Cathie Wood Buys AMD Stock Amid 9% Drop – ARK Next Generation Internet…

Cathie Wood Buys AMD Stock Amid 9% Drop – ARK Next Generation Internet…

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Cathie Wood-LED ARK Investment Management bought over 26,200 shares of Advanced Micro Devices, Inc. AMD on Wednesday, as the stock fell over 9% on weak forecasts and a slump in PC revenue.

What happened: The ARK Next Generation Internet ETF ARKW bought AMD shares at an estimated value of over $2.1 million based on Wednesday’s closing price.

Also read: How to buy stocks

AMD reported a 9% decline in first-quarter revenue to $5.35 billion. The company’s customer revenue fell a whopping 65%, while data center revenue was largely flat in the first quarter. AMD’s GAAP gross margin shrank 4 percentage points year-on-year to 44%.

For the second quarter of 2023, AMD expects revenue of approximately $5.3 billion plus or minus $300 million. The revenue forecast fell short of the consensus estimate of $5.49 billion. AMD expects non-GAAP gross margin to be around 50%.

AMD shares are down about 15% over the last month but are still up over 27% year-to-date.

Amber analyst Stacy Rasgon it says in a customer note“Even though Intel didn’t gain any market share this quarter, it seems unlikely that they lost any,” Reuters reported. “While we’ll see whether or not Intel’s 2024 roadmap holds, the competitive landscape is likely to get tougher for AMD next year,” she said.

Main purchase: Funds operated by ARK also bought over 564,000 shares of Pacific Biosciences of California Inc PACB at an estimated valuation of over $6.6 million based on Wednesday’s closing price.

Continue reading: Tesla, Apple, Western Alliance, ImmunoGen, Qualcomm: Why These 5 Stocks Are Capturing Investors’ Attention Today



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