Cathie Wood’s investment company, Ark Invest, has been aggressively investing in cryptocurrencies and artificial intelligence. In their recent financial report, Ark revealed that they now own shares in OpenAI, the organization behind ChatGPT.
Ark Invest’s OpenAI Investment Disclosure
On Thursday, April 10, Ark Invest announced to its clients that their $54 million venture capital fund, Ark Venture fund, had invested in OpenAI. OpenAI is leading the way in the rapidly advancing field of artificial intelligence. With great confidence in the company’s potential, Ark Invest made this investment.
Founded in September 2022, the Ark fund functions as a private investment company, putting money into both publicly traded and private businesses. Notable investments in its portfolio include SpaceX, helmed by Elon Musk, Epic Games Inc., Freenome Holdings Inc., and Relation Therapeutics. In an interview with Bloomberg, Ark’s Chief Futurist and investment committee member Brett Winton shared:
“Our young and modest fund has experienced faster advancements than expected in the foundation model sector. We believe that by 2030, the market value of companies specializing in foundation models could reach an astonishing $16 trillion.”
Betting on the ‘Sora Model’
OpenAI has once again taken the lead in technological advancements, unveiling their newest creation – a potent text-to-video AI tool named Sora. Winton expressed his astonishment over this development: “The Sora model is incredible. The speed at which innovation is advancing leaves us in awe, so we wanted to be a part of it.”
Additionally, he mentioned that OpenAI makes up approximately 4% of the Ark Venture fund’s entire investments. It’s worth noting that almost 5% of the Ark Invest fund is allocated to Anthropic, a rival company to OpenAI.
At the height of the pandemic, Ark Innovation ETF, which is known for Wood’s successful investment strategies, attracted much interest due to its significant investments in companies like Tesla. However, this year, the ETF has encountered difficulties because Tesla’s stock price has declined. Regardless, Ark Invest has continued to increase its holdings in Tesla, taking advantage of the recent drop in value.
Approximately 80% of the fund’s investments are in private venture companies. Winton strongly believes in regularly updating the value of these assets to maintain fairness towards Ark’s retail investors.
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2024-04-12 07:55