ARK Invest buys $44M in Rocket Lab, $38M in Block while trimming AMD and Palantir
What's the deal? Cathie Wood's ARK InvestDealroom has a profile for this one. Try Dealroom → bought more than 700,000 Rocket Lab shares worth roughly $44.5 million and 456,059 Block shares worth $38.1 million on September 1, while trimming Advanced Micro DevicesDealroom has a profile for this one. Try Dealroom → and Palantir. The firm funded the purchases partly by selling around $26 million of Palantir, plus stakes in Tempus AIDealroom has a profile for this one. Try Dealroom → and Shopify.
What changed? ARK sold a combined 7,450 AMD shares across its ARKQ and ARKX funds, totalling roughly $3.4 million based on AMD's closing price of $459.61. It still holds around $160 million of AMD across its ETFs — a small reduction, not an exit.
Why now? Rocket Lab shares have fallen more than 58% from their May high, and Wood appears to be buying the weakness. The stock came under pressure after NASADealroom has a profile for this one. Try Dealroom → awarded Jeff Bezos' Blue Origin a Mars communications contract worth up to $700 million that Rocket Lab missed, alongside concerns over executive share sales and possible delays to its Neutron rocket program.
The numbers: Rocket Lab's second-quarter revenue rose 62% to a record $234 million, with backlog up 137% to $2.36 billion. It targets Neutron delivery to the launch pad in the fourth quarter of 2026.
Block's momentum: ARK bought the Block shares as the stock fell 1.9%, continuing a 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%, and raised its 2026 gross profit forecast to $12.51 billion.
The signal: Wall Street holds a Strong Buy consensus on both AMD and Rocket Lab, with average price targets of $647.19 and $110.60, implying 41% and 77% upside respectively. ARK's rotation shows Wood trimming winners to double down on beaten-down names it still backs.
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Image credit: Ken Lund
