Story Highlights
- Out of all the stocks that the firm bought on Monday, some major ones included China's and Cathie Wood's Ark Invest's long-time favorite META.
- Cathie Wood's Ark Invest has previously also bought META stock in bulk.
- A few days ago, Ark Invest purchased Tesla stock as part of an EV buy.
Cathie Wood’s Ark Invest collected chip-making and tech stocks in its latest buy on Monday. The firm’s stock collection has been relying more and more upon tech and chip makers given that the earnings season could bring a potential upside to these stocks.
Cathie Wood’s Ark Invest Buys BYD, META Shares
Out of all the stocks that the firm bought on Monday, some major ones included China’s and Cathie Wood’s Ark Invest’s long-time favorite META. Other than that the firm also bought Qualcomm and the Taiwan Semiconductor Manufacturing Company stock. The overall purchase had a huge variety of tech and chip markers.
The purchase also comes at a time when global sales of electric vehicles are expected to reach an astounding $623.3 billion by 2024. From a global standpoint, it is clear that China will bring in the most money, with an anticipated US$319,000 million in 2024. Thus the purchase of BYD and others alike looks in line with market movement.
Cathie Wood and Ark Invest's trade activity from today 4/29 pic.twitter.com/jW8D1lI5EU
— Ark Invest Daily (@ArkkDaily) April 30, 2024
Read Also: MicroStrategy (MSTR) Reports Losses in Q1 After Digital Asset Impairment Hit
Is META Ark Invest’s Cherished Stock?
Cathie Wood’s Ark Invest has previously also bought META stock in bulk. On Friday, even though the price recovered and closed 0.43% higher, Ark persisted on its Meta buying spree. For $5.98 million, the business bought 13,494 shares of Meta.
Friday saw a series of trades by Ark Invest involving some of the portfolio’s biggest stocks; most notably, a significant number of shares of AI-levered. This included Palantir, which is scheduled to announce its first-quarter financial results on May 5. Benzinga Pro data indicates that analysts expect the company to earn profits per share of 8 cents on average, based on $625.33 million in revenue.
Buying tech stocks right ahead of the earnings could be profit taking for the firm, incase the earnings do live up to expectations.
Cathie Wood’s Ark Invest Goes on EV Quest
A few days ago, Ark Invest purchased Tesla stock as part of an EV buy. This significant acquisition of the market leader in electric vehicles is in line with ARK’s strategy, which shows the company’s strong belief in its potential for future growth.
After disagreements with OpenAI caused Elon Musk’s Tesla (TSLA) shares to plummet more than 10%, Ark previously bought the shares. The firm was subsequently promoted using the funds that were raised. At that point, ARKK bought 61,073 shares of TSLA, ARKQ bought 5.684 shares, and ARKW bought 13,199 shares.
Read Also: Samourai Wallet Co-Founder Denies Money Laundering Charges
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut