Nvidia Is on Sale and Cathie Wood Is a Big Buyer
- Wood’s ARK funds have bought about 400,000 shares this month
- Chipmaker’s valuation has been cut in half amid a deep selloff
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A rebound for Cathie Wood’s exchange-traded funds may depend in part on an equally battered large-cap technology stock that’s been a long-time favorite of hers -- Nvidia Corp.
ETFs controlled by the growth stock proponent’s ARK Investment Management LLC have been loading up on Nvidia shares, purchasing more than 400,000 in September, according to the firm’s daily trading disclosures. ARK funds held more than 675,000 shares as of June 30, according to data compiled by Bloomberg.