Cathie Wood famously focuses on building wealth by investing in innovative tech stocks.
She recently made a huge bet on a software company on the cutting edge of new technology.
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Wood’s Ark Invest bought around $43 million worth of Palantir Technologies May 10. The acquisition was spread across two of Ark’s ETFs; the Ark Innovation ETF snapped up 3,757,087 shares, and the Ark Next Generation Internet ETF added 614,547 shares.
Palantir Technologies (PLTR) stock closed at $9.94 May 10.
This latest investment into the software company that was founded by Peter Thiel in 2003 comes just days after Palantir beat estimates on its first quarter earnings, reporting revenue of $525 million for the quarter -- representing an 18% jump in revenue year over year -- compared to the $506 million anticipated by analysts.
This is the company’s second profitable quarter in a row.
CEO Alex Karp, in a letter to shareholders, said that he expects Palantir to remain profitable throughout the year.
“We were profitable again this quarter. And we now anticipate that we will remain profitable each quarter through the end of the year,” Karp wrote. “The depth of engagement with and demand for our new Artificial Intelligence Platform (AIP) is without precedent.”
Palantir’s stock jumped more than 20% May 8 in response to the positive earnings.
