Palantir Stock Had More Than Just a Bad Month. Cathie Wood Buys the Dip.

📆 9/1/2023 1:43 PM
📰 MarketWatch

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Palantir stock had a rough August. It seems AI hype can only take you so far.

Palantir Technologies stock had a rough August. It seems hype around artificial intelligence can only take you so far.

“We’ll figure out how to monetize it,” CEO Alexander Caedmon Karp said on the company’s earnings call last month. “First, we’re teaching the market what it is. We’re getting people on board … then we will charge for that.” ARK Invest bought 673,002 shares of Palantir, worth $10.1 million based on Thursday’s closing price of $14.98. The majority of that—525,292 shares—was purchased by Wood’s flagship ARK Innovation exchange-traded fund . The ETF’s Palantir stake is now worth $92.2 million, according to ARK Invest’s data.

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Palantir Stock Drops After Downgrade. How to Cash In on AI Isn’t Clear.Morgan Stanley said that while optimism about artificial intelligence has lifted the stock, the company hasn't said how it will monetize the technology.
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