Cathie Wood Is Piling On Chip Stocks Amid Recent Market Correction — Continues To Sell Tesla Shares
Portfolio Pulse from Bhavik Nair
ARK Investment Management, led by Cathie Wood, bought over $3.8 million in chip stocks, including Advanced Micro Devices (AMD) and Taiwan Semiconductor (TSM), amid recent market correction. Meanwhile, ARK sold over 8,200 shares of Tesla (TSLA) after Goldman Sachs downgraded the stock.
June 27, 2023 | 1:18 am
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POSITIVE IMPACT
ARK Investment Management bought over 18,500 shares of AMD, valued at around $2 million. AMD shares have lost over 9% in the last five trading sessions.
ARK's purchase of AMD shares indicates a positive outlook for the stock, despite its recent decline. This could lead to a short-term increase in AMD's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
ARK Investment Management bought over 18,000 shares of TSM, valued at over $1.8 million. TSM shares have corrected 3.91% in the last five trading sessions.
ARK's purchase of TSM shares indicates a positive outlook for the stock, despite its recent decline. This could lead to a short-term increase in TSM's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
ARK Investment Management sold over 8,200 shares of Tesla, valued at around $2 million, after Goldman Sachs downgraded the stock from 'Buy' to 'Neutral'.
ARK's sale of Tesla shares, combined with the recent downgrade by Goldman Sachs, indicates a negative outlook for the stock. This could lead to a short-term decrease in Tesla's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100