Cathie Wood Adds to Pony AI, Snowflake Bets as ARK Rotates Portfolio, June 21

Cathie Wood’s ARK Invest made two major moves this week, buying $52.45 million in Snowflake (SNOW) and adding to its position in Pony AI (PONY). The purchases reflect Wood’s conviction in AI-adjacent growth stocks, even as her flagship fund lags the broader market. ARK also sold $26.7 million of Robinhood (HOOD) despite the stock’s 36% monthly surge, showing selective discipline in a volatile year.

ARK Doubles Down on Cloud Data Infrastructure

ARK Invest purchased 223,690 shares of Snowflake on June 18, valued at $52.45 million, split across ARKK and ARKW funds. The same day, ARK also bought $22 million in Tesla shares. Snowflake provides cloud data infrastructure that companies use to train AI models and run analytics. The purchase came as the stock rallied over 40% in the past month, showing Wood’s willingness to buy momentum in names with strong net revenue retention metrics.

Pony AI Gains Backing as Billionaires Exit

On June 8, ARK added 45,949 shares of Pony AI worth roughly $396,080 to build exposure to self-driving companies. This contrasts with broader billionaire selling. Billionaire holdings in Pony AI fell from $238.68 million in Q4 2025 to $95.25 million in Q1 2026, a drop of $143.43 million. Pony AI reported first-quarter revenue that beat Macquarie’s estimate and Bloomberg consensus by roughly 60%, driven by 400% robotaxi revenue growth. The company raised its year-end robotaxi fleet target to 3,500 vehicles from 1,700 currently.

ARK Sells Robinhood Despite Stock Surge

ARK Innovation ETF sold 275,572 shares of Robinhood on June 18 for $26.65 million, continuing recent divestments. HOOD shares have rallied 36% in the past month, supported by IPO underwriting expansion and strong trading activity. Wall Street remains bullish, with Deutsche Bank and Argus raising price targets this week. Robinhood’s total platform assets reached a record $377 billion in May, up 48% year-over-year. The sale shows ARK trimming positions in companies with less direct AI exposure.

ARK’s Year-to-Date Performance Lags Market

The flagship ARK Innovation ETF (ARKK) is up 2.98% year-to-date, trailing the S&P 500’s gain of 9.57%. Over five years, ARKK has delivered a negative 7.42% annualized return versus the S&P 500’s 12.48%. In 2022, the fund fell over 60% during a market downturn. Wood focuses on high-tech companies in artificial intelligence, blockchain, biomedical technology, and robotics. Two of her ARK funds ranked among the worst-performing ETFs in Q1 2026, according to Morningstar analyst Bella Albrecht.

Final Thoughts

ARK’s selective buying in Snowflake and Pony AI reflects Wood’s thesis on AI infrastructure and autonomous driving. The data shows conviction in long-term growth despite near-term volatility and underperformance versus the S&P 500.

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