Cathie Wood Sold Palantir Into Its Rally to Buy Netflix at a Two-Year Low

On Monday, Cathie Wood bought CoreWeave after the worst month of its year. On Wednesday, she bought Netflix at a two-year low. And across all three days in between, she sold Palantir.

Ark Invest publishes its trades at the end of every trading day, which is how the week’s two-column shape is visible at all. Monday’s ticket was 132,498 CoreWeave shares, about $8 million. Tuesday’s was 150,998 Oklo shares (~$4.1 million) and roughly $4.5 million more of X-Energy. Wednesday’s was the busiest. 18,783 Netflix shares (~$1.2 million), 42,230 Oklo shares (~$1.2 million), 200,347 X-Energy shares (~$2.2 million), 6,411 Intuitive Surgical shares (~$2.8 million), and the day’s largest purchase, 199,698 Scribe Therapeutics shares (~$4 million). On the other side of the book she trimmed Shopify, Amazon, Teradyne, Elbit, DraftKings and Personalis.

Netflix hit a two-year low on Wednesday, and the guidance that took it there was ugly: 11.5% revenue growth targeted for the current quarter, its worst showing in more than three years. Earlier this month the company cut 6% of its workforce and lowered its ad-revenue projection; the ad tier built as the next growth engine is 5% of the business. Ark’s purchase, at roughly 17 times next year’s earnings estimates, only makes sense if the deceleration is already priced in. The floor, in that reading: more than 300 million members, double-digit growth in all four regions, no rival earning anything like the same money from premium streaming.

The nuclear pair is a different kind of bet. Smaller, for one thing. Oklo was a nine-bagger in 2025 and has given back 86% since its October peak. Its market cap sits at $5.2 billion, nearly half of it backed by cash, against revenue that won’t clear $10 million next year and analysts who expect $312 million by 2030. X-Energy is down 52% from its yearly highs. Across Tuesday and Wednesday Ark put about $6.7 million into the two of them, buying two days running while both positions stayed tiny against the firm’s total weight. For scale: Wednesday’s combined $3.42 million of Oklo and X-Energy was less than the $3.6 million Ark took out of Palantir on Monday alone.

CoreWeave’s problem can be priced. That is why the argument against the buy is loud. Yields on its 2031 and 2032 bonds have spiked to around 15%, and MoffettNathanson cut its price target to $89 while calling the company’s obligations “staggering.” The buy’s case is that the open-market bond yield isn’t the borrowing rate: Goldman Sachs, which upgraded the stock, argues new loans are collateralized by Nvidia chips and signed customer contracts and price much cheaper. Nvidia’s Jensen Huang told Bloomberg this month that “CoreWeave’s strength is improving every day. I’m optimistic. Their cost of capital is actually decreasing.” The company has about $104 billion in future revenue locked into long-term contracts and has raised GPU rental prices twice this year, 25% in July and 10% in October. Wood has said this kind of thing out loud: in Seoul this month she called plunging semiconductor stocks the moment “it is indeed the right time to enter a buying range,” and said foreign selling there was “not an exit driven by deteriorating fundamentals” but program trading.

Palantir reported second-quarter revenue up 93% year over year. US commercial sales jumped 149%. The full-year guide went up. CEO Alex Karp told CNBC that no business at his scale has grown half that fast. All of which is why Ark spent the week selling it: the stock is up roughly 55% since early August, and Charles Schwab’s George Tsilis puts the valuation at about 124 times forward earnings against roughly 22 for software peers, a multiple he says “already prices in years of exceptional execution.” Ark sold 18,349 shares Monday, 27,790 Tuesday and 3,194 more Wednesday. Shopify got the same treatment into a rebound: 41,483 shares across two days, about $7.2 million, after the stock climbed 18% in the past month.

Not everyone reads it as discipline. An investor-education account that breaks down Wood’s trades for its followers titled its Wednesday carousel “dangerous moves by Cathie Wood,” and on Stocktwits retail sentiment around Oklo sat at ‘neutral’ even as message volume ran high. Gartner’s own read, published as the week began, is that AI infrastructure investments are “in danger” as the cash flows from frontier models fail to scale with the buildout costs. The purchases keep coming anyway. Oklo’s market cap was $5.2 billion at the close on Thursday, roughly half of it cash.