Ark Invest Sells Some Tesla and Nvidia To Buy Into Cloudflare's AI Growth Potential

Cathie Wood's Ark Invest sold some Tesla and Nvidia shares to rebalance its portfolio, investing the proceeds in AI company Cloudflare.

Cloudflare provides cloud computing services and has distinguished itself with its infrastructure-neutral platform, fast global network, and large internet presence.

Cloudflare is positioned to benefit from the growing demand for AI through its application development platform Workers.

Cloudflare reported strong Q2 results with 32% revenue growth and record operating profit despite macroeconomic challenges.

Cloudflare expects 39% annual revenue growth over the next 4+ years, targeting $5 billion in revenue run rate by Q3 2027.