Ark Innovation ETF Buys $2.1 Million of CoreWeave After 30% Slide Triggered by Meta
Updated
Updated · TheStreet · Jul 8
Ark Innovation ETF Buys $2.1 Million of CoreWeave After 30% Slide Triggered by Meta
1 articles · Updated · TheStreet · Jul 8
Summary
23,743 CoreWeave shares worth about $2.1 million were added by Ark Innovation ETF on July 7, buying into a sharp pullback in the AI cloud stock.
Meta’s plan to sell excess computing capacity helped spark the latest selloff, raising competition concerns for CoreWeave, whose shares have already fallen more than 30% since its May earnings and nearly halved from a June 2025 high.
CoreWeave’s May report showed a wider-than-expected $1.12 adjusted loss per share, while Q2 revenue guidance of $2.45 billion to $2.6 billion missed Wall Street’s $2.69 billion midpoint expectation despite revenue more than doubling to $2.08 billion.
Rosenblatt still reiterated a buy rating with a $250 target, arguing GPU demand from hyperscalers remains strong and that Meta likely cannot resell leased CoreWeave capacity through 2032.
The purchase fits Cathie Wood’s dip-buying strategy in volatile innovation stocks, even as ARKK trails the S&P 500 this year and has seen about $1.21 billion in net outflows over the past 12 months.