Cathie Wood, CEO of Ark Invest, expanded her positions in three major stocks on Tuesday, including Taiwan Semiconductor Manufacturing (NYSE: TSM), Airbnb (NASDAQ: ABNB), and Advanced Micro Devices (NASDAQ: AMD). This move comes amid a generally rising market for growth investors.
Taiwan Semiconductor, which commands two-thirds of the global foundry market, reported a 42% revenue increase for Q1 2023 and a 60% rise in net income. Additionally, analyst firm Susquehanna raised its price target on TSMC from $250 to $255, indicating potential near-term upside. In contrast, Airbnb’s revenue growth is slowing, with only a 6% increase reported for Q1 2023, while AMD’s shares have risen 66% since April, attributed largely to the demand for data center solutions.
Ark Invest’s recent purchases highlight a strategic focus on both leading semiconductor and tech businesses amidst market volatility, showcasing their adaptation to emerging trends such as artificial intelligence.
