Cathie Wood Loads Up on Nvidia Ahead of Earnings Report

Cathie Wood's Ark Invest has been buying Nvidia stock in large quantities ahead of the company's upcoming earnings report. Between July 28 and August 10, Wood purchased $59.9 million worth of Nvidia shares for her firm's exchange-traded funds (ETFs). This includes purchases totaling $30.2 million for the Ark Innovation ETF, $12 million for the Ark Next Generation Internet ETF, and $9.9 million for the Ark Autonomous Technology & Robotics ETF.

Nvidia is set to report its second-quarter results on August 26. The company has a history of delivering quarterly results that exceed analysts' expectations, which could send the stock price soaring. Wood's investment in Nvidia has increased her firm's total stake in the GPU leader by 24%, bringing it to over $303.6 million.

Nvidia's data center business continues to drive its revenue and profits, accounting for more than 90% of revenue. With hyperscalers continuing to invest in AI infrastructure and Wall Street firms lining up to make another $500 billion available, Nvidia is well-positioned to deliver a good quarter and see another bump in its stock price.