On Tuesday, Cathie Wood-led Ark Invest executed significant trades, including selling shares of Palantir Technologies Inc. (NASDAQ:PLTR), Advanced Micro Devices, Inc. (NASDAQ:AMD), and acquiring shares of Robinhood Markets, Inc. (NASDAQ:HOOD) and Cerebras Systems Inc. (NASDAQ:CBRS).
The Palantir Trade
Ark Invest sold 38,395 shares of Palantir on Tuesday through ARK Innovation ETF (BATS:ARKK). The stock closed at $170.30, down by 2.31%. The total value of this transaction amounted to approximately $6.5 million.
Palantir’s recent partnership with Nebius was positioned as a move toward an enterprise AI model in which companies could run open models on dedicated infrastructure while retaining control of their compute, data and trained models. CEO Alex Karp argued that enterprises should build AI from proprietary data and treat the resulting intelligence as an asset they own rather than a recurring service they rent.
The AMD Trade
Ark Invest also reduced its stake in AMD by selling 19,491 shares via ARKK. With AMD’s stock closing at $505.74, this trade was valued at approximately $9.9 million.
AMD recently reported a strong second quarter, with revenue surpassing analyst expectations, driven by a significant boost in data center revenue.
Even so, Wood has been consistently shedding AMD stock over the last few months.
The Robinhood Trade
Ark Invest acquired 27,083 shares of Robinhood through ARKK, with the stock closing at $117.34, marking a 3.91% decline. This purchase was valued at approximately $3.2 million.
Robinhood is expanding its prediction markets business through a new partnership with Crypto.com, aiming to enhance its market presence.
The Cerebras Trade
Ark Invest bought 32,561 shares of Cerebras through ARKK, with the stock closing at $199.77, down by 4.89%. The transaction was valued at approximately $6.5 million.
Cerebras recently announced a seven-year data center deal in Finland, although the stock has been volatile, reflecting broader market trends.
Other Key Trades
- Sold 23,808 shares of Twist Bioscience Corporation (TWST) through ARKG and 13,258 shares through ARKK.
- Bought 75,101 shares of Beam Therapeutics Inc. (BEAM) through ARKG and 188,062 shares through ARKK.
- Bought 85,317 shares of CRISPR Therapeutics AG (CRSP) and 25,524 shares through ARKG.
- Bought 575,700 shares of Archer Aviation Inc. (ACHR) through ARKK.
Benzinga Edge Stock Rankings indicate Palantir stock has a Momentum score in the 75th percentile and Value score in the 1st percentile.
See More: Top Momentum Stocks
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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