Cathie Wood has been buying more shares of Space Exploration Technologies Corp. (NASDAQ:SPCX). The investment is appreciating (SPCX climbed over 30% this past month).

Meanwhile, another of Wood’s space bets is flashing a bearish Death Cross technical pattern, widening the performance gap between two of ARK’s most closely watched investments.

Chart created using Benzinga Pro

Rocket Lab Stock Flashes a Death Cross

As Rocket Lab Corp (NASDAQ:RKLB) shares have formed a Death Cross, a technical pattern that occurs when the 50-day moving average falls below the 200-day moving average. Many technical traders view the signal as evidence that longer-term momentum has turned bearish, although it does not guarantee further declines.

The bearish setup comes after a difficult month for the stock. Rocket Lab shares are down 2%+ over the past month, in sharp contrast to the strength seen in SpaceX, whose shares have gained 30%+ over the same period.

Wood’s latest quarterly holdings also suggest Rocket Lab has become a smaller part of her investment strategy. ARK Investment Management’s second-quarter 13F filing showed the firm reduced its Rocket Lab position by 27%, ending the quarter with 1.63 million shares, down from 2.24 million shares three months earlier.

Read Also: Rocket Lab Says It Has 'More Upside' on Rocket Prices

Cathie Wood’s SpaceX Bet Keeps Growing

The Rocket Lab trim coincided with a notable addition elsewhere in ARK’s space portfolio.

ARK Investment Management initiated a new position in SpaceX during the second quarter, purchasing 4.48 million shares valued at approximately $765 million, according to its latest 13F filing. While 13F filings only capture positions as of June 30, subsequent performance has increased the significance of that investment.

Over the past month alone, SPCX has gained 32.5%, increasing both the market value and portfolio weight of ARK’s SpaceX exposure. As of Aug. 31, SpaceX ranked as ARK Innovation ETF‘s (BATS:ARKK) second-largest holding, accounting for 6.11% of the portfolio, while Rocket Lab represented just 0.39%.

The contrast suggests Wood’s conviction in the space sector remains intact, but its center of gravity has shifted. Rather than exiting the theme, ARK’s portfolio increasingly reflects a preference for SpaceX while Rocket Lab’s importance has diminished.

Investment Takeaway

For investors, Rocket Lab is showing weakening technical momentum. Also, its weighting within Wood’s flagship ETF has fallen sharply.

SpaceX, on the other hand, has become one of ARKK’s largest holdings and benefited from a strong recent rally.

Whether that divergence continues will depend on fundamentals, but for now, both the charts and ARK’s portfolio suggest Wood’s space exposure stems more from SpaceX than Rocket Lab.

Read Also: Rocket Lab Just Became More Like SpaceX—And Less Like A Rocket Company

Courtesy Ark Invest