Ark Investment Management CEO Cathie Wood made a significant bet on artificial intelligence this week, buying $22.8 million in Meta Platforms shares and continuing to accumulate CoreWeave stock despite the AI cloud company’s recent slump. The moves highlight the growing investor frenzy around AI infrastructure, even as Meta itself raises the stakes with an enormous expansion of its Louisiana data center campus to 5 gigawatts.
On July 9, Ark’s funds purchased 34,080 shares of Meta at a closing price of $669.21. The purchase came as Meta stock surged 14.8% in the preceding five days and jumped another 6% on July 10 following the company’s announcement that it would begin selling excess AI computing capacity—a potential new revenue stream. The company also unveiled Muse Spark 1.1, its first paid AI coding model, competing with tools from Anthropic and OpenAI. BNP Paribas analyst Nick Jones said the launch gives Meta a new way to generate revenue from its AI portfolio.
Meta’s data center ambitions in Richland Parish, Louisiana, have grown dramatically. Originally disclosed as a $27 billion project in October 2025, the campus is now projected to cost over $50 billion, making it Meta’s largest data center worldwide. Total expected investment across the site has ballooned to more than $250 billion, according to Bloomberg News. To power the 5GW campus, Meta struck a deal with Entergy to fund seven new natural gas plants, three grid-scale batteries, nuclear uprates, and additional purchased power, with consumers shouldering none of the costs. Since construction began in December 2024, local Louisiana businesses have received over $1.6 billion in contracts.
Wood’s parallel interest in CoreWeave has raised eyebrows. Ark’s flagship ETF now holds 1.6 million shares, valued at approximately $146 million. She bought $811,600 on July 8, following a $2 million purchase on July 7 and a large $6.5 million buy on June 29. CoreWeave’s stock has dropped 23% since June 18, partly due to Meta’s plan to sell excess compute capacity—directly competing with CoreWeave, its largest customer. CoreWeave reported Q1 revenue of $2.1 billion, up 114% year over year, and a $100 billion backlog, but also a net loss of $740 million and about $35 billion in debt.
Analysts remain largely bullish on Meta, with an average price target of $838.26 and a consensus “Moderate Buy” rating. The company’s Q1 EPS of $10.44 and revenue of $56.31 billion handily beat estimates. However, the EU’s probe into potentially addictive design features on Facebook and Instagram adds a layer of regulatory uncertainty.
