ARK Invest Sees Opportunity in Cerebras Selloff

Cathie Wood's ARK Invest has doubled down on Cerebras Systems after its earnings-driven selloff. The firm purchased 106,941 Cerebras shares worth $28.02 million on August 13 through its ARK Innovation ETF and ARK Next Generation Internet ETF.

This move comes after weeks of buying Nvidia shares by the fund. In July and August, ARK Invest bought a total of around $41.9 million worth of Nvidia stock, including roughly $26.6 million on August 12.

On Cerebras' quarterly earnings call, Chief Financial Officer Bob Komin attributed the decline in adjusted gross margin to higher costs for renting computing capacity that had previously been used by other customers.