Cathie Wood’s $60 Million Venture Fund Nabs Stake in Musk’s xAI

Cathie Wood’s Ark Investment Management has purchased a stake in Elon Musk’s artificial-intelligence startup xAI, part of a growing wager that the nascent AI industry will revolutionize global tech.

Wood’s Ark Venture Fund revealed the stake in an email to clients Tuesday. It represents about 2% of the fund’s holdings, Ark Chief Futurist Brett Winton said in an interview. The purchase comes a month after the fund disclosed a position in OpenAI that made up roughly 4% of its holdings. The closed-end interval fund also has a stake in AI firm Anthropic, accounting for about 5% of assets. ...