 shares.

The drop came after CoreWeave released its quarterly earnings report on May 7. The company posted revenue of $2.08 billion, beating estimates of $1.97 billion and more than doubling from $981.8 million a year earlier.

But the stock fell because CoreWeave’s Q2 guidance disappointed Wall Street. The company projected Q2 revenue of $2.45 billion to $2.6 billion. The midpoint of that range came in below analyst estimates of $2.69 billion.

CoreWeave did maintain its full-year 2026 revenue outlook of $12 billion to $13 billion. CEO Mike Intrator said the company has reached “hyperscale,” with over 3.5 gigawatts of contracted power.

Bank of America kept a buy rating on the stock with a $140 price target. Analysts said the softer near-term guidance was tied to the timing of new data centers coming online, not a change in demand.

Despite the recent dip, CoreWeave shares are still up about 60% year-to-date. The company runs GPU-powered data centers on Nvidia chips, with Google and Microsoft among its major customers.

ARK Shifts Capital Across Sectors

Beyond CoreWeave, ARK made several other moves during the week. The firm bought over 245,000 shares of GeneDx, valued at roughly $15 million, adding to its genomics exposure. ARK also added to Tempus AI, Kodiak AI, Kratos Defense, L3Harris, and nuclear energy company X-Energy.

On the sell side, ARK’s biggest disposal by dollar value was AMD, with over 121,000 shares sold for close to $46 million. The firm also sold 187,000 shares of Rocket Lab worth $18 million and trimmed positions in Aurora Innovation and Teradyne.

ARK’s Long-Term Performance

Wood’s ARK Innovation ETF has had a mixed track record. In 2020, it returned 153%. In 2022, it fell more than 60%. In 2025, it gained 35.49%. So far in 2026, it is up about 1.61%, trailing the S&P 500’s gain of over 8%.

Over five years through May 7, the ARK Innovation ETF has an annualized return of -6.17%. The S&P 500 returned 13.45% annually over the same period, according to Morningstar.

The fund also saw $1.32 billion in net outflows over the 12 months through May 7, with $252 million leaving in the past month alone.

Wood has said she expects AI and other technologies to push global GDP growth to 7–8%. She has called the current period a “great acceleration,” not a downturn.

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