Cathie Wood, CEO of Ark Invest, has made a significant acquisition by purchasing $15 million worth of Nvidia stock. This move comes as Nvidia’s shares have been declining, presenting an opportunity for Wood to capitalize on the market’s downturn.
Wood’s flagship fund, the Ark Innovation ETF (ARKK), has faced challenges this year, with a year-to-date decline of 29.7%. In contrast, the S&P 500 and Nasdaq Composite have experienced losses of 15.3% and 19.4%, respectively. Despite these setbacks, Wood remains optimistic about the potential of emerging high-tech companies, particularly those involved in artificial intelligence, blockchain, and robotics.
Nvidia, a leader in supplying chips for data centers and generative AI applications, has seen its shares rise significantly in recent years. However, the company is currently grappling with headwinds, including the impact of tariffs and economic uncertainties. Despite these challenges, Wood believes in Nvidia’s long-term potential and has added to her stake in the company.
— new from TheStreet