Cathie Wood’s ARK Invest has taken a stake in Elon Musk’s startup xAI as she deepens her big bet on artificial intelligence.
Cathie Wood's ARK Invest has taken a stake in Elon Musk's startup xAI as she deepens her big bet on artificial intelligence.The xAI startup is not the only Musk-led company Wood's venture fund bets on.ARK Venture Fund has invested in xAI as of Sunday, the St. Petersburg, Florida-based asset manager said in an email to clients Tuesday evening.
The xAI startup is also not the only Musk-led company Wood's venture fund bets on. The firm has also purchased stakes in Musk's space company SpaceX and social media firm X Corp., formerly known as Twitter.The fund has invested in nearly 50 companies, most of which are private. It comes with a hefty management fee of 2.75%.
The widely followed Wood has been a big AI bull, saying it's the most important catalyst in every corner of her disruptive innovation strategy.Morgan Stanley picks global stocks to play a $100 billion AI boom, giving one 40% upsideThe summer trade: Here's how the S&P 500 fares between June and AugustHealth
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