Cathie Wood buys the dip in Nvidia-backed stock

In no time, CoreWeave (CRWV) has become one of the most talked-about names in AI, but the going’s been rough of late.

The Nvidia (NVDA)-backed cloud infrastructure business has just slashed its sales outlook, sending its stock into a steep slide and spooking the broader market in the process. For perspective, the stock has plummeted over 42% in the past month alone.

However, while most investors went for the exits, Cathie Wood did what Cathie Wood does; she doubled down on CoreWeave stock.

ARK bought hundreds of thousands of shares as the stock continues its dive, a classic “buy the dip” move signaling that she sees something Mr. Market is missing.

Why Cathie Wood still moves markets

Cathie Wood remains an anomaly in the investing sphere, as she treats stocks as long-term “tech revolutions,” instead of quarterly trades. 

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Through ARK Invest, she’s running a concentrated, high-conviction portfolio spread across disruptive themes, including areas like AI, robotics, and crypto. 

A big part of why investors follow her intently is for her transparency.

She publishes her trades daily and is unafraid to lean into volatility.

Perhaps her sharpest bets include backing EV pioneer Tesla in 2016, long before the company achieved cruising altitude or captured investor zeitgeist with robotaxis and Optimus robots.

Moreover, she has leaned into Nvidia, with Ark buying shares as early as 2014, before it became an AI picks-and-shovels Goliath. She has also embraced Bitcoin and crypto platforms as a parallel financial system.

So far in 2025, her flagship ARK Innovation ETF is up nearly 55%–60% year-to-date, compared to nearly 13% for the S&P 500 on a total-return basis.

In other words, Wood’s flagship fund is outperforming the broad market by over 4x this year.

CoreWeave becomes latest AI battleground

Now, the ARK Invest boss is buying the dip in CoreWeave. 

She scooped up 350,734 shares, spending nearly $24 million as the stock slid almost 30% over the past few trading sessions. 

Related: Cathie Wood buys $16.2 million of sinking AI stock

Importantly, this isn’t her only bold swing in AI. 

She’s tiptoed back into Nvidia, adding more shares for the first time since August. She scooped up 93,374 shares of the chip giant ($17 million worth). Though it’s not a massive position, it’s a clear re-entry into the name that defines the AI trade.

Overall, Wood remains a fan of AI, boldly stating on CNBC in October that while there could be corrections, there's still more opportunity:

Meanwhile, CoreWeave’s earnings tested investors’ patience.

CoreWeave’s earnings and guidance cut

• Blowout quarter, still in the red:Q3 sales were up $1.36 billion, more than double a year ago, while net losses narrowed to $0.22 per share, versus $1.82 a year earlier.
• Guidance shaved: Management slashed 2025 revenue guidance to $5.05–$5.15 billion, down from $5.15–$5.35 billion, trailing behind Wall Street’s $5.29 billion consensus.
• It’s a timing headache, not a demand problem: The downgrade is apparently due to a delay at a single third-party data center developer (reportedly CoreScientific), pushing some GPU capacity and sales from Q4 2025 into early 2026. Meanwhile, the sales backlog skyrocketed to $55.6 billion, representing an 85% quarter-over-quarter increase.

Inside the AI “power grid” Nvidia helped build

CoreWeave rents out Nvidia-powered data centers to hyperscalers and other tech businesses for building AI models. So, it’s essentially renting out GPU muscle to companies that avoid the costs of running their own hardware.

So it’s basically a power grid for AI, where companies can simply plug in and pay for their usage.

Additionally, it’s a cloud “factory floor” where CoreWeave provides the heavy machinery (GPUs, networking, infrastructure), while its clients bring their blueprints (models) and data.

Related: Legendary billionaire Ken Griffin's Citadel makes huge bet on major tech stock

For more color, Nvidia’s latest filing shows that it’s currently holding 24.28 million CoreWeave shares, which is nearly $3.3 billion in value (86% of its disclosed stock portfolio). 

That stake is roughly 6% of CoreWeave’s total share count, stemming from Nvidia’s early $100 million investment. 

Additionally, the two AI behemoths also have a $6.3 billion “take-or-pay” cloud-capacity deal that runs through 2032.

Nvidia CEO Jensen Huang even pointed out publicly that their CoreWeave stake is the kind of “great startup” the tech giant backs within its AI infrastructure ecosystem.

Bullish is Wood’s high-conviction crypto swing

Wood didn’t stop at CoreWeave. She widened bets across crypto and biotech, too. 

ARK added 49,900 shares of Bullish, a popular public crypto exchange that owns CoinDesk. Also, it has been one of 2025’s flashiest debuts, with a massive $1.1 billion IPO and a $5.4 billion valuation. 

Wood paired that with 31,890 shares of BitMine and 20,700 shares of the ARK 21Shares Bitcoin ETF, even as Bitcoin dipped below $85,000, its weakest level since April.

Also, ARK bought 67,078 shares of CRISPR Therapeutics, a $3.3 million nod to her long-standing belief in gene editing being the next chapter in medicine.

The biggest IPOs of 2025 so far 

Here’s a look at where Bullish sits in this year’s monster debuts:

• CoreWeave: The Nvidia-backed AI player raised $1.5 billion at a roughly $23 billion valuation. 
• Figma: Design-software powerhouse pulled in nearly $1.2 billion, with its valuation at $19 billion at the time of pricing.
• Circle: USDC’s issuer finally hit the market, raising nearly $1.05 billion while landing an $8 billion valuation.
• Bullish: The CoinDesk-owning crypto exchange raised $1.1 billion at a $5.4 billion valuation.

Wood hits the brakes on a few high flyers

After loading up on AI and crypto names, Wood rebalanced with a round of trims.

ARK’s November 21 trims 

• GitLab (GTLB): Sold 670,144 shares ($28.49 million).
• Exact Sciences (EXAS): Sold 227,153 shares ($22.87 million) after Abbott acquired it for $21 billion.
• Iridium (IRDM): Sold 169,485 shares ($2.68 million).
• Advanced Micro Devices (AMD): Sold 1,623 shares ($334,370).

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