Cathie Wood-led Ark Invest made notable moves Monday in Space Exploration Technologies Corp. (NASDAQ:SPCX) and Advanced Micro Devices Inc. (NASDAQ:AMD), buying a fresh slice of SpaceX after a sharp post-debut pullback while trimming AMD after a strong rally.
The SpaceX Trade
Ark added 5,711 SpaceX shares through the ARK Space & Defense Innovation ETF (BATS:ARKX). Based on SpaceX’s Monday closing price of $160.42, the purchase was worth about $917,000, keeping the trade under $1 million. SpaceX shares closed lower on the day, while AMD surged 6.61% to $552.05.
The SpaceX buy came as the Elon Musk-led company’s stock retreated from its first-week debut highs. Shares have fallen 28.9% from a peak of $225.64, though SpaceX still commands a market value of about $2.1 trillion, placing it among the world’s most valuable companies.
The purchase suggests Ark still sees the pullback as an opening rather than a warning sign. Wood last month said preliminary ARK research suggested orbital data centers could lift SpaceX’s revenue potential by 10 to 20 times beyond current projections, making the business a potentially transformative growth driver.
The AMD Trade
Ark also sold AMD shares on Monday through Ark’s ARK Innovation ETF (BATS:ARKK), unloading 15,576 shares. Based on AMD’s closing price of $552.05, the sale was worth roughly $8.6 million. AMD traded as high as $572.37 and as low as $527.51 during the session, close to the top of its 52-week range of $584.73 to $133.50.
The chipmaker’s rally came as Japanese autonomous driving startup Turing Inc. said it raised $79 million in an extension of its Series A round, adding AMD Ventures as a new investor and expanding use of AMD’s AI accelerators. The funding valued Turing at about $600 million.
AMD remains one of Ark’s largest bets, with the chip-maker being ARK’s second-largest holding on a consolidated basis, trailing only Tesla Inc. (NASDAQ:TSLA), with a position worth more than $1 billion and an 8.92% portfolio weight. Still, Wood has been trimming the stake through May and June, selling millions of dollars’ worth of AMD stock as the shares climbed.
Other Key Trades
- Purchased 107,681 shares of X-Energy (XE) in ARKK, 34,173 shares in ARKQ and 14,789 shares in ARKX.
- Sold 214,110 shares of Strata Critical Medical Inc (SRTA) in ARKQ and 156,512 in ARKX.
- Sold 4,563 shares of Roku Inc. (ROKU) in ARKK and 2,667 in ARKF
Benzinga Edge Stock Rankings indicate SpaceX Stock doesn’t check out on Short, Medium, and Long Price Trends.
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