Cathie Wood, the chief investment officer of ARK Investment Management, executed a significant portfolio adjustment on Thursday, directing her funds to substantially increase their holdings in Meta Platforms, Inc.. while further reducing exposure to chip giant Advanced Micro Devices.
According to daily trading disclosures, several of Wood's ETFs collectively purchased 34,080 shares of Meta Platforms, Inc. stock, valued at approximately $20.6 million, marking the largest single buy order for the day. This accumulation of shares occurred just ahead of Meta's scheduled second-quarter earnings report on July 29. Wall Street analysts currently project the company to report earnings per share of around $7.17 and revenue of $60.19 billion for the quarter. Additionally, Meta has been active in the AI sector, recently launching its first paid AI model and announcing that its internally developed AI chip will enter mass production in September.
Concurrently, ARK continued its recent trend of reducing its stake in Advanced Micro Devices, selling 10,774 shares for proceeds of about $5.6 million. The stock of Advanced Micro Devices has surged roughly 140% since the beginning of 2026. Analysts suggest this sell-off likely represents profit-taking at elevated price levels and portfolio rebalancing, rather than a bearish view on AMD's fundamental business prospects. Notably, Wood had made a contrarian purchase of approximately 141,000 shares of Advanced Micro Devices in February of this year, investing around $28 million, when the stock price dropped 17% following an earnings report. Her entry cost at that time was significantly lower than current levels.
Beyond these major moves, ARK also purchased shares of Circle Internet Group and Ionis Pharmaceuticals on the same day, while trimming its positions in Robinhood, Roku, and Natera.
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