Cathie Wood Buys Amazon, AMD Stock — Trims Palantir, Block Holdings Amid AI And Bitcoin Euphoria

On Wednesday, Cathie Wood-led Ark Invest made some notable trades. The most prominent among these were in Amazon.com Inc AMZN, Advanced Micro Devices Inc. AMD, Palantir Technologies Inc. PLTR, and Block Inc. SQ.

The Amazon Trade

Ark Invest bought 82,735 shares in Amazon.com Inc. through ARK Innovation ETF ARKK and ARK Space Exploration & Innovation ETF ARKX. This move comes in the wake of Amazon’s recent $8 billion investment in artificial intelligence research and development company, Anthropic. As part of the investment, Anthropic named Amazon Web Services as its primary training partner and cloud provider. The investment is expected to be mutually beneficial. Based on the closing price of $205.74, the value of the trade is approximately $17.02 million.

The AMD Trade

Ark Invest also purchased 127,363 shares of Advanced Micro Devices Inc. through ARKK and ARKX. Despite the company’s recent struggles, Ark Invest seems to see potential in the tech giant. The value of the trade, calculated from the closing price of $136.24, is approximately $17.35 million.

AMD stock at $142.68 faces bearish momentum, trading below key moving averages. A slight bullish signal from the 8-day SMA contrasts with weak RSI and MACD indicators. Market share gains offer hope, but sustainability remains uncertain.

The Palantir Trade

Ark Invest sold 100,804 shares of Palantir Technologies Inc. through ARKK. Despite the sale, it’s worth noting that Wedbush analyst Dan Ives recently reaffirmed his $75 price target on Palantir, citing strong growth potential amid the AI revolution. The value of the trade, based on the closing price of $66.05, is approximately $6.66 million.

The SQ Trade

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Ark Invest sold shares of Block Inc., formerly known as Square Inc. The value of the trade, calculated from the closing price of $88.78, is approximately $9.82 million. Ark invested in the Bitcoin BTC/USD-focused firm through ARKK.

Ark Invest shared Bitcoin price targets for 2030, ranging from $258,500 (bear case) to $3.8 million (bull case), based on corporate adoption. A Benzinga poll revealed only 17% believe the $3.8 million target is achievable by 2030, with many seeing it as unlikely or delayed. Wood emphasized regulatory clarity and institutional demand as key drivers for Bitcoin’s future growth.

Other Key Trades:

• Ark Invest sold shares of Butterfly Network Inc (BFLY) and Repare Therapeutics Inc (RPTX).
• Ark Invest bought shares of Pacific Biosciences of California Inc. (PACB) and Illumina Inc. (ILMN).
• Ark Invest sold shares of Roblox Corp (RBLX). The firm bought shares of Pinterest Inc (PINS).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal