Cathie Wood Invests $53 Million in Nvidia Amid Post-Earnings Dip
On August 28, Cathie Wood's Ark Investment Management added a $53 million stake in Nvidia (NVDA) as the stock pulled back following strong earnings. The purchase came after Nvidia reported better-than-expected fiscal second-quarter results and raised revenue guidance above Wall Street estimates. Wood has long focused on high-growth tech sectors like AI, blockchain, and robotics through her flagship Ark Innovation ETF (ARKK). While ARKK outperformed the S&P 500 in 2023 with a return of 35.49% versus 17.88%, it has struggled over five years with an annualized loss of -6.91%. Despite recent gains, Wood's funds have seen significant investor redemptions, including $2.09 billion in net outflows over the past year. Nvidia remains a key player in the AI boom due to its advanced chips used by major tech firms and developers.
Topics: AI investment ARKK Cathie Wood NVIDIA (NVDA)