ARK Invest Purchases $53M in Nvidia Stock Following Earnings
Cathie Wood’s ARK Invest purchased 243,707 shares of Nvidia stock for approximately $53 million on August 28, according to Barron's. The purchase occurred after a 4.6% drop in Nvidia’s share price following strong earnings results that drove the stock up nearly 7% earlier in the week. The move aligns with ARK Invest’s recent strategy of increasing its position in Nvidia while reducing exposure to AMD, selling 156,286 shares on the same day. The company reported a more than doubling of second-quarter revenue and projected 70% growth for fiscal year 2028. Nvidia's stock was up slightly in premarket trading after ARK’s purchase but remains below its peak following earnings. CEO Jensen Huang noted that demand is outpacing supply, while Wood continues to focus on high-growth sectors despite a long-term decline in the value of her flagship fund.
Topics: AMD shares sold ARK Invest earnings report Nvidia stock purchase