Shares of Palantir jumped 13% on Thursday, on pace to close at a fresh 52-week high.
The move comes after innovation investor Cathie Wood’s Ark Investment Management disclosed a large purchase of Palantir on Wednesday.
The firm said it bought more than 900,000 shares of Palantir for its flagship ARKK exchange-traded fund, a buy worth roughly $9 million as of Wednesday’s close.
Ark also reported purchases of about 350,000 Palantir shares for two other ETFs.