Cathie Wood's Ark Invest Makes Nvidia Re-Entry After 7 Months With $44M Buy

Popular stock picker Cathie Wood’s Ark Invest on Thursday initiated a new exposure in Nvidia Inc NVDA just seven months after it had exited all of its stake in the graphics chipmaker.

St. Petersburg, California-based Ark Invest scooped up 245,286 shares, estimated to be worth $43.78 million, in Nvidia on Thursday when the stock closed 5.2% higher and brought its year's losses to 41%.

Semiconductor stocks had a bullish run during the COVID-19 pandemic as the health crisis led to a surge in demand for gaming and entertainment in locked-down homes. 

Nvidia shares rose nearly five-fold between 2020 and the end of last year.

Ark Invest in November completely exited its position in the company, booking a profit.

See Also: Cathie Wood Gets Entirely Out Of Nvidia, Trims PayPal, Pinterest Stakes And Buys These Stocks Instead

Ark Invest bought shares in Nvidia via three of its six actively traded exchange funds: Ark Innovation ETF ARKK, Ark Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF.

Santa Clara, California-based Nvidia on Wednesday reported a 46% jump in first-quarter revenue to $8.29 billion and a quarterly adjusted earnings of $1.36 per share, a jump of 49% year-on-year.

Nvidia’s data center unit’s quarterly revenue surpassed that of its gaming business for the first time in seven quarters. 

See Also: Nvidia's Data Center Sales Zip Past Gaming Business For The First Time In 7 Quarters