Cathie Wood’s Ark Invest made major moves in both Space Exploration Technologies Corp. (NASDAQ:SPCX) and Alibaba Group Holding Ltd. (NYSE:BABA) on Wednesday, July 8, as the firm leaned into two high-profile names that were both in the news. SpaceX drew attention after hiking Starlink aviation prices, while Alibaba gained momentum as the stock rallied on renewed optimism around China tech.
The SpaceX Trade
SpaceX was one of Ark’s biggest buys of the day, with purchases spread across several funds. Ark Invest added 112,046 shares through ARK Innovation ETF (BATS:ARKK), 35,124 shares through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), 28,763 shares through ARK Next Generation Internet ETF (BATS:ARKW) and 5,914 shares through ARK Space & Defense Innovation ETF (BATS:ARKX), making it the most heavily accumulated name in the daily batch. After trading near its 52-week low of $145.20, SpaceX shares settled at $148.26 on Wednesday. Based on the closing price, Ark’s transaction was valued at about $27 million.
The buying came after SpaceX Doubles Prices For Starlink Aviation Plans, Raises Hardware Cost To $200,000, which detailed the company’s move to raise monthly pricing for its aviation plans and increase hardware costs. The shift underscores SpaceX’s effort to strengthen monetization in its Starlink business at a time when investors continue to watch the company’s commercial growth trajectory.
On Tuesday, Ark Invest had purchased $6.6 million worth of shares of the Elon Musk-led company.
The Advanced Micro Devices Trade
Ark Invest also made a notable move in AMD on Wednesday, selling shares of the chipmaker through multiple funds as the stock remained in focus across the semiconductor sector. The reduction came as investors continued to assess AMD’s near-term trading setup and broader role in the artificial intelligence and data-center race.
ARKK sold 6,338 shares of AMD, while ARKX trimmed another 1,672 shares, making the chipmaker one of the day’s more visible sell-side trades. The stock closed at $517.40, making the transaction worth nearly $4.1 million.
Investors continued rotating out of high-beta technology stocks amid broader market weakness. Despite the pullback, AMD remains in a longer-term uptrend, trading above its 50-day and 200-day moving averages, although it has slipped below its 20-day moving average, signaling softer near-term momentum.
Investors are also looking ahead to AMD’s Aug. 4 earnings report, with Wall Street expecting EPS of $1.55 on $11.28 billion in revenue. Analysts continue to maintain a Buy consensus, while Wedbush’s Dan Ives reiterated his bullish outlook on AI chipmakers, arguing the AI infrastructure cycle remains in its early stages and upcoming earnings should reinforce long-term demand trends.
On Tuesday, Ark sold $4.5 million worth of AMD shares.
Other Key Trades
- Recursion Pharmaceuticals Inc. (RXRX): ARKG added 10,162 shares, and ARKK added 14,712 shares.
- Veracyte Inc. (VCYT): ARKG trimmed 67,476 shares.
- Personalis Inc. (PSNL): with ARKG sold 188,066 shares.
- Biontech SE (BNTX): ARKG offloaded 78,211 shares.
Benzinga Edge Stock Rankings indicate SpaceX stock doesn’t rank high on Short, Medium and Long-term Price Trends.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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