Wood's Ark Invest Dumps Tech Giants, Buys More Meta Amid AI Slowdown Concerns
Cathie Wood's investment firm Ark Invest has made significant trades in recent days, reflecting the evolving landscape of the tech industry.
The company sold shares of Amazon.com Inc. (NASDAQ:AMZN), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Palantir Technologies Inc. (NASDAQ:PLTR) from its flagship fund, ARK Innovation ETF (BATS:ARKK).
The sale of 20,000 Amazon shares was valued at approximately $5.1 million, while the offloading of 38,273 Class C shares of Alphabet Inc. resulted in a transaction worth around $13.23 million.
This move aligns with recent warnings from Citigroup, which highlighted potential risks to earnings from a slowdown in AI model development.
In contrast, Ark Invest's ARKW fund purchased 10,997 shares of Meta Platforms Inc. (NASDAQ:META), valued at approximately $7.3 million, following positive analyst coverage of the company's new Muse AI assistant.