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Wednesday, the Cathie Bois-directed Ark Invest made a notable move by selling a significant portion of its stake in Palantir Technologies Inc. (NYSE:PLTR).
Palantir’s business: THE ARK Innovation ETF (NYSE:ARKK) sold 62,809 shares of Palantir. The sale took place just a few days later Inclusion of Palantir in the S&P 500 Indexsubstitute American Airlines Group, Inc.. This inclusion could potentially boost Palantir’s stock as it gains exposure to investors and as shares are accumulated for inclusion in index funds that mirror the S&P 500. Despite the positive news, Ark Invest decided to reduce its exposure to society.
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Additionally, the sale took place on the same day Palantir announced a multi-million dollar expansion of its agreement with APA Corporation. The agreement, which builds on three years of collaboration, introduces new AI capabilities through Palantir’s Artificial Intelligence Platform (AIP) software. Despite these developments, Ark Invest’s decision suggests a strategic shift in its investment approach toward Palantir.
The value of the transaction, based on Palantir’s closing price of $37.12 on the same day, is approximately $2.33 million.
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Arch Invest ETF ARK Genomic Revolution (ARKG) sold shares of Veeva Systems Inc. (VEEV) and actions of Papillon Network Inc. (BFLY).
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THE ARK Autonomous Technology and Robotics ETF (ARKQ) sold shares of Materialize NV (MTLS) as well as shares of Vuzix Corp. (VUZI).
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THE ARK Next Generation Internet ETF (ARKW) sold shares of Roku Inc. (ROKU). THE ETF ARK Space Exploration and Innovation (ARKX) purchased shares of Blade Air Mobility Inc (BLDE) and sold shares of Mynaric AG (MYNA).
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This item Cathie Wood’s Ark Invest dumps Palantir stock amid S&P 500 inclusion and expanded AI alliance originally appeared on Benzinga.com