said Brett Winton, Ark’s chief futurist, in an interview. The purchase comes a month after the fund disclosed a position in OpenAI that represented about 4% of its holdings. The closed-end fund also has a stake in AI company Anthropic, representing about 5% of assets.
“xAI’s access to X distribution and real-time data sets it apart from any other AI game, especially when combined with Elon Musk’s maniacal focus on speed,” said Winton by phone. “Basic AI models will be worth billions of dollars by the end of this decade. »
Launching in 2023, xAI announced in a blog post on May 26 that it had raised $6 billion via a Series B funding round. Musk was an early supporter of AI and at one point supported OpenAI before introducing ChatGPT in late 2022.
Wood’s Ark Venture Fund, launched in September 2022, invests in public and private companies, including Musk’s SpaceX, Epic Games, Freenome Holdings and Relation Therapeutics. Private companies represent around 80% of total holdings.
Wood rose to fame during the pandemic after making big bets on companies such as Tesla Inc., and is known for being a longtime bull for Musk. This year, its most famous vehicle, the $6.2 billion Ark Innovation ETF, stumbled following the electric car maker’s stock price decline, among other bets.
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