Posted 3/3/2024, 7:58:00 PM
Ark Invest Sells Some Nvidia, Buys More Pinterest - Betting on AI and Social Commerce
- Ark Invest sold Nvidia stock in February despite its importance in AI, taking profits after huge 2021 gains
- Instead, Ark bought more shares of Pinterest, which now makes up over 1% of its $14B portfolio
- Pinterest aims to leverage AI to improve recommendations and help users discover products
- Partnerships with Amazon and Google bring more ad demand to Pinterest's platform
- At 8X sales, Pinterest may be reasonably valued if it can gain more market share in social commerce