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Cathie Wood’s ARK Invest adds $28.7 million to TSMC and SpaceX
ARK Invest bought 37,916 TSMC shares and 128,932 SpaceX shares, funded partly by sales of Amazon, Alphabet, and Shopify.
Cathie Wood’s ARK Invest increased its exposure to artificial intelligence and space technology, adding about $28.7 million of Taiwan Semiconductor Manufacturing (TSMC) and SpaceX shares, according to Yahoo Finance. The purchases came after ARK trimmed holdings in Amazon, Alphabet, and Shopify to help finance the trades.
ARK bought 37,916 TSMC shares worth roughly $14.2 million and 128,932 SpaceX shares valued at about $14.5 million. The SpaceX shares were purchased after the stock’s post-IPO decline.
The ARK trades were funded in part by selling roughly $1.1 million each of Amazon and Alphabet and about $5 million of Shopify. Yahoo Finance noted that the Amazon selling occurred hours before the company released its July 30 second-quarter earnings report and that Amazon later beat Wall Street expectations.
TSMC, the world’s largest contract chip maker, manufactures chips for AI companies including Nvidia. Yahoo Finance said TSMC reported second-quarter revenue of $40.2 billion, up 34% year over year, while the stock has lost about 7% of its value over the past month, and ARK’s latest move reflects Wood’s focus on semiconductors in the AI cycle.