Cathie Wood’s ARK Invest appears to be well and truly done with
Nvidia
stock at current levels, selling more of the chip maker’s shares, according to a trading notification Wednesday.
Wood’s flagship
ARK Innovation
exchange-traded fund (ticker: ARKK) exited its position in the chip maker between November 2022 and January this year, missing out on the stock’s explosive recent rally.
ARK’s smaller ETFs are following suit, as its
Autonomous Technology and Robotics
exchange-traded fund (ARKQ) sold 23,290 shares of Nvidia, according to the Wednesday notification.
Wood defended ARK’s decision to dump Nvidia stock, as she said the shares were “priced ahead of the curve,” in a Twitter post earlier this week.
But she’s still keen on artificial intelligence names, adding that ARK “sees dozens of AI winners.”
One such winner could be automation software company
UiPath
(PATH). ARK’s Autonomous Technology and Robotics ETF bought 141,910 of its shares according to the Wednesday update. That’s on top of the combined nearly five million shares ARK funds bought which it updated on last Thursday.
Another of her preferred AI plays is
Tesla
(TSLA). Wood said the electric-vehicle maker is “the most obvious beneficiary of the recent breakthroughs” in artificial intelligence.
Write to Callum Keown at [email protected]
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