On Monday, Cathie Wood-led Ark Invest made notable portfolio moves, boosting its positions in Qualcomm Inc (NASDAQ:QCOM) and BYD Co Ltd (OTC:BYDDY), while trimming its stakes in Palantir Technologies Inc (NASDAQ:PLTR) and Shopify Inc (NYSE:SHOP).
The Palantir Trade
Ark Invest trimmed its position in Palantir by offloading 20,208 shares across its Ark Fintech Innovation ETF (BATS:ARKF) and ARK Next Generation Internet ETF (BATS:ARKW) funds. The transaction was valued at $3.7 million as Palantir shares ended the day at $181.59.
The move comes as Palantir cements its status as a force in artificial intelligence, garnering additional attention when Oracle Inc. Chief Technology Officer Larry Ellison cited the vital role of proprietary data in AI development--an area where Palantir lays claim to unique strengths.
The Shopify Trade
On the same day, Ark Invest sold 22,393 shares of Shopify from its ARKF and ARKW portfolios. The total value of the sale was $3.7 million as Shopify stock ended Monday at $164.71.
The sale follows a recent rally in Shopify's stock, which has surged on the back of new strategic pivots and positive momentum in the broader e-commerce sector after OpenAI unveiled its "Buy it in ChatGPT" feature with instant checkout. Shopify CEO Tobi Lutke said the company had been working with OpenAI "for quite some time" to enable in-chat shopping, with over a million Shopify merchants expected to be integrated soon.
The Qualcomm Trade
Cathie Wood's Ark Invest acquired 20,382 shares of Qualcomm through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), bolstering its position as the company navigates news of regulatory complications over a recent acquisition. The transaction was valued at $3.4 million, based on Qualcomm's closing share price of $167.04 that day.
It was reported that the company completed its acquisition of Israel's Autotalks without notifying Chinese regulators. China's State Administration for Market Regulation launched an antitrust probe, saying Qualcomm proceeded with the deal despite being told earlier that approval was required.
The BYD Trade
Ark Invest showed confidence in the electric vehicle space by purchasing 69,000 shares of BYD through ARKQ. The share purchase was valued at $941,850, based on the automaker's closing price of $13.65 that day.
The transaction came despite BYD's announcement of a recall affecting over 115,000 vehicles due to battery-related safety issues. The recall affected models produced between 2015 and 2022, with issues ranging from circuit board corrosion to faulty battery seals that could pose safety risks.
Other Key Trades
- Guardant Health Inc (GH): Sold 124,233 shares, scaling back exposure in the precision oncology segment.
- Quantum-Si Inc (QSI): Sold 86,849 shares as part of biotech portfolio adjustments.
- Oklo Inc (OKLO): Sold 53,353 shares, indicating reduced conviction in the emerging energy space.
- Intuitive Surgical Inc (ISRG): Acquired 9,174 shares, aligning with increasing investments in robotic healthcare.
- Exact Sciences Corp (EXAS): Purchased 90,731 shares, reflecting confidence in diagnostics innovation.
Benzinga’s Edge Stock Rankings indicate Palantir stock has momentum in the 97th percentile. Here is how this hot AI stock measures up on other metrics.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
