Cathie Wood’s Ark Invest Makes Bold Moves in Tech Sector
Market Turbulence Continues
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Ark Invest’s Notable Trades
On Wednesday, Cathie Wood’s Ark Invest made significant changes to its portfolios, with a focus on tech giants Tesla, Advanced Micro Devices, and Palantir Technologies.
Tesla Takes a Hit
Ark Invest’s ARK Innovation ETF and ARK Next Generation Internet ETF sold a total of 62,151 shares of Tesla, valued at approximately $16 million. This move follows Ark’s recent decision to invest in Archer Aviation, while reducing its stake in Elon Musk’s company. Despite this, Ark Investment Management believes Tesla’s driverless ride-hailing service could tap into an $11 trillion revenue market.
AMD Sees a Boost
Ark Invest purchased 111,080 shares of Advanced Micro Devices across its ETFs, valued at approximately $16.5 million. This move comes after AMD’s impressive Q3 earnings report, which revealed a year-over-year revenue increase of 18%.
Palantir Takes a Step Back
Ark Invest sold 372,730 shares of Palantir Technologies across its ETFs, valued at approximately $16.3 million. Despite Palantir’s recent 52-week high and strategic partnership with L3Harris Technologies, Ark decided to reduce its stake.
Other Key Trades
Cathie Wood purchased 689,365 shares of Archer Aviation through its ARKK ETF, valued at $2.3 million. The firm also bought shares of Meta Platforms, Absci Corp, and Cerus Corp through its various ETFs.
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