Cathie Wood Boosts Nvidia Investment by $4.7 Million Ahead of Earnings Report

TradingKey - Cathie Wood, CEO of ARK Invest, made a bold move on Tuesday by purchasing 34,543 shares of Nvidia (NVDA) ahead of its earnings report. 

According to disclosed information, the ARK Innovation ETF (ARKK) added 21,504 shares, while the ARK Next Generation Internet ETF (ARKW) acquired 13,039 shares. The combined transaction is valued at approximately $4.7 million.

This purchase marks a significant shift from Wood's previous trading patterns, as eight out of the last ten transactions involving Nvidia by ARKK and ARKW were sales. The only two buys occurred this Tuesday and on May 7.

Currently, Nvidia is not among the top ten holdings in ARKK and ARKW, but this recent acquisition has significantly increased its weight in these portfolios. This move may suggest that Wood and ARK Invest are revising their position on leading AI stocks.

After markets closed on May 28, Nvidia reported better-than-expected earnings with a revenue of $44.1 billion, a 69% increase year-over-year, surpassing analysts' expectations of $43.309 billion. 

Despite short-term pressure from the H20 chip ban, the overall results exceeded expectations. Nvidia's earnings may influence ARK Invest's subsequent rebalancing strategy. 

In pre-market trading today, Nvidia's shares rose by 5.43% to $134.81, pushing its market capitalization to $3.29 trillion.