Ark Invest's Cathie Wood Just Sold AMD Stock and Bought SpaceX. Why I'd Be Doing the Opposite.

The article is an opinion piece arguing that Cathie Wood’s Ark Invest is favoring SpaceX too much while trimming AMD, and that the opposite trade looks more attractive. It says SpaceX is trading at an extreme valuation, with P/S above 85x and forward P/S above 35x, despite being a capital-intensive, money-losing business with negative free cash flow and upcoming lock-up expirations that could pressure the stock. By contrast, AMD is portrayed as having tangible near-term catalysts from AI inference and agentic AI, including GPU supply deals with hyperscalers and strong demand for CPUs in AI data centers. Market impact is more about sentiment and valuation discipline than a direct catalyst: bearish on SpaceX/SPCX and constructive on AMD.