Cathie Wood's ARK Investment Management made notable trades involving tech giants like Amazon and Nvidia. On Tuesday, ARK's flagship fund, ARK Innovation ETF (ARKK), repurchased 188,980 shares of Nvidia (NVDA, Financial), valued at approximately $18.2 million based on the closing price. Nvidia's stock has been under scrutiny following tariff announcements, dropping over 10% in the past five days and closing at $96.30, down 1.37% on Tuesday.
ARKK initially invested in Nvidia in 2014 but sold its holdings in early 2023, missing subsequent gains. Wood defended this decision, highlighting the substantial profit since their initial investment. In addition to Nvidia, ARK also acquired 33,746 shares of Amazon, worth around $5.76 million. Amazon recently launched the AI model Amazon Nova Sonic, aiming to revolutionize real-time voice interactions. However, impending tariffs pose potential challenges to Amazon's operations.
ARK's fund also purchased 46,790 shares of Tempus AI, valued at approximately $1.74 million, despite a 12.81% drop in Tempus AI's stock on Tuesday. This purchase underscores ARK's confidence in the company's prospects. Furthermore, ARK acquired 31,730 shares of Coinbase, valued at about $4.81 million, emphasizing its belief in Coinbase's long-term potential in the cryptocurrency market.
