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Business
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Cathie Wood’s ARKK buys Nvidia shares for first time since August following Nvidia’s strong earnings

Mary Alavanza
By Mary Alavanza

Cathie Wood’s flagship fund, ARK Innovation exchange-traded fund (ETF) (ARKK), bought 93,374 Nvidia shares, the fund’s first buy since Aug 4, amid its firm ARK Investment Management’s bullish stance, Bloomberg News reported, citing the fund’s daily trading data.

Before the fund’s purchase of the chipmaker on Thursday, it held over 1.1 million Nvidia shares as of Sept 30.

Nvidia shares initially rose over 5% following its earnings release, which included a stronger-than-expected revenue forecast and reassurances that the artificial intelligence (AI) sector is not in a bubble.

Last month, Nvidia CEO Jensen Huang said, “I don’t believe we are in an AI bubble,” as he claimed the AI industry has reached a “quite extraordinary” turning point that justifies the costly investments in AI.

However, the stock closed down 3.2% at US$180.64 in New York, as investors pulled back from bets on a possible Federal Reserve interest-rate cut in December. The stock moved in pre-market trading Friday.

The sell-off in the US echoed in Asia, where equity benchmarks for South Korea and Taiwan dropped more than 3% on Friday. /TISG

Read also: Ark Invest CEO expects Tesla to hit US$2,600 in 5 years despite drop, 10x its current price

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