Cathie Wood sells $11.8 million of Nvidia-backed CoreWeave stock ahead of earnings report
Cathie Wood just made a massive move ahead of a key tech earnings report.
The ARK Invest founder trimmed $12 million in CoreWeave (CRWV) stock just days before the company reports earnings in a couple of days' time.
On May 4, ARK sold 99,692 shares of CoreWeave across multiple ETFs, locking in gains, as the stock was in red-hot form over the past month, jumping 56%.
For perspective, CoreWeave emerged as one of Nvidia's (NVDA) key picks-and-shovels partners in the AI infrastructure buildout, helping usher in the neocloud era.
Moreover, CoreWeave's business is tied to Nvidia, with its AI cloud built around renting out Nvidia's power-hungry GPUs to train and run AI models.
Additionally, that relationship goes beyond a simple customer-supplier arrangement.
Nvidia invested a whopping $2 billion in CoreWeave in January, raising its stake by nearly 50% to 47.3 million shares, becoming the company's second-largest shareholder.
Nevertheless, Wood's eyebrow-raising move is actually classic.
She typically leans into these growth stories early, but when the stock gets stretched, especially ahead of an earnings bump, she trims.
At the same time, ARK has been actively rebalancing its biggest AI-linked tech names after an impressive run of late.
TheStreet tech reporter Mwangi Enos covered Wood's latest profit-taking moves in tech, noting several of her recent trims in Advanced Micro Devices (AMD) stock after a stellar run (she also cut more of AMD on May 4).
That seems to be the case with CoreWeave as well.
Cathie Wood's ARK buys and sells on May 4, 2026
Buys
- Shopify (SHOP): Bought 72,322 shares worth about $9.23 million.
- L3Harris Technologies (LHX): Bought 20,147 shares worth about $6.31 million.
Sells
- CoreWeave: Sold 99,692 shares worth about $11.86 million.
- Advanced Micro Devices: Sold 2,524 shares worth about $910,000.
- Teradyne (TER): Sold 17,327 shares worth about $5.98 million.
Jason Alden/Bloomberg via Getty Images
Cathie Wood's investing style and trading playbook explained
Needless to say, Cathie Wood isn't your typical fund manager.
Her investing style is akin to that of a venture capitalist, with a strategy that isn't built for smooth rides.
Case in point is ARK's focus on disruptive investing themes like AI, blockchain, and energy storage over multi-year horizons.
More Nvidia:
- Nvidia is losing an industry that saved it from bankruptcy
- Nvidia CEO makes surprising admission on OpenAI and Anthropic
- Goldman Sachs just found a reason to like Nvidia stock again
The goal is to spot the bigger winners early on and capitalize on the upside, even if the ride's bumpy.
Over the years, her bold bets have paid off, and while performance hasn't always been ideal, those gains have been reinvested into underperforming names she still believes in.
The pandemic was a massive tailwind for ARK, as the Fed slashed rates to near zero and flooded markets with liquidity alongside trillions in stimulus.
Growth stocks surged, with the Nasdaq-100 up nearly 48% in 2020 and 26% in 2021, boosting Cathie-esque bets.
Then we saw a reversal when inflation struck 9.1% in 2022, with rates blowing past 5%, and growth got crushed.
However, as conditions eased, ARK-style investing made a strong comeback.
ARK Innovation ETF more volatile than Technology Select Sector SPDR Fund over 2020-2025
- 2020: ARKK+151.89%; XLK+43.61%
- 2021: ARKK -23.38%; XLK +34.74%
- 2022: ARKK -66.97%; XLK -27.73%
- 2023: ARKK +67.64%; XLK +56.02%
- 2024: ARKK +8.40%; XLK +21.63%
- 2025: ARKK +35.49%; XLK +24.60%
- 2026 YTD: ARKK +1.70%; XLK +12.70%
Source: Yahoo Finance Performance pages for ARKK and XLK
CoreWeave's rally faces a real earnings test
CoreWeave stock has steadied and staged a remarkable comeback rally since early March.
The double-digit rally was driven by its role as a direct play on the compute shortage, strong customer commitments, and consistent backing from Nvidia.
More recently, the catalyst has been deal momentum, with Jane Street committing nearly $6 billion for its cloud services, while CoreWeave expanded its Meta Platforms deal to $21 billion and signed a new multi-year agreement with Anthropic.
The numbers underscore the excitement.
Q4 sales more than doubled to a massive $1.57 billion, with full-year sales at $5.1 billion (up 168%), with its backlog topping $66.8 billion.
Nevertheless, it did burn $452 million during the quarter, crushed by $388 million in interest expense.
Its debt load remains a key issue, with it carrying more than $14 billion on the books, while 2026 capex is expected to be at $30 billion to $35 billion, Reuters reported.
As we look ahead, investors will want the upcoming earnings report to show that demand is still outpacing financing pressures, with a clearer path to margin improvement.
Tesla remains ARKK's largest holding
Top 10 holdings of the ARK Innovation ETF as of early May:
- Tesla: 9.69%
- Tempus AI: 5.22%
- CRISPR Therapeutics: 4.94%
- Circle Internet Group: 4.89%
- Advanced Micro Devices: 4.71%
- Shopify: 4.56%
- Roku: 4.53%
- Coinbase Global: 4.43%
- Robinhood Markets: 4.37%
- Palantir Technologies: 3.18%
Source: ARK Invest full holdings data for ARK Innovation ETF
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This story was originally published May 5, 2026 at 2:47 PM.