ARK Invest Buys $53 Million in Nvidia Stock

Cathie Wood, CEO and chief investment officer of ARK Invest, purchased $53 million in Nvidia stock on Friday. The acquisition followed a price pullback and strong financial reporting from Nvidia, which saw second-quarter revenue more than double and exceed analyst forecasts by the widest margin in two years. Nvidia projected 70% revenue growth for fiscal 2028.

To fund the increase in Nvidia holdings, ARK Invest sold 156,286 shares of Advanced Micro Devices. This move continues a recent trend of the investment firm reducing its exposure to AMD in favor of Nvidia. Nvidia CEO Jensen Huang noted that demand for the company's products currently exceeds its supply capacity.

Despite the strategic shift toward Nvidia, ARK's flagship fund, ARKK, has seen an annualized value erosion of approximately 9% over the last five years.