ARK Invest Shifts Portfolio Away From Big Tech, Adds Healthcare Position
Cathie Wood's ARK Invest continued its tech sell-off on March 27, divesting $9.95 million worth of Nvidia shares amid growing concerns about AI valuations and developer dissatisfaction with the chipmaker's tools. This follows a $27.77 million sale the previous day.
Meta Platforms faced similar pressure, with ARK selling $5.75 million in shares as legal challenges mount over social media's impact on children. The firm had offloaded $45.58 million worth of Meta stock just 24 hours earlier.
Tesla saw $1.57 million in sales after cutting delivery forecasts, while AMD and Teradyne positions were trimmed by $3.9 million and $5.08 million respectively. The moves signal a broader rotation out of high-growth tech names that have dominated ARK's strategy.
Arcturus Therapeutics emerged as the primary beneficiary, with ARK purchasing $344,505 worth of shares. The healthcare stock now represents one of the firm's few new positions during this portfolio rebalancing.