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On Wednesday, the Cathie Wood-led Ark Invest made a notable move by selling a significant portion of its stake in Palantir Technologies Inc (NYSE:PLTR).

The Palantir Trade: The ARK Innovation ETF (NYSE:ARKK) offloaded 62,809 shares of Palantir. The sale came just days after Palantir’s inclusion in the S&P 500 index, replacing American Airlines Group, Inc. This inclusion could potentially boost Palantir’s stock as it gains wider exposure to investors and as shares are accumulated to be included in index funds that mirror the S&P 500. Despite the positive news, Ark Invest decided to reduce its exposure to the company.

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Moreover, the sale occurred on the same day Palantir announced a multi-million-dollar extension of its deal with APA Corporation. The deal, which builds on three years of collaboration, introduces new AI capabilities through Palantir’s Artificial Intelligence Platform (AIP) software. Despite these developments, Ark Invest’s move suggests a strategic shift in its investment approach towards Palantir.

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

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Other Key Trades:

• Ark Invest’s ARK Genomic Revolution ETF (ARKG) sold shares of Veeva Systems Inc (VEEV) and shares of Butterfly Network Inc (BFLY).

• The ARK Autonomous Technology & Robotics ETF (ARKQ) sold shares of Materialise NV (MTLS) and also shares of Vuzix Corp (VUZI).

• The ARK Next Generation Internet ETF (ARKW) sold shares of Roku Inc (ROKU). The ARK Space Exploration & Innovation ETF (ARKX) bought shares of Blade Air Mobility Inc (BLDE) and sold shares of Mynaric AG (MYNA).

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This article Cathie Wood’s Ark Invest Dumps Palantir Shares Amidst S&P 500 Inclusion And Extended AI Alliance originally appeared on Benzinga.com