Stocks
ARK Loads Up On Broadcom Amid Strong Earnings Expectations
Cathie Wood's ARK Investment Management has been making strategic investments in various technology stocks, including Broadcom Inc. (AVGO), Cerebras Systems (CBRS), and Cloudflare (NET).
On Nvidia's earnings day, August 25th, Wood's firm loaded up on AVGO shares, purchasing a total of 57,705 shares across three of its funds, worth over $20 million as of the last close.
The company also bought 69,585 CBRS shares and 47,794 NET shares. Meanwhile, ARK sold 37,977 shares of Advanced Micro Devices (AMD), another competing chipmaker.
Broadcom is expected to post its third-quarter earnings results on September 2nd after market hours, with analysts predicting a slight beat and raise for the quarter, driven by the company's Networking business.