This article first appeared on GuruFocus.
Cathie Wood’s ARK Invest funds shifted positions Monday, increasing stakes in Chinese tech giant Baidu (BIDU) while trimming exposure to Tesla (NASDAQ:TSLA).
The ARK Innovation ETF (ARKK) purchased 51,263 Baidu shares for roughly $6.7 million.
Citi analyst Alicia Yap recently raised her price target on BIDU to $181, suggesting nearly 40% upside potential. Investors see continued growth in Chinese AI and cloud services driving interest.
Wood also boosted autonomous vehicle exposure, acquiring 17,326 shares of WeRide (NASDAQ:WRD) via the ARK Autonomous Technology & Robotics ETF (ARKQ) at about $1.6 million. The stock dipped 2.8% recently after J.P. Morgan lowered its price target, though it maintains a Buy rating, citing long-term upside as robotaxi regulations evolve.
Tesla (NASDAQ:TSLA) saw reductions, with ARKK selling 2,100 shares for $923,000 amid analyst concerns over fair valuation. Other portfolio adjustments included GeneDX Holdings (WGS), Tempus AI (TEM), and Arcturus Therapeutics (ARCT).