On Monday, Cathie Wood’s Ark Invest executed significant portfolio adjustments, prominently acquiring shares of Advanced Micro Devices Inc. AMD while reducing positions in Coinbase Global Inc. COIN.
The AMD Trade
Ark purchased 356,275 AMD shares across Ark Fintech Innovation ETF ARKF, ARK Innovation ETF
ARKK, and ARK Next Generation Internet ETF ARKW funds, reinforcing confidence in the chipmaker’s positioning within the AI infrastructure race. For the day, AMD stock closed at $141.90, making the transactions worth $50.55 million.
This follows AMD’s recent volatility as it navigates supply-chain dynamics and intensifying competition in accelerated computing markets. Recently, the chipmaker announced a new collaboration with HCLTech. The two companies intend to set up joint innovation labs dedicated to advancing solutions in AI, digital infrastructure, and cloud computing.
The Coinbase Trade
Ark sold 124,892 Coinbase shares across ARKK, ARKW and ARKF ETFs despite Bernstein’s recent $510 price target and “Amazon of crypto” endorsement. On Monday, Coinbase stock ended the day at $350.49. The sale by ARK was valued at $43.77 million.
The reduction coincides with Wood’s observation that Bitcoin BTC/USD investors face mortgage hurdles with crypto-backed assets, potentially driving capital toward regulated exchanges like Coinbase. This strategic trimming occurs even as Ark maintains Coinbase as its second-largest portfolio holding at 8.84%.
Other Key Trades:
- Reduced Elbit Systems Ltd (ESLT) holdings by 1,160 shares across ARKQ and ARKX funds.
Benzinga’s Edge Stock Rankings indicate AMD checks out on Short, Medium and Long Price Trends, find out how rival Nvidia is ranked.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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