AMD Slips 3.5% After ARK Sells $70M Stake and Downgrade
AMD shares declined about 3.5% this week following Cathie Wood’s ARK Invest sale of 215,643 shares (worth roughly $70 million) and a Northland Capital downgrade after the stock rallied nearly 60% in a month. Earlier, record highs were fueled by AI-driven CPU demand and an increased price target of $375.
1. ARK Invest Stake Reduction
On April 24 AMD experienced a one-day share drop of about 3% when ARK Invest sold 215,643 shares, trimming its position by roughly $70 million following a recent rally.
2. Northland Capital Downgrade
AMD slipped 3.5% after Northland Capital downgraded the stock despite strong fundamentals, citing concerns that the 60% rally in the past month may have outpaced peers and anticipating potential cooling in AI infrastructure spending by 2027.
3. AI-Driven Rally and Price Target Increase
Earlier in the session, AMD reached a record $347.81, surging 13.9% as AI-driven CPU demand spurred a price target increase to $375, reflecting confidence in sustained processing needs for advanced AI models.