On Tuesday, Cathie Wood-led Ark Invest made significant trades involving $AMD(AMD)$ and $Cerebras Systems(CBRS)$.
The AMD Trade
Ark Invest, through its ARK Next Generation Internet ETF (BATS:ARKW), sold 5,301 shares of AMD. The transaction is valued at approximately $2.7 million. This move follows a series of sales by Ark, the latest of which was on Friday, when Wood sold 1,859 shares. Throughout May, Ark has jettisoned millions of dollars' worth of the chipmaker's stock.
The Lisa Su-led company is ramping up production of its Vera Rubin platform, indicating a busy period for Taiwan’s semiconductor supply chain. Despite this, U.S.-China policy continues to impact AMD, with China accounting for a significant portion of its net sales.
The CBRS Trade
In a contrasting move, Ark Invest increased its holdings in Cerebras Systems through ARK Innovation ETF (BATS:ARKK) and ARKW. The firm acquired a total of 35,128 shares, amounting to an investment of approximately $8.5 million, based on the closing price of $241.71.
Cerebras, known for its advanced computing systems tailored for AI workloads, has seen a surge in investor interest since its public debut. The company’s stock opened at $350, significantly higher than its offering price of $185, reflecting strong demand. This acquisition aligns with Ark’s focus on innovative technology companies.
Notably, Ark also purchased 42,126 shares of Cerebras on Friday, a transaction estimated to be worth approximately $10.8 million based on the stock's closing price of $256.78 that day.
Other Key Trades
Sold 16,998 shares of Teradyne Inc. (TER) from ARKK.
Bought 2,451 shares of Twist Bioscience Corp. (TWST) through ARKK.
Benzinga Edge Stock Rankings indicate AMD stock has a Momentum score in the 98th percentile and a Value score in the 3rd percentile.