ARK Invest Capitalizes on Tech Selloff with Strategic Buys in AMD and Tesla
Cathie Wood's ARK Invest executed bold contrarian moves during Wednesday's market turbulence, deploying $49 million across two battered tech stocks. The investment firm scooped up 141,108 AMD shares ($34.16M) as the chipmaker plunged 17% post-earnings, while adding 35,766 Tesla shares ($15.09M) through its ARKX ETF amid a 4% decline.
The AMD purchase signals conviction in the company's AI roadmap despite near-term guidance concerns that spooked investors. ARK simultaneously exited a $73 million position in Teradyne, continuing its semiconductor equipment divestment trend, while allocating $22.83 million to AI diagnostics firm Tempus.
These reallocations highlight ARK's thematic focus on disruptive technologies, particularly in artificial intelligence and electrification. The trades occurred as growth stocks faced pressure following mixed earnings reports and macroeconomic uncertainty.
