On Monday, Cathie Wood-led Ark Invest made some significant trades, with Palantir Technologies Inc. PLTR, Taiwan Semiconductor Manufacturing Co Ltd TSM, and Amazon.com Inc. AMZN emerging as the most prominent ones. These trades were made amid the ongoing AI frenzy that has enveloped Wall Street.
The TSMC Trade: The ARK Next Generation Internet ETF ARKW fund bought 30094 shares of Taiwan Semiconductor Manufacturing Company. The transaction was valued at $5.33 million. TSMC stock closed 2.7% higher at $177.24 in Monday’s regular session.
This trade comes as Susquehanna maintained a Positive rating on the stock and raised its price target from $180 to $200. According to a report from the Commercial Times of Taiwan, TSMC plans to increase the price of its 3nm wafers by more than 5% and the price for advanced packaging next year is 10% to 20% higher as well. The report also mentioned major clients, including Apple and Nvidia, have reserved all production capacity at TSMC until 2026.
The PLTR Trade: The ARK Space Exploration & Innovation ETF ARKX fund purchased 9707 shares of Palantir Technologies worth $242,869. On Monday, Palantir shares ended the regular session 6.15% higher at $25.02.
This move follows an initiation of coverage on the stock by Argus Research analyst Joseph Bonner with a Buy rating and a price target of $29. Bonner highlighted Palantir’s expansion into the commercial sector with data management and analytics platforms and expects the commercial segment to continue to be its future growth driver. He also noted growth in Palantir’s government business segment, including its $178.4 million contract covering the development of prototypes of its battlefield Tactical Intelligence Targeting Access Node (TITAN) program.
The AMZN Trade: The firm’s ARKX fund bought 2557 shares of Amazon.com Inc. worth $470,641. The E-commerce giant’s shares closed 0.2% higher at $184.06 for the day in the regular session.
Notably earlier in the month, Ark purchased $9.9 million worth of Amazon shares following the Jeff Bezos-founded company’s acquisition of NBA media rights as part of a $76 billion 11-year deal, which is expected to boost subscriber numbers for Amazon's Prime Video streaming platform.
Other Key Trades:
- ARKG bought shares of Absci Corp (ABSI) ARKG sold shares of Teladoc Health Inc (TDOC)
- ARKK sold shares of Zoom Video Communications Inc (ZM)
- ARKQ bought shares of Rocket Lab USA Inc (RKLB) ARKW sold shares of Pure Storage Inc (PSTG)
- ARKX sold shares of AeroVironment Inc (AVAV)
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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