Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Cathie Wood-led ARK Investment Management made a whopping buy in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) on Tuesday, purchasing 72,848 shares of the chipmaker at an estimated valuation of over $5.5 million based on Tuesday’s closing price. The purchase was done via the ARK Next Generation Internet ETF (NYSE:ARKW).
AMD shares are up nearly 20% since the beginning of the year. During the beginning of the month, the company reported its fourth-quarter earnings, which showed its revenue increased by 16% year-over-year to $5.6 billion primarily driven by growth across the Embedded and Data Center segments.
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Wood’s purchase of the stock comes despite the company providing a downbeat outlook for the first quarter. AMD had stated that for the first quarter of 2023, it expects revenue to be approximately $5.3 billion, plus or minus $300 million, a decrease of approximately 10% year-over-year. The company further said the Client and Gaming segments are expected to decline, partially offset by Embedded and Data Center segment growth.
However, an analyst report indicated the company has captured nearly a third of the market for central processor units. In the fourth quarter, Intel Corporation (NASDAQ:INTC) had a 68.7% market share for x86 processors as compared to AMD's 31.3%, which was up from 28.5% a year earlier, reported Reuters, citing Mercury Research.
Major Sale: Wood’s funds sold over 33,700 shares of Roku Inc (NASDAQ:ROKU) at an estimated valuation of over $2.2 million based on Tuesday’s closing price.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.