On Wednesday, Cathie Wood-led Ark Invest executed significant trades involving Tesla Inc., Advanced Micro Devices Inc., CoreWeave Inc., and Pinterest Inc.. These trades come amid fluctuating market conditions and notable developments surrounding each company.
Ark Invest’s ARK Space & Defense Innovation ETF acquired 35,766 shares of the Elon Musk-led company valued at approximately $14.5 million based on the closing price of $406.01.
Tesla’s stock has been under pressure due to declining demand in Europe, with sales in France dropping 42% last month, as reported by the French Automotive Industry and Mobilities Platform. This marks the lowest sales in over three years, raising concerns about the company’s market position in the region.
The AMD Trade
ARK Blockchain & Fintech Innovation ETF, ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, ARK Next Generation Internet ETF and ARKX collectively purchased 141,108 shares of AMD totaling around $28.25 million.
Despite AMD’s recent earnings surpassing Wall Street expectations by $600 million, the stock experienced a significant selloff, losing over $30 billion in market value. This reaction was attributed to market recognition rather than panic.
The CoreWeave Trade
ARKK and ARKW ETFs acquired a total of 31,401 shares of CoreWeave valued at approximately $2.6 million. The company is currently in the spotlight due to discussions around the viability of terrestrial data centers versus emerging space-based alternatives. Jim Chanos, a renowned short-seller, has criticized the “data centers in space” narrative, suggesting that the current terrestrial infrastructure might be at risk.
The Pinterest Trade
ARKW ETF sold 107,092 shares of Pinterest valued at approximately $2.13 million. Pinterest has seen a rise in short interest, with 5.08% of its float being sold short. This indicates a growing bearish sentiment among investors, as traders anticipate a potential decline in the stock’s price.
Other Key Trades:
Sold 258,001 shares of Teradyne Inc. across ARKK, ARKQ, and ARKX.
Sold 42,317 shares of Guardant Health Inc. in ARKG.
Sold 78,575 shares of Unity Software Inc. in ARKW.
Bought 407,950 shares of Tempus AI Inc. in ARKG and ARKK.