NVDA - Cathie Wood's Ark Invest Is Selling Nvidia Stock and Buying This Artificial Intelligence (AI) Stock
2024-03-03 14:58:00 ET
Cathie Wood is the founder and chief investment officer at Ark Invest, an asset management company focused on disruptive innovation. Ark manages several thematic index funds built around burgeoning technologies like artificial intelligence (AI), but the firm continued to sell down its position in Nvidia (NASDAQ: NVDA) throughout February.
That may strike readers as strange given that Nvidia graphics processing units are synonymous with AI infrastructure. But the stock has advanced 236% over the past year, so Ark is taking profits and reinvesting capital into other AI companies. For instance, the firm bought shares of Pinterest (NYSE: PINS) throughout February. The social media company now accounts for a little more than 1% of Ark's $14 billion portfolio.
Here's what investors should know.
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Cathie Wood's Ark Invest Is Selling Nvidia Stock and Buying This Artificial Intelligence (AI) Stock