ARK Invest buys SpaceX and Nvidia, cuts Broadcom and CoreWeave

ARK’s trading after the tech sell-off

The Economic Times reports that ARK Invest made its trades on November 5, the same day Wall Street saw a steep technology decline. The article says concerns about AI spending, data centre construction and political regulation helped drive one of the worst tech sell-offs in months. It also says ARK has not explained why it made the trades, but the contrast between the purchases and sales offers a view of how the firm is shifting its technology portfolio.

SpaceX becomes ARK’s largest purchase

According to The Economic Times, SpaceX was ARK Invest’s biggest purchase of the day. The firm bought 393,774 shares, worth about $48.7 million using SpaceX’s November 5 closing price of $123.62. SpaceX shares fell 9.05% in the session. The article says the timing is notable because SpaceX is moving beyond rockets and satellites into computing. More than half of its third-quarter sales came from renting computing capacity, Reuters reported, and the company is investing heavily in infrastructure for artificial intelligence.

Nvidia and the rest of the AI cluster

The Economic Times says Nvidia was another major ARK purchase. The firm bought 252,592 shares, worth about $45.9 million based on a closing price of $181.60. Nvidia stock fell 9.26% on November 5 and moved into negative territory for 2026, reversing earlier gains, according to the article. The report says ARK’s purchase suggests it still wants exposure to the company that supplies much of the computing power behind AI development. It also notes that SpaceX’s recently announced $40 billion GPU financing arrangement involves next-generation Nvidia chips, linking the two investments to different parts of the same AI infrastructure theme.

The article adds that ARK also bought 276,925 shares of Rocket Lab, worth about $12.74 million, along with 48,984 shares of Advanced Micro Devices, 53,457 shares of Alphabet and 196,897 shares of Cerebras Systems. The report says these purchases widen ARK’s exposure across semiconductors, AI computing, cloud technology and the space industry. The three purchases with disclosed dollar values total about $107.3 million, while the full buying total is higher because the article says comparable dollar figures were not given for AMD, Alphabet and Cerebras.

Broadcom and CoreWeave were sold

The most notable sale, The Economic Times says, was Broadcom. ARK sold 410,559 shares worth about $119.7 million using Broadcom’s November 5 closing price of $291.53. Broadcom stock fell 10.43% that day. The article says Broadcom is also a major beneficiary of AI infrastructure spending because of its custom AI accelerators and networking products. It says ARK’s decision to buy Nvidia while selling Broadcom could signal a change in how it wants AI exposure, possibly favoring general-purpose GPUs over some custom-chip and networking bets. The article stresses, however, that this is an interpretation and that ARK did not disclose its reason for the sale.

ARK also sold 412,666 shares of CoreWeave, worth about $20 million, according to the report. CoreWeave provides cloud infrastructure that lets customers access Nvidia GPUs, so its business is closely tied to demand for AI data centres. The article says selling CoreWeave while buying Nvidia and SpaceX shows that ARK is not treating all AI-related companies the same way.

Market backdrop and SpaceX financing

The Economic Times says the trades came after a broad market drop on November 5. The Nasdaq Composite fell 5.5% to 24,315 and entered correction territory after dropping more than 10% from its October record. The S&P 500 fell 4.36% to 7,353.73, while the Dow Jones Industrial Average lost 3.44% to 51,523.06. The sell-off wiped out about $3 trillion in S&P 500 market value.

The article says two concerns drove the decline: worries that heavy AI infrastructure spending may not produce enough revenue to support current valuations, and concern that Democratic victories in the midterm elections could lead to tighter limits on data centre construction. Goldman Sachs estimated that possible state and local restrictions could affect about 45% of planned US data centre capacity expansion, Reuters reported.

The report says technology shares began to recover on Friday. Reuters reported that the Nasdaq rose 1.23% to 24,614.53 at the open, the S&P 500 gained 0.26%, and the Dow fell 0.94% to 51,036.69.

The Economic Times also says SpaceX’s purchase came during attention on its financing plans. On October 26, SpaceX announced a roughly $40 billion master finance lease for Nvidia GPUs and related equipment through an Apollo-managed entity. Goldman Sachs was the sole structuring agent, Apollo led the financing, and the equipment is expected in the first half of 2027. The article adds that Goldman Sachs and Apollo have reportedly begun approaching investors about selling portions of the financing, with some being offered stakes of up to $500 million, and that Reuters said a formal syndication process is expected to follow.