NEW YORK, June 21, 2026, 10:07 AM EDT
- ARK Investment Management picked up 223,690 shares of Snowflake on June 18, reports tracking ARK’s trades show. That’s about $52 million worth of stock.
- Snowflake jumped after the company raised its outlook and announced a five-year, $6 billion deal with Amazon Web Services, sparking the buy.
- ARK picked up more Tesla and Eli Lilly, trimming its Roku stake as Cathie Wood’s funds rotate into new names.
ARK Investment Management bought $52 million worth of Snowflake, pulling Cathie Wood back into a big AI software bet. The move comes under a month after the cloud data stock rallied on strong earnings and a major deal with Amazon Web Services.
Snowflake’s new role is seen as a test for whether artificial intelligence can help software companies bring in more revenue instead of just raising costs for tech. Shares in Snowflake had dropped 20% this year before its late-May results, Reuters said. The stock then jumped over 33% after Snowflake boosted its outlook and said it had struck a deal with AWS.
ARK moved money around after a choppy stretch for growth names. On June 18, ARK dumped 721,279 shares of Roku for about $99 million, according to Investing.com. The firm picked up 54,815 Tesla shares, 223,690 Snowflake shares, and 8,487 Eli Lilly shares in the same period.
Snowflake was last at $232.29, dropping 0.95% from its previous close. The ARK Innovation ETF finished at $80.19, up 2.23%. U.S. markets were closed for the weekend.
ARK bought 223,690 Snowflake shares on June 18, TheStreet reported, citing the fund’s daily trading disclosures. At Snowflake’s latest close, the stake is worth roughly $52 million. As of June 18, Snowflake was not in ARKK’s top 10 names, according to the publication.
According to ARK’s trade-notification page, the firm’s trade emails show portfolio changes made by its investment team, but don’t include initial or secondary offerings, or ETF creation or redemption. ARK adds on the site that these trade files are just for information, not official, and should not be taken as a buy, sell, or hold call for any stock.
Snowflake reported first-quarter revenue up 33% to $1.39 billion, a filing showed. Product revenue was $1.33 billion, up 34%. Product revenue is what Snowflake makes from customers using its computing, storage and data transfer on the platform.
Snowflake CEO Sridhar Ramaswamy said in the filing that “AI continues to be a powerful tailwind” for the company. CFO Brian Robins said Snowflake had 779 customers spending at least $1 million over the past 12 months, with 46 joining that group in the quarter. SEC
Snowflake signed a $6 billion deal with AWS that includes Amazon’s Graviton chips and AI infrastructure, Reuters reported. The agreement builds on product integration in generative and agentic AI, which can require less human input. Gil Luria at D.A. Davidson said the deal allows Snowflake to “take an even bigger role” as customers move to AI. Reuters
Analysts moved quickly this time. According to Reuters, at least 30 analysts hiked their Snowflake price targets after the announcements. The median price target is now $280, up from $230. “The rally shows how fast sentiment can change when AI is boosting revenue,” said Matt Britzman, senior equity analyst at Hargreaves Lansdown. Reuters
Valuations still drive the Snowflake story. Reuters reported Snowflake shares were trading at around 85 times forward earnings, about the same as Datadog and much higher than MongoDB. That suggests investors are still betting on high growth. Scotiabank’s Patrick Colville called Snowflake an “AI winner” after the results, but said with such a high multiple, there’s not much room for a slowdown in customer usage or spending. Reuters
ARK may have chased strength on Snowflake. Revenue follows customer spend, so if budgets change, so does Snowflake’s top line. For the stock to re-rate, AI products like Cortex Code and Snowflake Intelligence have to drive sticky usage. ARK just dumped Roku and picked up more Snowflake, Tesla, and Lilly. Wood is clearly pressing into AI infrastructure, autonomy, and biotech. Now the results have to show up in earnings.
