ARK Loads Up on Nvidia Amid PC Chip Boost
Cathie Wood's ARK Investment Management made significant moves in the tech sector on Monday, buying $63.3 million worth of Nvidia shares and selling $56.88 million worth of Advanced Micro Devices.
The purchases came as Nvidia unveiled its first PC processor, the RTX Spark superchip, which is set to debut in laptops from nearly all major manufacturers this fall. This news sent Nvidia's stock soaring 6.3% on Monday, its biggest single-day gain in more than four months.
ARK also acquired 62,669 shares of Cerebras Systems, valued at approximately $14.85 million, expanding an existing position.
Nvidia's announcements had several second-order effects, with PC makers Dell Technologies and HP, Inc. rallying sharply after expectations that new computers powered by Nvidia's latest chip would revive sales.