Cathie Wood Invests $14.3 Million in Nvidia Amid Stock Decline
On July 28, Cathie Wood's Ark Investment Management purchased 73,166 shares of NVIDIA Corporation (NVDA) for approximately $14.3 million as the stock declined more than 6% over five trading days. Wood is known for buying high-conviction stocks during downturns and has a history of significant gains in her flagship fund, Ark Innovation ETF (ARKK), though it has underperformed this year compared to broader markets like the S&P 500. Wood's strategy focuses on innovative sectors such as artificial intelligence and robotics. However, ARKK has faced challenges over recent years with a five-year annualized return of -10.16%, versus the S&P 500’s positive performance. Despite this, Wood remains optimistic about long-term growth driven by technological innovation, particularly AI's deflationary impact on productivity. The Ark Innovation ETF saw $1.3 billion in net outflows over the past year as of July 28, according to VettaFi data.
Tickers: $NVDA
Topics: ARKK Cathie Wood ETF Performance Nvidia (NVDA)