Cathie Wood's Ark Invest Adjusts Portfolio — Sells Nvidia Shares Worth Nearly $1.9M Amid AI Surge

On Thursday, Cathie Wood-led Ark Invest made a significant move by selling $1.86 million worth of shares in NVIDIA Corp NVDA, a move that comes in the wake of recent developments surrounding the tech giant’s performance in the AI sector.

The NVIDIA Trade

The Wood-led investment management firm sold 3,952 shares of Nvidia. The sale, made through ARK Genomic Revolution ETF ARKG was valued at nearly $1.86 million — based on the company’s Thursday closing price of $471.63.

Ark Invest’s decision to offload NVIDIA shares follows the company’s recent Q2 earnings report. Investors had been keenly observing NVIDIA’s performance, especially in relation to the broader artificial intelligence landscape.

NVIDIA, often seen as a barometer for the AI industry, had previously announced that its Q2 revenues would surpass market expectations, primarily driven by AI-related semiconductor sales.

The company’s trajectory in 2023 was nothing short of impressive, with shares skyrocketing by 212% year-to-date, 106% over the last six months, and 50% over the last three months.

Despite these impressive figures, Ark Invest’s decision to sell might be influenced by the broader market dynamics and future projections for the tech giant.

Recent insights from Benzinga highlighted potential scenarios post NVIDIA’s Q2 earnings, ranging from bullish outcomes to more bearish possibilities, especially if the company’s results were to signal concerns for China exports.

See Also: What’s Going On With Nvidia Stock Wednesday?

Other Key Trades:

• Ark Invest purchased 7447 shares of CRISPR Therapeutics AG CRSP through ARKG.
• The firm also added 34226 shares of Intellia Therapeutics Inc NTLA through ARKG.
• A significant buy was observed in Accolade Inc ACCD with 89823 shares added to Ark’s portfolio through ARKG.
• Ark showed interest in Recursion Pharmaceuticals RXRX, buying 132235 shares through ARKG.

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