Most fund managers tell you what they own once a quarter, after the trades are stale and the price has already caught up to their thesis.
Cathie Wood does it differently. The chief executive of ARK Invest publishes her daily buys and sells on the firm’s website, turning conviction into a public spreadsheet anyone can scrape.
That transparency is rare on Wall Street, and it is also a useful tell. When the daily tape turns into a flurry, something has shifted. When the names getting trimmed are the same ones she championed on television last year, that shift is worth reading.
This week’s tape was loud. ARK has been rotating in and out of mega-cap tech for most of April, betting that the artificial intelligence (AI) trade is consolidating around a smaller circle of winners.
On Friday, April 24, the rotation kicked into another gear. Wood directed roughly $72 million into Amazon and another $92 million into nuclear-energy startup X-Energy. To pay for it, ARK trimmed five longtime favorites in a single afternoon, including a chip stock she has championed since the AI boom began.
What Wood bought on the afternoon of April 24
The Amazon trade was the headline number. ARK acquired 280,450 shares of Amazon for $71,537,186, according to Investing.com. That was the firm’s second Amazon buy of the week. Wood picked up a smaller, $900,000 Amazon position on April 21 through her Ark Space & Defense Innovation ETF, four trading days before the company’s first-quarter earnings on April 29.
When I ran the numbers against the $263.99 closing price of April 24, the new ARK position was already sitting on a paper gain north of $2.5 million by the bell.
Related: Cathie Wood’s Ark keeps selling one stock once again
The X-Energy purchase was even larger in dollar terms. ARK bought 4,020,925 shares for $92,481,275, the biggest single trade of the day, Investing.com reported. X-Energy is a nuclear startup developing small modular reactors, the type of always-on power Amazon and other hyperscalers will need to keep AI data centers running.
The pairing is the point. Buy the cloud, then buy the power that runs the cloud.
Photo by Yuriy T on Getty Images
Why AMD got the boot from Wood’s favorites list
The biggest sell of the day was Advanced Micro Devices. ARK divested 215,643 shares for $65,842,277, Investing.com reported, continuing a trim that began earlier in the month.
The complete sell list reads like a tour of Wood’s old conviction names.
- AMD: 215,643 shares for $65.8 million
- Teradyne (TER): 32,626 shares for $13.1 million
- Rocket Lab (RKLB): 113,402 shares for $9.6 million
- Caterpillar (CAT): 5,334 shares for $4.5 million
- Iridium Communications (IRDM): 33,315 shares for $1.4 million
The pattern matters more than any single name. Three of these companies (AMD, Teradyne, Caterpillar) sell picks and shovels into the AI and industrial buildout, while two (Rocket Lab and Iridium) are space and satellite plays Wood has owned for years.
Cutting all five at once, on the same day she loaded into a hyperscaler and a nuclear utility, looks like a deliberate handoff from upstream suppliers to downstream platform owners.
It is also not the first big sell of the month. Wood unloaded $30 million from another longtime favorite earlier this spring, hinting that the April reshuffle is part of a larger thesis change rather than a one-off.
What Cathie Wood’s trade signals before Amazon’s Q1 earnings
Wood is buying into a stock the rest of Wall Street has already warmed up to. Amazon shares are up more than 24% over the past month, helped by a Meta-AWS deal and broader tech enthusiasm.
Bank of America’s Justin Post raised his price target to $298 from $275 last week, citing accelerating Amazon Web Services (AWS) growth. BMO Capital Markets analyst Brian Pitz lifted his target to $315 from $310, pointing to channel checks suggesting AWS growth will accelerate through the first half of 2026, TipRanks reported.
Fund manager buys and sells
- Cathie Wood buys $2.5 million of tumbling megacap stock
- Warren Buffett dumped 77% of Amazon to buy surging media stock
- Cathie Wood buys $11 million of tumbling megacap tech stock
UBS analyst Stephen Ju is the most bullish of the three. He expects AWS revenue to grow 38% in 2026, well above the Street’s 26% consensus, according to TipRanks. If he is right, Wood’s $72 million Amazon position is buying into an earnings cycle that’s about to surprise.
Wall Street consensus calls for revenue of about $177 billion and earnings near $1.63 per share, with AWS margins around 35.7%, S&P Global Market Intelligence reported. Full-year capex projections have ballooned to nearly $200 billion, almost four times the 2023 figure, the same source noted.
That last number is the through line. Amazon CEO Andy Jassy has projected the company will pour roughly $200 billion into capital spending in 2026, primarily on AI infrastructure, chips, robotics, and low-earth-orbit satellite networks, in a statement to investors.
It is a number that helps explain why Wood is reaching into her existing book to fund a bigger Amazon stake. It also explains why she would buy a small modular reactor company in the same trading session.
Q1 results land Wednesday, April 29, after the close.
What Wood’s Amazon, X-Energy, and AMD moves mean for your portfolio
I have watched Wood rotate plenty of times over the years. What stood out about Friday’s tape was the symmetry. Three picks-and-shovels names on the sell side. One platform owner and one power company on the buy side.
If she is right, the next leg of the AI trade is not about which chipmaker wins the architecture war or which satellite firm captures the next defense contract. It’s about which platforms can monetize AI at scale, and which utilities can keep the lights on while they do it.
That is a much narrower bet than the one ARK made in 2023 and 2024.
The takeaway for ordinary investors is not “follow Cathie Wood into Amazon.” Her flagship Ark Innovation ETF gained 35.49% in 2025, far outpacing the S&P 500‘s 17.88% return, but her track record is famously volatile. The real takeaway is that the most-watched growth investor on the retail tape is moving down the AI value chain, from suppliers to landlords.
If you own a basket of pure-play AI semiconductors or satellite stocks, her April 24 tape is a question worth asking yourself this weekend. The honest answer is probably not a panic sell. It might be a portfolio review before earnings season picks up next week.
The next confirmation comes on April 29. If Amazon delivers and the stock holds the bid, expect Wood to keep building. If the print disappoints and shares pull back, watch the daily trades file the next morning.
With this fund manager, the second draft is always public.
Related: Cathie Wood buys $900,000 of surging megacap stock