Cathie Wood Sells $58M AMD, Buys GOOG and META Post-Earnings
Cathie Wood's ARK Invest liquidated $58.09M in AMD over two days while simultaneously buying Alphabet post-9.9% surge and Meta despite 8.5% decline. Clear portfolio repositioning following big tech earnings.
- Wood liquidated $58M AMD after 68% monthly surge, then deployed $43.38M into GOOG (despite 10% rally) and META (amid 8.5% decline)
- Contrarian repositioning prioritizes AI revenue growth over capex concerns
GOOG +9.9% surge spurs additional buy, META -8.5% decline triggers contrarian accumulation… AMD faces two consecutive days of heavy liquidation
ARK Invest sold 172,305 AMD shares for $58.09M on April 30 (US time), marking the second consecutive day of major liquidation after offloading 215,643 shares on the 24th. Meanwhile, the same day saw purchases of 84,129 GOOG shares for $29.21M and 47,201 META shares for $31.58M.
This trade represents a decisive directional choice following big tech earnings announced after market close on the 29th. Alphabet surged ~10% on strong results and raised 2026 capex guidance to $180B–$190B. Meta posted an earnings beat but fell 8.5% as capex guidance exceeded expectations. Wood added to Alphabet despite the surge and viewed Meta's decline as a buying opportunity.
AMD Liquidation — 'Already Priced in Gains'
ARK's AMD sales reflect short-term profit taking. AMD stock surged over 68% in the past month, adding 5.16% on the 30th to reach $354.49. Wood sold while the rally was ongoing.
Ahead of AMD's Q1 earnings on May 5, the move also reduces downside risk. Analyst consensus expects revenue of $9.88B (+33% YoY) and EPS of $1.28 (+33%), while Wall Street's average price target of $296 implies ~16% downside from current levels. Wood locked in gains near the peak ahead of the report.
Alphabet — Dual Purchase, 'Core AI Acceleration Play'
Wood bought 40,656 shares for $14.17M just before earnings on the 28th, then added 84,129 shares for $29.21M post-earnings despite the surge. Total Alphabet purchases over two days reached ~$43.38M.
Alphabet's ~10% surge has clear drivers: Q1 beat consensus, Google Cloud grew 63% YoY, and 2026 capex guidance increased from $175B–$185B to $180B–$190B. Wood views Alphabet's structure—where capex expansion translates directly to revenue growth—as the most compelling AI investment thesis.
Meta — Contrarian Dip Buy, 'Capex Fear Overblown'
Meta delivered an earnings surprise with Q1 adjusted EPS of $7.31 (consensus $6.82), but fell 8.5% after raising 2026 capex guidance from $115B–$135B to $125B–$145B. Markets worried about rising AI infrastructure costs.
Wood seized the decline as a buying opportunity, acquiring 47,201 shares for $31.58M. Her thesis: Meta's AI capex improves ad targeting precision and user engagement, ultimately converting to revenue growth. A textbook contrarian buy exploiting market overreaction to near-term cost increases.
Frequently Asked Questions
Why did Wood buy Meta on its decline?
Meta's Q1 results beat consensus, but the decline was market overreaction to capex guidance. Wood believes AI investments drive ad efficiency and user engagement, converting to revenue growth—a multi-year thesis overshadowed by near-term cost fears.
Is AMD selling ahead of earnings risk management?
Partially. After 68% monthly gains and trading well above analyst targets, Wood locked in profits at peak valuations while de-risking ahead of May 5 results. Textbook trim-at-resistance profit taking.
Why buy Alphabet twice despite the surge?
Google Cloud's 63% growth and capex expansion directly translate to revenue upside—Wood's clearest AI conviction. Buying into strength both pre- and post-earnings signals highest conviction.
What's the portfolio impact of these trades?
ARK reduced AMD exposure and increased Alphabet/Meta. The shift tilts the portfolio toward direct AI infrastructure beneficiaries with clearer revenue paths, away from pure chip supply plays facing earnings uncertainty.
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