TXG - Cathie Wood's Ark Invest Sheds $2.8M Worth Of Nvidia Shares Amid AI Hype Picks Up Robinhood Stock Worth $1.3M | Benzinga
In a move that caught the attention of investors, Cathie Wood-led Ark Invest offloaded over $2.8 million worth of Nvidia (NASDAQ:NVDA) shares on Wednesday. This trade comes amid a flurry of discussions around Nvidia’s valuation and its potential in the AI sector.
The Nvidia Trade
On Wednesday, Ark sold 4053 shares of Nvidia through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Genomic Revolution ETF (BATS:ARKG) and Ark Fintech Innovation ETF (NYSE:ARKF). The transaction was valued at $2.84 million. Nvidia shares closed 2.75% higher at $700.99. Since 2024 began the shares have soared 41.55% and over 12 months they have appreciated 215.69%.
Ark Invest’s sale of Nvidia shares on Wednesday marks a significant turn in the investment firm’s strategy, especially considering the recent bullish sentiment surrounding Nvidia’s role in the burgeoning AI market. Analysts at Morgan Stanley have highlighted Nvidia’s expansive future in AI, a sentiment echoed by investors and market watchers alike.
However, concerns have been raised about the company’s soaring valuation, with some, including Cathie Wood herself, previously describing Nvidia as “really expensive.” This sale could reflect Ark Invest’s cautious stance towards Nvidia’s current market position, amidst ...