Cathie Wood's Ark Sells Coinbase Shares Amid Bitcoin Rally Despite Surprise Quarterly Profit — Nvidia, Alphabet Stocks Also Shed
Portfolio Pulse from Benzinga Neuro
Cathie Wood's Ark Invest sold shares of Coinbase (COIN), Nvidia (NVDA), and Alphabet (GOOGL), while buying shares of Unity Software (U) and 10X Genomics (TXG). The sales occurred despite Coinbase's surprise profit and amidst a Bitcoin rally. Nvidia and Alphabet shares were sold amid AI sector adjustments, with concerns over Nvidia's valuation and Alphabet facing new competition from OpenAI. Ark also increased investments in U and TXG, indicating a bullish outlook on gaming, software, and genomics sectors.
February 16, 2024 | 5:07 am
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NEGATIVE IMPACT
Ark Invest sold 162,762 shares of Coinbase despite its surprise Q4 profit and a Bitcoin rally.
Selling shares after a surprise profit could indicate Ark's strategy to capitalize on the price increase or a bearish outlook on COIN's future despite the profit.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ark sold Alphabet shares as OpenAI plans to launch a web search tool, challenging Google's dominance.
The sale of Alphabet shares could be a reaction to potential challenges Google faces from OpenAI's search tool, indicating concerns over Alphabet's future market position.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 80
NEGATIVE IMPACT
Ark sold Nvidia shares amid AI sector adjustments and concerns over its high valuation.
Selling Nvidia shares could reflect concerns about its current high valuation despite its significant role in AI, suggesting a cautious approach by Ark.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Ark increased its investment in 10X Genomics, showing a bullish outlook on the genomics and biotech industry.
The decision to buy more shares of 10X Genomics indicates Ark's optimistic view on the future of the genomics and biotech industry.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
Ark Invest bought shares of Unity Software, indicating a strong belief in its growth potential in gaming and software.
Buying shares of Unity Software reflects Ark's confidence in the company's growth potential within the gaming and software development sectors.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 70