Ark Invest Unloads Palantir, AMD as Block and Circle Gain Favor
Cathie Wood's Ark Invest made significant changes to its portfolio on Monday, divesting positions in Palantir Technologies and Advanced Micro Devices while increasing exposure to Block and Circle Internet Group.
The firm purchased approximately $37.4 million worth of Block shares across three ETFs, with the company's recent financial results contributing to its growing appeal. Block reported a 21% year-over-year increase in annual profit guidance to $12.5 billion, despite analysts' reservations about escalating operational costs.
Circle Internet Group also saw an influx of investment from Ark Invest, with the firm acquiring shares valued at roughly $3.36 million. Circle's stock has surged 52.6% over the past 30 days, attributed to expanding adoption of stablecoin payment networks and emerging blockchain-based capital markets infrastructure.
Palantir Technologies and Advanced Micro Devices were among the stocks that saw a decrease in Ark Invest's portfolio. The firm liquidated approximately $26 million in Palantir shares across its three primary exchange-traded funds, following the company's robust second-quarter performance. Ark also reduced its AMD allocation by selling 8,623 shares worth around $4.1 million.