CoreWeave fell 5.83% on April 28 after reports surfaced that OpenAI missed internal revenue and user growth targets. For many investors, that was reason to pause. For Cathie Wood, it was a reason to buy.
Wood’s ARK Invest ETFs have moved quickly, and the size of the purchase tells you how much conviction there is.
What ARK bought and why time matters
ARK Invest bought 162,306 shares of CoreWeave across its ARKK and ARKW ETFs on April 28, the stock closed at $105.53, for a total price of about $18.18 million, according to Investing.com.
The purchase came on a down day for CoreWeave, which slumped after news that OpenAI, one of its biggest customers, failed to meet internal growth targets. Wood’s move suggests he views the selloff as a cut from CoreWeave’s underlying business potential rather than a signal to reduce exposure, according to TipRanks.
Buying on April 28 is part of a consistent pattern. ARK has now invested at least $80 million in CoreWeave year to date across multiple acquisitions, according to Stocktwits. Every time CoreWeave pulls back, Wood added.
This is not the beginning of looking at the stock. Repetitive, deliberate construction.
What CoreWeave actually does and why it matters
CoreWeave is a GPU-accelerated cloud infrastructure company built specifically for AI workloads. It entered into a five-year partnership with OpenAI at the time of its IPO, with the deal worth an estimated $11.9 billion in revenue over that period, according to the Motley Fool. OpenAI is also an investor in CoreWeave.
Beyond OpenAI, CoreWeave works with nine of the world’s 10 largest AI platforms, including Google, Microsoft, Meta, and Anthropic, Motley Fool noted. That breadth of client relationships is one of the key reasons Wood is committed to continuing to add to the position as the stock continues to fluctuate.
CoreWeave’s revenue has more than doubled in each of its first four quarters since going public. Analysts expect revenue to nearly double when the company reports its next-quarter results, Motley Fool confirmed. That’s the kind of growth that keeps Wood committed to the name despite the noise.
The danger of OpenAI and why Wood seems to be looking past it
The April 28 selloff was triggered by reports that OpenAI missed internal revenue and user growth goals. Since OpenAI is CoreWeave’s largest customer under a multi-year $11.9 billion agreement, any slowdown in OpenAI’s growth could reduce the computing capacity it draws on CoreWeave’s infrastructure.
CoreWeave pushed back on those concerns, noting that it works with nine of the 10 largest AI platforms and isn’t dependent on just one customer. When it announced the partnership with Anthropic in early April, it emphasized that its customer base extends beyond OpenAI, the Motley Fool reported.
But the danger is real. CoreWeave has taken on a lot of debt to scale its infrastructure, and OpenAI’s decline could put pressure on its growth trajectory at a time when its balance sheet leaves little room for error. The company’s debt-to-equity ratio remains at 4.85, according to CoinCentral. That gain increases both the ups and downs.
Key statistics from ARK’s April 28 CoreWeave acquisition:
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Shares bought: 162,306, split between ARKK and ARKW, according to Investing.com
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Total transaction value: about $18.18 million, Investing.com confirmed
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CoreWeave’s closing price on April 28: $105.53, down 5.83% on the day, according to TipRanks
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ARK’s CoreWeave investment year to date: at least $80 million, according to Stocktwits
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CoreWeave’s five-year deal for OpenAI: $11.9 billion, according to Motley Fool
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CoreWeave customers: nine of the 10 largest AI platforms worldwide, including Google, Microsoft, Meta, and Anthropic, noted Motley Fool
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CoreWeave’s revenue growth: more than doubled in its first quarter since going public, Motley Fool confirms
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CoreWeave’s debt-to-equity ratio: 4.85, indicating great potential to finance infrastructure construction, according to CoinCentral
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TipRanks Consensus: Moderate Buy, the average price target is $114.20, which means about 8% upside from current levels, according to TipRanks
What else did ARK buy that day
CoreWeave wasn’t the only ARK made on April 28. Wood also bought 40,656 shares of Alphabet through ARKK, valued at about $14.17 million, ahead of Alphabet’s Q1 2026 earnings report, according to TipRanks. ARK also acquired 98,393 shares of Kratos Defense and Security Solutions through ARKK, worth about $6.2 million, Investing.com notes.
On the sell side, ARK reduced its position in Bullish, a crypto exchange and media company. The composite image for April 28 was of ARK aggressively moving into AI infrastructure and related topics while minimizing exposure to digital assets.
What does this show about Wood’s vision for CoreWeave?
A one-day purchase of $18.18 billion after the stock fell 6% is no test. It is a statement. Wood has now built a CoreWeave position worth at least $80 million by 2026 alone, repeatedly buying at a variety of prices and market conditions.
That pattern shows some certainty: that the selloff in CoreWeave related to OpenAI’s reported shortfall is an overreaction of the market to a company whose customer base, revenue trajectory, and infrastructure situation are much stronger than the nearby noise suggests.
CoreWeave is still a high-risk, high-quality growth stock. The debt burden is significant. OpenAI’s reliance is real, even if its broad customer base mitigates it. And the AI ​​infrastructure market is competitive, with the largest cloud providers investing heavily to capture the same demand that CoreWeave has created.
Wood’s purchase does not eliminate those risks. They show that you believe that the path to growth allows you to accept them. For investors looking at ARK’s move as a sign of where institutional confidence is flowing into AI infrastructure, the April 28 purchase is a clear data point for now as to where Wood stands.
Related: Cathie Wood buys $2.5 million in falling megacap stock
This story was originally published by TheStreet on April 30, 2026, where it appeared first in the investing category. Add TheStreet as a favorite source by clicking here.
