Cathie Wood Muscles Into ChatGPT Boom With New OpenAI Stake

Cathie Wood’s Ark Investment Management has announced that it holds a stake in Silicon Valley artificial intelligence darling OpenAI, a bet that the nascent AI industry will remake the tech landscape.

In an email to clients Thursday, Ark said, “As of April 10, 2024, the Ark Venture Fund invests in OpenAI,” referring to its $54 million VC fund. “OpenAI is at the forefront of a Cambrian explosion in artificial intelligence capability,” the tech-focused asset manager said in the note.

Launched in September 2022, the closed-end interval fund invests in both public and private firms — including Elon Musk’s SpaceX, Epic Games Inc., Freenome Holdings Inc. and Relation Therapeutics.

“Our fund is relatively new and small and for us, honestly, the incremental progress in the foundation model space has been quicker than even we had anticipated,” Ark Chief Futurist and investment committee member Brett Winton said in an interview. “We think that there’s $16 trillion in prospective market cap that will be commanded by foundation model-type companies by 2030.”