Cathie Wood Boosts Nvidia Stake by $81 Million Amid AI Rally

Cathie Wood's ARK Invest has significantly boosted its stake in Nvidia (NVDA) during the week ending October 2. The firm acquired 356,681 shares, valued at approximately $81 million, as the tech stock hit new record highs. This move aligns with the broader market's enthusiasm for artificial intelligence infrastructure spending, which has been a key driver of Nvidia's recent performance.

The investment comes amid strong investor optimism surrounding AI, as well as Nvidia's expanded $150 billion share repurchase authorization. The chipmaker has also benefited from expectations of sustained AI-related demand. Wood's latest purchase adds to a series of Nvidia investments by ARK funds this year, reflecting a strategic shift toward the company amid a broader reduction in exposure to other semiconductor peers.

On October 2, Nvidia shares reached an all-time intraday high and were up more than 3% at one point during morning trading. The stock's rally contributed to the Nasdaq Composite hitting a record level, partly fueled by weaker-than-expected U.S. jobs data. This data has reinforced expectations that the Federal Reserve may maintain interest rates at their current levels this month.