- ARK Invest, led by Cathie Wood, purchased 157,731 additional shares of Alibaba on November 11.
- The acquisition is part of Ark Invest’s ongoing strategy to focus on AI-driven companies.
ARK Invest, the investment firm led by Cathie Wood, acquired 157,731 additional Alibaba shares on Tuesday. The purchase represents a continued bet on the Chinese tech giant as it emphasizes artificial intelligence advancements.
ARK Invest has been doubling down on Alibaba as part of its renewed focus on the Chinese tech recovery. The move comes as the Chinese technology conglomerate’s stock has climbed 91% so far this year.
Alibaba’s push into artificial intelligence has sparked optimism among investors who see potential in the company’s technological pivot. The acquisition adds to ARK Invest’s existing position in the e-commerce and cloud computing company.