Summary:
Cathie Wood's Ark Invest makes significant trades in tech stocks.
$8 billion investment by Amazon in AI firm Anthropic boosts confidence.
127,363 shares of AMD purchased despite recent struggles.
Palantir shares sold, but strong growth potential remains.
Bitcoin price targets for 2030 range from $258,500 to $3.8 million.
On Wednesday, Cathie Wood-led Ark Invest made some notable trades, focusing on major tech players like Amazon.com Inc (AMZN) and Advanced Micro Devices Inc (AMD), while trimming positions in Palantir Technologies Inc (PLTR) and Block Inc (SQ).
The Amazon Trade
Ark Invest purchased 82,735 shares of Amazon.com Inc. through the ARK Innovation ETF (ARKK) and ARK Space Exploration & Innovation ETF (ARKX). This strategic move follows Amazon’s recent $8 billion investment in AI research firm Anthropic, naming Amazon Web Services as its primary training partner. Based on a closing price of $205.74, the value of this trade is approximately $17.02 million.
The AMD Trade
In addition, Ark Invest acquired 127,363 shares of Advanced Micro Devices Inc. through ARKK and ARKX, despite the company’s recent struggles. The trade, valued at around $17.35 million from a closing price of $136.24, reflects Ark's belief in AMD's potential amidst bearish momentum.
The Palantir Trade
Ark Invest sold 100,804 shares of Palantir Technologies Inc. through ARKK. Despite the sell-off, analyst Dan Ives reaffirmed a $75 price target for Palantir, emphasizing its strong growth potential amid the AI revolution. This sale was valued at approximately $6.66 million based on a closing price of $66.05.
The Block Trade
Ark also trimmed its position in Block Inc., formerly known as Square Inc., selling shares valued at about $9.82 million based on a closing price of $88.78. Additionally, Ark Invest has been vocal about its Bitcoin price targets for 2030, ranging from $258,500 (bear case) to an ambitious $3.8 million (bull case), contingent on corporate adoption and regulatory clarity.
Other Key Trades:
- Ark Invest sold shares of Butterfly Network Inc (BFLY) and Repare Therapeutics Inc (RPTX).
- Ark bought shares of Pacific Biosciences of California Inc (PACB) and Illumina Inc (ILMN).
- Ark sold shares of Roblox Corp (RBLX) and purchased shares of Pinterest Inc (PINS).
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