Cathie Wood’s Ark Trims Nvidia Stake By $2.7M To Load Up On Rival Chip Stock: Here Are Other Big Ticket Buys From Wednesday – Meta Platforms (NASDAQ:META), NVIDIA (NASDAQ:NVDA), Roku (NASDAQ:ROKU), ARK Next Generation Internet ETF (ARCA:ARKW), Advanced Micro Devices (NASDAQ:AMD), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), Robinhood Markets (NASDAQ:HOOD), ARK Innovation ETF (ARCA:ARKK) – Benzinga

Posted on July 13, 2023 by Design in Design Innovation | 0 Comments

Cathie Wood‘s Ark Investment Management continued to shed shares of Nvidia Corp.NVDA amid Wall Street’s concerns that the chipmaker’s valuation is now stretched following the AI-induced rally.

Chip Pair Trade:Ark’s Ark Autonomous Technology & Robotics ETFARKQ sold 6,489 shares of Nvidia on Wednesday, valued at $2.75 million.

Nvidia closed Wednesday’s session down 0.23% at $423.17, according to Benzinga Pro data.

Ark, which took a position in Nvidia in 2017, has been offloading the stock this year. The firm’s flagship Ark Innovation ETFARKK has fully liquidated its Nvidia position.

Wood has been recently sounding out that Nvidia stock may have run ahead of itself and that there are more attractive AI plays now that are waiting to explode.

ARKQ, meanwhile, bought 24,066 shares of rival chipmaker Advanced Micro Devices, Inc.AMD. At Wednesday’s closing price of $113.95, the purchase is valued at $2.74 million.

AMD also has AI exposure and unveiled the M1300 chip, specifically designed to cater to AI workloads, at its June 13 Data Center and AI Tech event in mid-June.

Ark’s Other Trades: Ark, through its Ark Next Generation Internet ETF ARKW, bought 5,486 shares of Meta Platforms, Inc. META, valued at $1.62 million.

The fund also added 93,320 shares of Robinhood Markets, Inc.HOOD ($17.31 million) and 29,038 shares of Roku, Inc. ROKU ($1.89 million).

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