Cathie Wood's Ark Invest sold a total of 23,573 shares of Advanced Micro Devices across its exchange-traded funds on 17th July, according to the fund's latest trade information. AMD stock fell 1% on Friday. The stock sale was worth around $11.7 million, considering the closing price on Friday.
Ark Invest has trimmed its AMD stake in recent months. In July, Wood's ETF sold a total of 137,421 shares of the chipmaker, worth over $60 million. The stock has tanked 11.1% in the past five trading days. The latest AMD selloff could be partly attributed to the pressure on the Micron Technology stock due to rising competition from a Chinese rival. Chinese memory-chip maker ChangXin Memory Technologies is preparing a Shanghai initial public offering to raise up to $9.8 billion.
