Cathie Wood's Ark Invest Makes Major Purchases of Tesla and AMD Shares Amid Tech Selloff

Deep News15:42

Cathie Wood's Ark Investment Management made significant acquisitions of Tesla and AMD shares on Wednesday during a broad downturn in U.S. technology stocks, while also executing trades involving companies such as CoreWeave and Pinterest.

The ARK Space Exploration & Innovation ETF (ARKX), one of Wood's funds, purchased 35,766 shares of Tesla Motors. Based on the closing price of $406.01, the transaction was valued at approximately $14.5 million.

Tesla Motors' stock has recently faced pressure due to declining demand in the European market. A report from the French automotive industry platform indicated that sales in France fell by 42% last month, marking the lowest sales level in nearly three years and raising concerns about the company's market position in the region.

Five of Wood's funds—ARKK, ARKF, ARKQ, ARKW, and ARKR—collectively bought 141,108 shares of Advanced Micro Devices, with a total value of $28.25 million.

Despite Advanced Micro Devices recently reporting earnings that significantly surpassed Wall Street expectations, its stock experienced substantial selling pressure, resulting in a market capitalization loss of over $30 billion.

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