Cathie Wood Buys $12.9M of CoreWeave on Its 11% Plunge

Sold $25M five days earlier at the top, then rebought after the drop. ARKK 5-year annualized -6.17% vs S&P 500 +13.45%.

Cathie Wood (Ark Investment Management) bought 113,076 shares of CoreWeave (CRWV) on May 8 — roughly $12.9M at the closing price. CoreWeave plunged 11% that day to close at $114.15. Just five days earlier, Wood had sold about 198,570 shares of the same stock in the $125–$127 range, banking around $25M. Sold high, bought back into the dip.

Why CoreWeave dropped 11%

CoreWeave's Q1 earnings on May 7 triggered the slide. Revenue came in at $2.08B, beating the $1.97B consensus and more than doubling from $981.8M a year earlier. The trouble was Q2 guidance: $2.45B–$2.6B, with the midpoint below the Street's $2.69B consensus. Adjusted loss per share of $1.12 also missed the -$0.90 consensus. Full-year guidance ($12B–$13B) was held, but the near-term print disappointed.

CEO Mike Intrator said on the call that "contracted power has reached hyperscale, exceeding 3.5 gigawatts." Core customers like Google and Microsoft are deepening their relationships while new enterprise demand expands.

Bank of America kept a Buy rating with a $140 price target, framing near-term guidance softness as a data-center timing issue and projecting a sharp re-acceleration in H2 2026. CoreWeave is still up roughly 60% year-to-date.

Wood's playbook — buy the drawdown

This is a familiar Wood pattern: take profit near the top, reload on the drop. CoreWeave is not among ARKK's top 10 holdings.

Alongside the CRWV buy, Wood also added Intellia Therapeutics (NTLA), Kratos Defense (KTOS), Cloudflare (NET), and Toast (TOST). On the sell side: AMD, Aurora Innovation (AUR), Rocket Lab (RKLB), Teradyne (TER).

The five-year ARKK record — what the numbers say

Wood's optimism is intact. On a Bloomberg podcast in March she said "AI training costs are falling 75% annually and inference costs 85–98%" and that "we are heading not into a depression but into a great acceleration." ARK's January outlook called "the AI bubble still years away" and described "the most powerful capex cycle in history."

The numbers are colder. Per Morningstar, ARKK's five-year annualized return is -6.17%. Over the same period the S&P 500 returned +13.45% annualized. Morningstar's Amy Arnott calculated that ARKK destroyed ~$7B in investor wealth over 2014–2024 — the third-largest such destruction across all mutual funds and ETFs.

Trailing 12-month net outflows from ARKK are about $1.32B, with $252M leaving in the past month alone.

In 2025 ARKK returned 35.49%, well ahead of the S&P 500's 17.88%. But 2026 has wobbled. As of May 7, ARKK is up about 1.61% YTD while the S&P 500 is up more than 8%. Morningstar's Bella Albrecht ranks ARKW the second-worst-performing ETF of Q1 2026 and ARKK the fifth-worst.