Cathie Wood's Ark Invest dumps Palantir stock amid S&P 500 inclusion and expanded AI partnership – ARK Innovation ETF (ARCA:ARKK), Palantir Technologies (NYSE:PLTR)

On Wednesday, the Cathie wood-led Investing in Ark made a notable move by selling a significant portion of its stake in Palantir Technologies Inc PLTR.

Palantir Trading: He ARK Innovation Exchange Traded Fund SHEET dumped 62,809 shares of Palantir. The sale came just days after Palantir was included in the S&P 500 index, replacing American Airlines Group, Inc.This inclusion could potentially boost Palantir stock as it gains broader exposure to investors and stocks accumulate for inclusion in index funds that mirror the S&P 500. Despite the positive news, Ark Invest decided to reduce its exposure to the company.

Additionally, the sale occurred on the same day that Palantir announced a multi-million dollar extension of its agreement with APA Corporation. The agreement, which builds on three years of collaboration, introduces new artificial intelligence capabilities through Palantir’s Artificial Intelligence Platform (AIP) software. Despite these advancements, Ark Invest’s decision suggests a strategic shift in its investment approach toward Palantir.

The value of the transaction, based on Palantir's closing price of $37.12 on the same day, is approximately $2.33 million.

See also: General Motors to lay off about 1,700 employees ahead of Chevrolet Malibu phaseout and restructuring for electric vehicle production (UPDATED)

Other key occupations:

• Ark Investments ARK Genomics Revolution ETF (ARKG) sold shares of Veeva Systems Inc (VEEV) and shares of Butterfly Net Inc. (HAPPY BIRTHDAY).
• He ARK Autonomous Technology and Robotics ETF (ARKQ) sold shares of Materialise NV (MTLS) and also shares of Vuzix Corporation (VUZI).
• He ARK Next Generation Internet ETF (ARKW) sold shares of Roku Inc. (ROKU). The ARK Space Exploration and Innovation ETF (ARKX) bought shares of Blade Air Mobility Inc. (BLDE) and sold shares of Mynaric AG (MINE).

Image via Ark Invest

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal