Cathie Wood-led Ark Invest executed significant trades on Monday, selling shares of major tech companies. These trades occurred during a broader market rally driven by geopolitical developments and investor optimism.
The Tesla Trade
On Monday, Ark Invest sold 44,488 shares of Tesla Inc (NASDAQ:TSLA) from the flagship ARK Innovation ETF (BATS:ARKK). The trade was valued at approximately $18.3 million, based on Tesla’s closing price of $411.15.
Tesla’s stock experienced a 1.16% increase, buoyed by speculation of a potential merger with SpaceX. This speculation arose after SpaceX’s valuation surpassed $2 trillion, making Elon Musk the world’s first trillionaire. The market’s positive sentiment towards Musk’s enterprises contributed to Tesla’s stock momentum.
The AMD Trade
Ark Invest also reduced its holdings in Advanced Micro Devices Inc (NASDAQ:AMD) by selling 141,408 shares from ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Space & Defense Innovation ETF (BATS:ARKX) and ARKK. The sale amounted to approximately $77.4 million, with AMD’s stock closing at $547.26.
AMD’s stock surged 6.98% on Monday, driven by a favorable market environment for semiconductor stocks. The rally was supported by a peace agreement between the U.S. and Iran, which boosted sentiment towards growth stocks and led to a rise in U.S. stock futures.
The Palantir Trade
Ark Invest sold 66,259 shares of Palantir Technologies Inc (NASDAQ:PLTR) from its ARKK ETF, with the transaction valued at around $8.9 million, given the closing price of $134.71.
Palantir recently argued that rising enterprise AI costs were becoming a major concern, with executives at companies including Uber, ServiceNow and Snowflake reportedly raising questions about the expense of using advanced AI tools such as Anthropic's Claude.
The company positioned its software as a solution for managing AI spending across multiple models, while CEO Alex Karp said enterprises should focus on measuring value and controlling costs rather than relying on a single AI provider.
The TSMC Trade
Additionally, Ark Invest sold 6,904 shares of Taiwan Semiconductor Manufacturing Co. Ltd. (NYSE:TSM) from its ARKK ETF, totaling approximately $3 million based on the closing price of $441.40.
TSM’s stock climbed 4.12% as semiconductor stocks benefited from improved market sentiment following the U.S.-Iran peace agreement. The stock’s proximity to its 52-week high also attracted investor interest.
The Amazon Trade
ARKK, sold 46,783 shares of Amazon.com Inc (NASDAQ:AMZN) on Monday. The sale, valued at approximately $11.5 million, comes as Amazon shares experienced a 3.13% increase, closing at $246.02.
This rise was attributed to improved investor sentiment following a peace agreement between the U.S. and Iran, which alleviated concerns over global energy supply disruptions. Despite the uptick, Amazon’s stock remains in a consolidation phase, trading below its 20-day and 50-day moving averages.
The Figma Trade
Ark Invest also divested 100,000 shares of Figma Inc (NYSE:FIG) through ARKK, amounting to $1.9 million. Figma’s stock has faced a downward trend, closing at $18.51, following a significant $50 billion market cap reduction.
The decline is linked to investor concerns over the software sector’s future demand as AI models advance. Additionally, Figma reported a substantial $142 million net loss in the first quarter, influenced by increased stock-based compensation.
The Bitmine Immersion Trade
In another move, Ark Invest sold 124,168 shares of Bitmine Immersion Technologies Inc (NYSE:BMNR) via ARKK, valued at approximately $2.1 million. Bitmine’s stock saw a 6.21% increase, closing at $17.11.
This surge followed the company’s announcement of an increase in its Ethereum (CRYPTO: ETH) holdings, bringing it closer to its goal of owning 5% of Ethereum’s total supply by 2026.
The Roku Trade
Ark Invest’s ARKK fund also sold 665,136 shares of Roku Inc (NASDAQ:ROKU), totaling around $93.7 million. Roku’s stock fell by 1.92%, closing at $140.90, after news of Fox’s $22 billion acquisition to expand its streaming and connected TV presence. Despite the decline, Roku’s founder, Anthony Wood, is expected to join Fox’s board post-acquisition.
Other Key Trades
- Sold 534,967 shares of 10X Genomics Inc (TXG).
- Sold 166,427 shares of Veracyte Inc. (VCYT)
- Sold 54,665 shares of Shopify Inc (SHOP) from ARKK.
Benzinga Edge Stock Rankings indicate Tesla stock has a Momentum score in the 41st percentile and a Value score in the 3rd percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: ChrisStock82 / Shutterstock
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