ARK Invest sold approximately $27.8 million of Alphabet (GOOGL) shares on Wednesday, September 9th. The firm simultaneously purchased around $27.9 million in Meta Platforms (META) stock. These transactions occurred within the ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW).
This strategic pivot reduces Alphabet exposure to increase the firm's position in Meta. The move follows Meta's launch of the Muse AI assistant and its acquisition of an AI firm.
ARK also expanded its biotech holdings during the same session. The firm bought shares of Beam Therapeutics, CRISPR Therapeutics, and Intellia Therapeutics.