Cathie Wood’s Ark Invest Banks on Chip, Tech Stocks in Latest 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.

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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.

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