Cathie Wood Dumps AMD and Goes All-In on Broadcom Days Before Earnings Drop
TLDR
- ARK Invest bought 57,705 Broadcom shares worth $20.5 million ahead of its Q3 earnings report
- ARK sold 37,977 AMD shares across four ETFs for around $18.2 million, continuing a multi-day sell-off
- ARK also picked up Cerebras Systems and Cloudflare shares worth a combined $26 million
- Broadcom reports Q3 results on September 3, with Wall Street expecting revenue to jump 83.3% year-over-year
- Broadcom carries a Strong Buy consensus on TipRanks with 43.4% upside potential from current levels
Cathie Woodโs ARK Invest made a big move on Wednesday, August 26, pouring $20.5 million into Broadcom while offloading $18.2 million worth of Advanced Micro Devices stock.
ARK purchased 57,705 Broadcom shares across multiple ETFs. The buy came days before Broadcom is set to report its fiscal third-quarter earnings on September 3.
Wall Street expects Broadcomโs Q3 revenue to hit $29.24 billion, up 83.3% from the same period last year. Adjusted earnings per share are forecast at $3.21, compared to $1.69 a year ago.
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