ARK Invest Buys Rocket Lab and Block Shares While Selling AMD and Palantir

TLDR

• ARK Invest sold 7,450 AMD shares worth around $3.4 million across two funds on September 1
• ARK bought over 700,000 Rocket Lab shares across two trading days, worth roughly $44.5 million combined
• ARK purchased 456,059 Block shares worth $38.1 million as the stock dipped
• ARK funded purchases partly by selling around $26 million of Palantir, plus stakes in Tempus AI and Shopify
• Wall Street holds Strong Buy ratings on both AMD and Rocket Lab, with AMD targeted at $647 and Rocket Lab at $110.60

Cathie Wood’s ARK Invest made a series of trades on September 1, selling some technology holdings while pouring fresh capital into Rocket Lab and Block.

Rocket Lab USA, Inc., RKLB

ARK Trims AMD and Palantir

ARK sold a combined 7,450 Advanced Micro Devices shares across its ARKQ and ARKX funds. Based on AMD’s closing price of $459.61, the sales totalled roughly $3.4 million.

ARK still holds around $160 million worth of AMD across its ETFs. The sales are a small reduction, not an exit.

AMD has had a strong run, giving ARK reason to lock in some profits through routine rebalancing.

ARK also sold around $26 million of Palantir, along with positions in Tempus AI and Shopify, to help fund its new purchases.

ARK Goes Heavy on Rocket Lab and Block

On September 1, ARK bought over 504,000 Rocket Lab shares across ARKK, ARKQ and ARKX, worth approximately $31.6 million. The day before, ARKK bought another 200,303 shares for around $12.9 million. Total Rocket Lab purchases across both days came to more than 700,000 shares.

Rocket Lab shares have fallen more than 58% from their May high. Wood appears to be buying into the weakness.

The stock has been under pressure recently. NASA awarded Jeff Bezos’ Blue Origin a Mars communications contract worth up to $700 million, a deal Rocket Lab missed out on. Investors have also raised concerns about executive share sales and potential delays to the Neutron rocket program.

Rocket Lab’s second-quarter revenue rose 62% to a record $234 million. Its backlog grew 137% to $2.36 billion. The company is targeting Neutron delivery to the launch pad in the fourth quarter of 2026.

ARK also bought 456,059 Block shares worth $38.1 million as the stock fell 1.9%. This continued a buying streak that included around $21 million in early August and $15.4 million in mid-August.

Block reported second-quarter gross profit of $3.17 billion, up 25%, with Cash App growing 31%. Adjusted operating income hit a record $864 million.

Block raised its 2026 gross profit forecast to $12.51 billion and now expects adjusted earnings per share of $4.02, up 70% year over year.

Wall Street holds a Strong Buy consensus on both AMD and Rocket Lab. AMD’s average price target is $647.19, implying 41% upside. Rocket Lab’s average target is $110.60, suggesting 77% potential gains over one year.

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