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Investing.com -- Kodiak AI (NASDAQ:KDKY) stock rose 8% in after-hours trading Wednesday following disclosure that Soros Fund Management has acquired a 5.7% stake in the artificial intelligence company.
According to a Schedule 13G filing with the Securities and Exchange Commission, entities managed by Soros Fund Management now beneficially own 9,967,978 shares of Kodiak AI common stock. The filing revealed that the shares are held through various investment accounts managed by the firm, including Quantum Partners LP and other funds.
The ownership percentage was calculated based on 174,957,392 shares of Kodiak AI common stock outstanding, which excludes 6,250,000 sponsor earnout shares that are subject to vesting conditions, as noted in the filing.
Soros Fund Management, where George Soros serves as Chairman, maintains investment discretion over the holdings as the investment manager to these accounts. The disclosure represents a significant vote of confidence in the AI company from one of the world’s most prominent investment firms.
The stake acquisition comes as institutional interest in artificial intelligence companies continues to grow amid the sector’s rapid expansion and technological advancements.
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