Cathie Wood is scooping up Broadcom, Inc (NASDAQ:AVGO) ahead of the chipmaker’s next earnings report, signaling continued confidence in the artificial intelligence infrastructure boom even as her flagship ETF struggles to keep pace with the broader market.
ARK Invest bought 39,020 Broadcom shares on Monday, worth roughly $16.2 million based on Broadcom’s $416.08 closing price, according to the firm’s daily trading disclosures. The purchase was made through the ARK Innovation ETF (BATS:ARKK) and ARK Autonomous Technology & Robotics ETF (BATS:ARKQ).
The timing is notable. Broadcom is scheduled to report fiscal third-quarter results on Sep. 3, giving investors several weeks to assess whether its accelerating AI business can deliver another earnings catalyst.
Why Broadcom
Broadcom has emerged as one of the biggest beneficiaries of the AI infrastructure spending cycle, particularly through custom AI accelerators and networking chips.
