Cathie Wood-led ARK Invest ETFs made several notable portfolio moves on Monday, September 14, selling shares of major technology companies while adding to its position in Meta Platforms (META) for the second consecutive week. The latest trades suggest that Wood is continuing to rotate capital within the technology sector while maintaining conviction in Meta.

Here's What Wood Sold on Monday

ARK Invest sold 38,273 shares of Alphabet (GOOGL) for about $13.37 million, following a similar reduction in Alphabet exposure last week. Wood also sold 20,470 shares of Advanced Micro Devices (AMD), worth roughly $10.10 million, across its ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW).

Meanwhile, the ARKK fund sold 34,548 shares of Palantir Technologies (PLTR), valued at approximately $5.98 million. ARK also reduced its Amazon.com (AMZN) position, selling 20,000 shares worth about $5.07 million. Combined, the four technology-stock sales were worth approximately $34.52 million.

The sales come as renewed concerns about AI development and valuations have weighed on sentiment toward AI-related stocks. Yesterday, Anthropic's CEO called for slower frontier-model development and OpenAI CEO Sam Altman ruled out an IPO this year.

Moreover, Citigroup's (C) head of U.S. equity trading strategy Stuart Kaiser warned that growing AI safety concerns could slow AI development and weaken corporate earnings, potentially putting pressure on U.S. stocks. The bank also sees risks from higher bond yields, rising oil prices, and the November midterm elections. Citigroup expects the S&P 500 (SPX) to remain near its recent highs, although a 3%-5% pullback could attract buyers. Kaiser has highlighted potential risks for Microsoft (MSFT), Alphabet, Meta, and Amazon stocks.

Why Is Wood Accumulating META Stock?

In contrast to the tech sales, Wood continued buying Meta stock. The ARKW fund purchased 10,997 shares of Meta, valued at roughly $7.32 million. This follows a purchase of approximately $28.17 million in Meta shares last week.

Meta has gained investor attention amid optimism surrounding its AI strategy, including its Muse AI assistant and CEO Mark Zuckerberg's vision for personal superintelligence.

Recently, Goldman Sachs (GS) analyst Eric Sheridan reiterated a Buy rating and $725 price target on META. He sees Meta's Muse AI agent as a potential catalyst, highlighting its ability to autonomously complete tasks such as shopping, travel booking, bill negotiation, and payments. Sheridan believes Meta's massive user base across Facebook, Instagram, Messenger, and WhatsApp gives it a significant distribution advantage in consumer AI. He also sees growing potential for AI monetization through subscriptions, agentic commerce capabilities, and advertising.

Is META a Good Stock to Buy Now?

On TipRanks, META has a Strong Buy consensus rating based on 38 Buys and six Hold ratings. The average Meta Platforms price target of $758.03 implies nearly 14% upside potential from current levels.