Cathie Wood’s latest trade says ‘bye’ to Palantir

Ark’s doing portfolio Jenga again

Cathie Wood’s Ark Invest spent Thursday shuffling the deck: it sold Palantir shares across ARKK and ARKW while loading up on Cerebras Systems. If you’ve ever watched someone sell a winning lottery ticket to buy a different lottery ticket, same vibe — just with more ticker symbols.

Palantir: great quarter, but Ark took some chips off the table

Ark sold 28,675 PLTR shares in ARKK and 15,199 in ARKW, worth about $7.9 million at the close. That came after Palantir posted a huge second quarter, with revenue up 93% and U.S. commercial revenue jumping 149% to $764 million. So this isn’t a “Palantir is broken” trade. It’s more like Ark saying, “Thanks for the gains, we’ll be over here rebalancing.”

Cerebras gets the glow-up

On the other side of the trade, Ark bought 83,366 shares of Cerebras in ARKK and 23,575 in ARKW, a roughly $24.7 million bet. Cerebras also had a decent flex moment: its adjusted loss was narrower than expected, core revenue hit a record $209.9 million, and the company is leaning hard into its AI-chip future without Nvidia in the center of the frame.

Big picture

Ark is still living in AI-land, but it’s clearly not married to one name. For investors, that means two things: first, these high-beta growth stocks can get extra attention when Cathie moves. Second, the real story here isn’t just what Ark sold — it’s where it thinks the next wave of AI upside might come from.