Cathie Wood’s ARK Invest purchased $52 million worth of Snowflake shares on June 18, betting on the cloud data company’s AI momentum after its stock soared on strong earnings and a major Amazon partnership.
ARK bought 223,690 shares of Snowflake at $232.29 each, according to Dealroom and other sources tracking the investment firm’s daily trades. The purchase came as Snowflake stock was riding high from a 36% surge on May 28, its best day ever, after the company beat quarterly earnings expectations and announced a $6 billion infrastructure commitment to Amazon Web Services.
The investment reflects Wood’s conviction in Snowflake’s AI transformation. On May 28, Snowflake reported that artificial intelligence tools like Cortex Code are driving what finance chief Brian Robins called a “step function change” in the company’s AI revenue potential. The company also raised its full-year fiscal 2027 product revenue guidance from 27% growth to 31%, implying $5.84 billion in sales, according to The Globe and Mail.
Snowflake’s $6 billion AWS deal, announced on May 27, underpinned investor enthusiasm. The company committed to spending the sum over five years on Amazon’s custom Graviton processors and AI infrastructure, signaling confidence in long-term demand for its platform. Reuters reported that the deal ties Snowflake’s growth to AWS’ push into AI computing.
ARK’s Snowflake purchase was part of a broader portfolio rotation. On the same day, ARK bought $22 million in Tesla shares while selling nearly $100 million in Roku stock, according to Benzinga and Investing.com. The Roku exit marked a retreat from a position ARK had championed for years—the firm had once projected Roku could reach $605 per share by 2026, but the streaming platform has faced headwinds and is now exploring a potential sale.
Snowflake’s earnings beat also lifted the broader software sector. ServiceNow, Oracle, and Palantir all gained more than 6% on the news, as investors grew more confident that AI tools would enhance rather than replace software-as-a-service platforms, according to CNBC. The company added 616 net new customers in the quarter, with 46 crossing the $1 million spending threshold compared to 26 a year earlier.
Sources
- Dealroom — Cathie Wood’s ARK purchased 223,690 Snowflake shares at $232.29 each on June 18, totaling $52 million
- Benzinga — ARK bought $22M in Tesla and $52M in Snowflake while dumping nearly $100M in Roku on June 18
- CNBC — Snowflake surged 36% on May 28 after beating earnings and announcing $6B AWS commitment; CFO Brian Robins said AI tools drive “step function change” in revenue potential
- Reuters — Snowflake signed $6 billion deal with AWS on May 27 for infrastructure tied to AI, with Graviton processors
- The Globe and Mail — Snowflake raised FY 2027 product revenue growth target from 27% to 31%, implying $5.84 billion in sales
- Investing.com — ARK acquired 223,690 Snowflake shares worth $52.46 million on June 18
