Cathie Wood’s ARK sells Alphabet stock, buys Rocket Lab

Alphabet's Q3 2026 report reveals $75.2B of its SpaceX shares are subject to short-term sale restrictions, accounting for 28.4% of its $265.1B in cash and marketable securities. Net income fell to $26.5B despite a 30% rise in operating income, attributed to unrealized losses from SpaceX and a private company. Over nine months, capital spending exceeded operating cash by $4.8B.

Sunrun, Google, Voltus, and Enel X are expanding virtual power plant (VPP) projects, combining solar, batteries, and EVs to improve grid reliability. The US DoE estimates VPPs could reach 80–160 GW by 2030. Sunrun reported 18 GWh dispatches in 2025, while Google and Voltus announced a 1 GW VPP agreement. Enel X developed a 32 MW VPP in Australia. VPPs generate revenue through capacity payments, arbitrage, and demand response.

The FDA proposed new guidelines to streamline approval for personalized gene therapies, enabling testing of a platform against multiple mutations. Scientists from Penn Medicine and Children's Hospital of Philadelphia developed a treatment for rare diseases, receiving a $39M federal award. The draft guidance allows for umbrella clinical trials, potentially attracting more investment in rare disease therapies. Beam Therapeutics is planning a clinical trial for a PKU gene-editing medicine.

Alphabet disclosed a $547.9 million stake in Qualcomm, acquiring nearly 3 million shares. Qualcomm shares rose over 3% in premarket trading. Alphabet also increased its stake in SpaceX. Qualcomm's recent earnings missed smartphone chip sales forecasts but exceeded expectations for data-center chip revenue.

Alphabet acquired a $548 million stake in Qualcomm (QCOM) by the end of Q3 2026, according to SEC filings. Qualcomm's stock rose over 3% in after-hours trading. Qualcomm aims for $5B in data center revenue in 2027, targeting $15B by 2029. The investment aligns with Qualcomm's push into data centers and AI, though details of the partnership remain unclear.

Scribe Therapeutics (SCTX) presented data at AHA 2026 showing its gene therapy STX-1150 maintained LDL cholesterol control for two years in non-human primates. The therapy uses epigenetic gene silencing to target PCSK9. Separately, Scribe's STX-1200, a CRISPR-based LPA gene editor, showed durable Lp(a) reduction in preclinical models. Novartis' pelacarsen failed to reduce cardiovascular events in a Phase 3 trial, impacting competitors.