Cathie Wood's ARK Invest Reshuffles Portfolio: Major Moves in Tech and Gaming Stocks

Cathie Wood's Ark Invest Sells $4.3M In Palantir Shares Amid S&P 500 Buzz, Buys $6.8M Of AMD Stock - Advanced Micro Devices (NASDAQ:AMD), ARK Innovation ETF (ARCA:ARKK)

On Tuesday, Cathie Wood-led Ark Invest made significant trades, with Advanced Micro Devices Inc AMD and Palantir Technologies Inc PLTR being the most prominent. The AMD Trade Ark Invest purchased 47,717 shares of AMD. The trade was made by the ARK Innovation ETF ARKK fund and represents 0.1251% of the ETF. Based on the closing price of AMD at $142.84 on the same day, the value of the trade is approximately $6.8 million. The purchase comes in the wake of AMD's announcement of its upcoming "Advancing AI 2024" event, scheduled for October 10, 2024. The event will showcase the next-generation AMD Instinct accelerators and 5th Gen AMD EPYC server processors, as well as the company's Networking and AI PC updates. The company's growing AI solutions ecosystem will also be highlighted. AMD is shifting its strategy to focus on mainstream and mid-range gaming GPUs to capture 40%-50% of the market, rather than competing directly with Nvidia's high-end offerings. Despite Nvidia holding 88% of the discrete GPU market, AMD has made moves like hiring key Nvidia talent and planning a $4.9 billion acquisition of AI server company ZT Systems to build scale. Both AMD and Nvidia stocks have faced recent selloffs despite strong performance. The PLTR Trade Ark Invest sold 124,626 shares of Palantir. The trade was made by the ARKK fund and represents 0.0812% of the ETF. Based on the closing price of PLTR at $34.76 on the same day, the value of the trade is approximately $4.3 million. The sale comes after Palantir's stock soared by 14.08% following the announcement that the stock will join the S&P 500 index. Palantir shares surged over 12% since Friday, driven by the company's inclusion in the S&P 500 and a new enterprise agreement with BP to enhance AI capabilities. CEO Alex Karp celebrated the S&P 500 milestone, and analysts like Dan Ives and Mariana Perez see it as a validation for Palantir's future profitability. However, price predictions for Palantir vary widely, with a 1-year average target of $27.79, reflecting potential downside, while top estimates go as high as $50. Other Key Trades: Ark Invest sold shares of Unity Software Inc (U) from the ARKK fund. Ark Invest bought shares of Draftkings Inc (DKNG) for the ARKK fund. Ark Invest bought shares of Rubrik Inc (RBRK) for the ARKW fund. Ark Invest sold shares of Vuzix Corp (VUZI) from the ARKW fund. Read Next: Tesla Stock Races Higher In Premarket: What's Going On? This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal Market News and Data brought to you by Benzinga APIs

Cathie Wood's ARK ETF adjusts portfolio, buys DraftKings, sells Unity By Investing.com

Cathie Wood's ARK ETFs have made notable changes to their investment portfolios on Tuesday, September 10, 2024, with DraftKings Inc (NASDAQ:DKNG) and Advanced Micro Devices Inc (NASDAQ:AMD) being the major stocks bought, while significant sales included Unity Software Inc (NYSE:U) and Palantir Technologies Inc (NYSE:NYSE:PLTR). ARK's largest buy for the day was DraftKings, with the ARKK ETF acquiring 181,842 shares, amounting to a total dollar value of $6,566,314. This follows a trend as ARK has been increasing its position in the sports betting company over recent days. Advanced Micro Devices also saw a substantial purchase with 47,717 shares bought by the ARKK ETF, valued at $6,592,103. On the sell side, Unity Software faced a major reduction in ARK's holdings, with a total of 908,278 shares sold across the ARKK and ARKW ETFs, totaling $15,595,133 in value. Palantir Technologies also saw a significant sell-off, with 124,626 shares sold by the ARKK ETF, valued at $4,312,059. Other notable buys included ABSCI Corp (NASDAQ:ABSI) with 212,034 shares acquired by the ARKG ETF for $742,119, and Tempus AI Inc (NYSE:TEM) with the ARKK ETF purchasing 36,238 shares at a value of $1,712,970. In terms of sales, ARK's ARKG ETF divested from Exact Sciences Corp (NASDAQ:EXAS), selling 40,063 shares for a total of $2,355,303, and from Twist Bioscience Corp (NASDAQ:TWST), selling a combined 87,861 shares through the ARKK and ARKG ETFs for a value of $3,273,700. Smaller trades included buys in Guardant Health Inc (NASDAQ:GH), Ionis Pharmaceuticals Inc (NASDAQ:IONS), Personalis Inc (NASDAQ:PSNL), and Rubrik Inc (NASDAQ:RBRK). Meanwhile, smaller sales were made in stocks such as Butterfly Network (LON:NETW) Inc (NYSE:BFLY), 908 Devices Inc. (NASDAQ:MASS), Veracyte Inc (NASDAQ:VCYT), Veeva Systems Inc (NYSE:NYSE:VEEV), Verve Therapeutics Inc (NASDAQ:VERV), Vertex Pharmaceuticals Inc (NASDAQ:VRTX), and Vuzix Corp (NASDAQ:VUZI). These daily trades by Cathie Wood's ARK ETFs continue to reflect a dynamic approach to portfolio management, with a focus on innovative and disruptive companies. Investors are keeping a close eye on ARK's strategies, as these trades may signal the fund's outlook on various sectors and individual stock prospects.