PLTR - Cathie Wood's Ark Invest Is Selling Nvidia Stock and Buying These 2 Artificial Intelligence (AI) Stocks Instead
2024-03-06 04:15:00 ET
Cathie Wood is the founder and CEO of Ark Invest, an asset management company focused on disruptive technologies like artificial intelligence (AI). In a somewhat contrarian move, the company has been paring down its position in Nvidia for months and continued to do so throughout February.
Investors may find that surprising. Nvidia graphics processing units (GPUs) are the compute engines behind the most advanced AI systems, and the company holds an estimated market share in machine learning chips that exceeds 80%, according to The Wall Street Journal . But the stock is up some 400% over the last 18 months, so Wood and her team have been redeploying profits across other AI stocks.
For instance, Ark purchased shares of Palantir Technologies (NYSE: PLTR) and Pinterest (NYSE: PINS) throughout February.
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Cathie Wood's Ark Invest Is Selling Nvidia Stock and Buying These 2 Artificial Intelligence (AI) Stocks Instead