Cathie Wood buys $15 million of CoreWeave stock after AI firm's earnings beat

Cathie Wood's Ark Investment Management bought approximately $15 million worth of CoreWeave shares on Nov. 12, reversing a sale of the stock made just days earlier, according to Ark's daily trading data. The purchase of 283,022 shares at around $56 came after Wood sold 463,297 shares on Nov. 5-6 at prices between $43 and $46. The reversal followed CoreWeave's better-than-expected third-quarter earnings and a 24.71% stock surge on Nov. 11, though shares later fell after Nvidia CEO Jensen Huang resigned, raising concerns about the companies' relationship. CoreWeave faces significant financial challenges, reporting $46.9 billion in total debt and a widened third-quarter net loss of $709 million. The company raised its full-year revenue forecast to $13-$13.3 billion and expects adjusted profitability by 2028. Wood's Ark Innovation ETF has underperformed the S&P 500 this year, down 2.51% versus a 10.46% gain.