Cathie Wood Dumps AMD, Rotates into Nvidia and Broadcom Ahead of Earnings
Cathie Wood's ARK Invest made significant changes to its portfolio on August 28, unloading $74.5 million in Advanced Micro Devices (AMD) shares across multiple exchange-traded funds while investing in Nvidia (NVDA) and Broadcom (AVGO).
The move came after AMD surged 117.4% this year, with Wood's Ark Innovation ETF holding a 9.97% year-to-date gain, trailing the S&P 500's 12.65% advance.
Nvidia shares were purchased at $55.6 million for 243,707 shares valued at around $224 each, following its August 26 fiscal second-quarter report that beat earnings expectations and guided to a 70% revenue growth in 2028.
Broadcom shares worth approximately $20.5 million for 55,131 shares were also purchased by ARK, ahead of the company's September 3 earnings report, where Wall Street expects an 83.3% year-over-year revenue increase to $29.24 billion.