Cathie Wood-led ARK Invest bought $55.6 million of Nvidia (NVDA) on Friday, August 28, according to its daily disclosures. Wood also purchased $20.5 million of Broadcom (AVGO) ahead of its September 3 earnings, showing continued interest in the chipmaker and its AI exposure.
At the same time, ARK Invest sold 156,286 Advanced Micro Devices (AMD) shares worth $74.5 million across multiple ETFs. The sale follows another AMD disposal a day earlier, when the fund sold 37,977 shares worth about $18.26 million. AMD shares have gained 117.4% year to date.
Why Wood Is Buying Nvidia Stock
ARK Invest bought 243,707 Nvidia shares worth $55.6 million on Friday. The purchase came shortly after Nvidia reported another strong quarter, with Q2 revenue jumping 106% to $96.2 billion and adjusted EPS rising 120% to $2.22.
Nvidia also gave investors a strong outlook for AI demand. The company expects about $108 billion in revenue for the current quarter, plus or minus 2%. That is above the $104.19 billion Wall Street consensus estimate.
