Cathie Wood Invest Dumps Over $10 Million Of Palantir Stock Amid Talk Of 'Cramer Curse' — Buys This Hot AI Stock Instead
On Thursday, Cathie Wood-led Ark Invest made significant trades involving Palantir Technologies Inc.(NASDAQ:PLTR), Broadcom Inc.(NASDAQ:AVGO), and Joby Aviation Inc.(NYSE:JOBY). These trades reflect Ark’s strategic positioning in the market amidst evolving geopolitical and technological landscapes.
The Palantir Trade
Ark Invest made a notable move by selling 58,741 shares of Palantir. through its ARK Next Generation Internet ETF (BATS: ARKW). The transaction, valued at approximately $10.4 million, comes amid heightened geopolitical tensions and defense budget discussions.
Recently, Palantir’s stock has been influenced by President Donald Trump’s proposal for a $1.5 trillion U.S. defense budget by 2027, a substantial increase from current levels. Despite these developments, Palantir’s stock closed at $176.86, marking a 2.65% decline.
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The sale also coincided with CNBC’s Jim Cramer’s tweet, “Look out Palantir shorts, here we go again!” which some traders interpret as the “Cramer Curse.” This superstition suggests that stocks often decline after receiving public endorsements from Cramer. Nonetheless, the Peter Thiel-co-founded company remains a key player in the defense sector, with its stock performance closely watched by investors.
The Broadcom Trade
Ark Invest’s ARKW ETF acquired 31,573 shares of Broadcom, amounting to a purchase worth around $10.4 million. This move follows Broadcom’s fourth-quarter earnings report that highlighted a strong fiscal quarter.
Broadcom’s shares closed at $332.48, experiencing a 3.21% decrease. Analysts have been adjusting their targets, considering the company’s robust earnings and potential challenges from its AI backlog. Ark’s investment in Broadcom reflects confidence in the company’s long-term growth prospects, particularly in the AI and semiconductor sectors.
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
The Joby Aviation Trade
In another move, ARK Space & Defense Innovation ETF(BATS:ARKX) purchased 162,270 shares of Joby Aviation, valued at approximately $2.5 million. This acquisition aligns with Joby’s recent announcement of a $61.5 million investment to expand its manufacturing capabilities in Ohio. The Ohio facility is set to bolster Joby’s production capacity, targeting a monthly output of four aircraft by 2027.
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