What Happened: The ARK Next Generation Internet ETF (NYSE:ARKW) bought AMD shares at an estimated valuation of over $2.1 million based on Wednesday's closing price.

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AMD reported a 9% decline in its first-quarter revenue at $5.35 billion. The company's client revenue fell by a whopping 65%, while data center revenue was largely unchanged in the first quarter. AMD's GAAP gross margin contracted by 4 percentage points year-over-year to 44%.

For the second quarter of 2023, AMD said it expects revenue to be approximately $5.3 billion, plus or minus $300 million. The revenue guidance trailed the consensus estimate of $5.49 billion. AMD expects non-GAAP gross margin to be approximately 50%.

AMD shares have lost about 15% in last one month but are still up over 27% since the beginning of the year.

Major Buy: Funds operated by ARK also bought over 564,000 shares of Pacific Biosciences of California Inc (NASDAQ:PACB) at an estimated valuation of over $6.6 million based on Wednesday's closing price.

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