ARK Invest Sells $13M in AMD Shares as Stock Rallies 3.8% Premarket
AMD•Cathie Wood’s ARK Invest sold another $13 million in AMD shares on Tuesday, bringing total disposals to over $250 million since the start of May. AMD shares rose 3.8% in premarket trading after U.S.-Iran peace optimism and ahead of the Fed’s June rate decision.
1. ARK Invest Increases AMD Share Sales
Cathie Wood’s ARK Invest sold 23,844 AMD shares worth $13 million on Tuesday, marking over $250 million in disposals since early May. The continued trimming follows ARK’s strategy to raise cash for other high-profile investments.
2. AMD Joins Broad Chip Rally
Advanced Micro Devices stock climbed 3.8% in premarket trading, trailing Intel’s 5.3% surge and Broadcom’s 2.3% gain. The iShares Semiconductor ETF also gained 3%, highlighting broad sector strength.
3. U.S.-Iran Peace Optimism Spurs Gains
Investors lifted chip stocks on optimism over a U.S.-Iran peace deal expected to be formalized Friday, easing supply chain concerns around the Strait of Hormuz and boosting market sentiment.
4. Fed Rate Decision Looms Over Chip Sector
Market participants are poised for the Federal Reserve’s June rate announcement, with rates forecast to remain in the 3.50%–3.75% range. The decision could sway momentum in high-beta semiconductor names.
