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Editor’s Note: The headline has been corrected from the original version to ensure accuracy and clarity
On Wednesday, Cathie Wood-led Ark Invest executed notable trades, including a significant purchase of Advanced Micro Devices Inc. (NASDAQ:AMD) shares. On the same day, Ark also sold shares of Block Inc. (NYSE:XYZ).
Ark Invest’s ARK Space Exploration & Innovation ETF (BATS:ARKX) acquired 3,351 shares of AMD. This purchase aligns with AMD’s recent momentum, as the company raised the price of its MI350 AI chip by $10,000, bringing it to $25,000 per unit. This price adjustment indicates AMD’s increasing confidence in its position against competitors like Nvidia. The trade value for AMD shares, based on the latest closing price of $179.51, was $601,538. Notably, AMD shares have shot up almost 13% over the last five days.
In another significant move, the Ark Fintech Innovation ETF (BATS:ARKF) sold 12,061 shares of Block on the same day. Block shares ended the day at $77.59, making this transaction worth $935,812.
This sale comes as Block co-founder Jack Dorsey announced that his decentralized messaging app, Bitchat, has entered the top 200 free apps on Apple’s App Store. Block is a company that is centered around the largest cryptocurrency, Bitcoin (CRYPTO: BTC)
Notably, Ark sold $1.5 million worth of Block shares on Tuesday. These sales come amid buzz centered around Block’s inclusion in the S&P 500.
Benzinga’s Edge Stock Rankings for AMD indicate the stock checks out on Short, Medium and Long Price Trends. Discover how it fares on other parameters.
Photo Courtesy: ChrisStock82 on Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
