Stocks
Cathie Wood shifts from AI chips to Robinhood and air taxis in latest ARK trades
Cathie Wood's ARK funds rotated out of AI chip stocks and into Robinhood and air taxi companies in recent trading. The move comes as Robinhood's second-quarter filing shows revenue from event contracts grew more than tenfold to $156 million while crypto revenue fell.
Why this matters?
Robinhood's event-contract revenue surge to $156M signals the prediction-market product is becoming material to its financial results, validating the platform's push into regulated event contracts as a revenue driver beyond crypto trading.
The bigger picture
Robinhood joins Bernstein's coverage as a prediction-market revenue story alongside Circle and Kalshi, with analysts now treating event-contract growth as a distinct equity re-rating driver separate from crypto trading.
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