On Wednesday, June 3, Cathie Wood‘s Ark Invest made significant trades involving Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Meta Platforms Inc. (NASDAQ:META), Advanced Micro Devices Inc. (NASDAQ:AMD), and Alibaba Group Holding Ltd (NYSE:BABA).
The AMD Trade
Ark Invest executed a notable sell-off of AMD shares across several of its ETFs. The trades included selling 51,319 shares from ARK Innovation ETF (BATS:ARKK), 713 shares from ARK Blockchain & Fintech Innovation ETF (BATS:ARKF), 17,861 shares from ARK Next Generation Internet ETF (BATS:ARKW), and 4,945 shares from ARK Space & Defense Innovation ETF (BATS:ARKX).
At a closing price of $542.52, the total value of AMD shares sold amounted to approximately $40.6 million. This move comes amid a broader strategy to rebalance Ark’s exposure to semiconductor stocks, as highlighted in a recent report on Ark’s sale of $56.2 million worth of AMD shares. Ark has been reducing exposure to AMD since May and the trend has continued into June.
Recently, AMD extended support for its AM5 desktop platform through 2029 and launched refreshed Ryzen processors to strengthen its long-term PC strategy and attract upgrades.
The Alphabet Trades
Ark Invest purchased 133,791 each of Alphabet’s Class And Class C shares. The transactions were made through ARKK, ARKW, ARKX and ARK Autonomous Technology & Robotics ETF (BATS:ARKQ). The Class A transaction was estimated at $48 million, with the stock ending Wednesday at $358.99. The Class C transaction amounted to $47.6 million, with the stock ending the day at $355.68. In total, both transactions amounted to $95.6 million.
Alphabet announced plans to raise $80 billion through equity offerings, including a $10 billion private placement to Berkshire Hathaway, to fund AI infrastructure expansion amid rising demand for compute capacity.
The stock moved lower after the announcement as investors weighed the impact of the large capital raise, despite Berkshire increasing its exposure to the company.
The META Trade
Ark Invest also increased its position in Meta Platforms by purchasing 5,608 shares through ARKK. At a closing price of $622.98, the transaction was valued at around $3.5 million.
The Mark Zuckerberg-led company’s stock rose on Wednesday due to its expansion of the Meta Business Agent and the introduction of paid subscriptions, which could enhance business productivity and revenue streams.
The Alibaba Trade
Ark Invest acquired 30,273 shares of Alibaba through ARKK. With a closing price of $127.21, the purchase was valued at approximately $3.85 million.
Alibaba shares have been in focus recently as investors rotated back into large-cap technology stocks amid improving market sentiment and gains in major U.S. indexes.
The company also expanded its AI partnership with Manulife Hong Kong through Alibaba Cloud, with the two firms agreeing to explore AI applications aimed at improving customer service, fraud detection and operational efficiency.
Other Key Trades:
- Sold 106,549 shares of Baidu Inc (BIDU) through ARKK and ARKQ.
- Sold 46,670 shares of Teradyne Inc (TER) through ARKK, AKRQ and ARKX.
- Sold 218,355 shares of 10X Genomics Inc (TXG) through ARKK.
- Sold 96,139 shares of Twist Bioscience Corp (TWST) through ARKK.
- Sold 112,075 shares of Veracyte Inc (VCYT) through ARKK.
Benzinga Edge Stock Rankings indicate AMD stock has a Momentum score in the 98th percentile and a Value score in the 3rd percentile.
Photo: Ira Lichi / Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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