Just spotted something interesting in the latest 13F filings. A Texas-based fund called Ancient Art L.P. made a pretty significant bet on Upwork back in February, dropping about 6.8 million to grab over 370k shares. That move made Upwork their second-largest holding at nearly 92 million in total position value.

What caught my eye is the timing. Upwork's been getting hammered this year - down 35% since January despite having a solid 2025. The stock's basically been ping-ponging between AI hype and AI substitution fears. On one hand, the platform's seeing real demand for AI-related gigs. On the other hand, people are worried automation could eventually eat into the traditional freelance work that's been their bread and butter.

With disappointing guidance recently, most traders seem spooked. But Ancient Art apparently sees it differently. For a fund to make this their second-biggest position suggests they think the selloff is overdone. Whether they're right remains to be seen, but it's the kind of contrarian move worth watching if you're considering the stock yourself. Sometimes the best opportunities show up when everyone else is running for the exits.