Cathie Wood's Ark Invest Buys Shares Of Nvidia-Rival AMD, Continues Its Shopify Share-Buying Spree

On Monday, Cathie Wood’s Ark Invest made some significant trades, with the most notable being the purchase of Shopify Inc SHOP and Advanced Micro Devices Inc AMD shares.

The Shopify Trade

Ark Invest’s ETFs, including Ark Fintech Innovation ETF ARKF, made a significant move by purchasing a total of 34,060 shares of Shopify. This move came after the company released its first-quarter earnings report earlier in the month. The trade was valued at approximately $2 million, based on Shopify's closing price of $58.91 on the day.

Shopify’s stock plunged after it reported its quarterly results, with the company clocking fiscal first-quarter 2024 revenue growth of 23% year-over-year to $1.86 billion. However, the e-commerce platform company reported a loss of $ 273 million after a profit of $68 million a year ago. Despite the loss, Ark Invest saw potential in the company and made a significant investment earlier in the month.

The AMD Trade

Ark Invest’s ARK Autonomous Technology & Robotics ETF ARKQ also made a significant move by purchasing 10,459 shares of Advanced Micro Devices Inc. The trade was valued at approximately $1.74 million, based on AMD’s closing price of $166.33 on the day.

AMD had failed to impress at the end of April, unlike Nvidia Corporation which has been crushing investor expectations on the back of soaring AI chip sales. However, Microsoft Corp is planning to introduce Advanced Micro Devices Inc's artificial intelligence chips to its cloud computing customers, aiming to rival Nvidia Corp's components.

Other Key Trades:

• Ark Invest’s ARKF sold shares of Global-E Online Ltd (GLBE). Ark Invest’s ARKF also sold stock of Robinhood Markets Inc (HOOD).
• Ark Invest’s ARK Genomic Revolution ETF (ARKG) sold shares of Exact Sciences Corp (EXAS). Ark Invest’s ARKG bought shares of CRISPR Therapeutics AG (CRSP).
• Ark Invest’s ARKG sold shares of Teladoc Health Inc (TDOC).

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