Cathie Wood Splurges $22M To Hike Stake In This Chipmaker Stock Worrying Jim Cramer

Cathie Wood’s Ark Investment Management on Monday hiked its stake in chip manufacturer Nvidia Corporation NVDA via the ARK Genomic Revolution ETF ARKG. The fund bought over 185,000 shares in the company at a valuation of over $22 million based on Monday’s closing price.

Interestingly, well-known television personality Jim Cramer shared his bearish take on Nvidia last week on CNBC’s “Squawk on the Street.”

“I’m concerned about Nvidia,” Cramer had said. The television host highlighted the Ethereum ETH/USD Merge as an unintended negative catalyst for a company such as Nvidia. “People who have been mining do not need them (graphics cards),” he had noted.

Also Read: This Is What Whales Are Betting On NVIDIA

Developments: Last week, in his GTC keynote address, Nvidia CEO Jensen Huang unveiled advances in natural language understanding, the metaverse, gaming and AI technologies impacting industries from transportation and healthcare to finance and entertainment.

Huang announced that Nvidia Lightspeed Studios used Omniverse to reimagine Portal, a first-person puzzle-platform video game. Omniverse is Nvidia’s platform for building and running metaverse applications.

Price Action: The stock has lost over 22% in a month and on Monday, closed over 2% lower, according to data from Benzinga Pro. In September, Nvidia Director John Dabiri sold 945 shares at an average price of $142.06 according to a filing dated September 6.