Believers Back Musk's xAI: Cathie Wood's Ark, Tesla Bull Munster Reveal Taking Stakes As 'The Elon Factor' Beckons
Portfolio Pulse from Shanthi Rexaline
Elon Musk's xAI has raised $6 billion in a fresh funding round, attracting investments from notable supporters including Cathie Wood's Ark Invest and Gene Munster's Deepwater Asset Management. Ark Invest's ARK Venture Fund has taken a 2% stake in xAI, while Tesla remains the top holding in Ark's flagship fund, ARK Innovation ETF (ARKK). Munster's firm is also investing in xAI, highlighting Musk's influence and the potential of generative AI.
May 29, 2024 | 9:00 am
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
ARK Innovation ETF (ARKK) has Tesla as its top holding, and Ark Invest's ARK Venture Fund has taken a 2% stake in Elon Musk's xAI. This investment reflects Ark's confidence in Musk's ventures and the potential of generative AI.
ARKK's significant exposure to Tesla and the new investment in xAI indicate strong confidence in Musk's ventures, likely boosting investor sentiment in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Tesla remains the top holding in Ark Invest's flagship fund, ARK Innovation ETF (ARKK), comprising 11.5% of the portfolio. This continued support from Ark Invest underscores confidence in Tesla's long-term potential.
Tesla's position as the top holding in ARKK reflects strong institutional support, which is likely to positively impact its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70