Investors who want to invest in Elon Musk’s xAI can now do so indirectly with some help from Cathie Wood’s ARK Venture Fund (NASDAQ:ARKVX).
ARK Venture Fund currently invests in xAI, which is a private artificial intelligence (AI) startup created by Musk last year. This also isn’t the only private company of Musk’s that this fund holds. It also has a stake in SpaceX as well as social media platform X.
The ARK Venture Fund may also be of interest to traders with a specific focus on AI. Its other investments include Figure AI, Shield AI, Sortium AI and ChatGPT creator OpenAI. All of these are private companies, making ARK Venture Fund an easy way for traders to invest in them.
ARK Venture Fund announced its investment in xAI in an email to clients earlier this week. The fund also notes that its stake in xAI represents about 2% of its total holdings.
What to Know About xAI Before You Invest
Elon Musk founded xAI in March 2023 as a rival to OpenAI and Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google. The company is currently working to develop a supercomputer that will power AI chatbot Grok. Wood and Musk are both bullish on AI with the latter also acting as a co-founder of OpenAI, which now has support from Microsoft (NASDAQ:MSFT).
ARKVX stock is largely unmoved as of Wednesday morning.
Investors seeking out more of the most recent stock market stories are in luck!
We have all of the hottest stock market news worth reading about on Wednesday! Among that is what has shares of Dollar Tree (NASDAQ:DLTR), Chewy (NYSE:CHWY) and AST SpaceMobile (NASDAQ:ASTS) stock moving today. All of that info is ready at the links below!
More Stock Market News on Wednesday
- Dollar Tree Layoffs 2024: What to Know About the Latest DLTR Job Cuts
- Chewy (CHWY) Stock Just Got a $500 Million Boost. What to Watch.
- Why Is AST SpaceMobile (ASTS) Stock Up 33% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
