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Cathie Wood-led Ark Investment Management bought over 31,000 shares of Nvidia Corporation NVDA, via two of the firm’s exchange-traded funds, valued at over $4.2 million based on Tuesday’s closing price.
Nvidia is the 34th largest holding in the firm’s ARK Autonomous Tech & Robotics ETF ARKQ with a weight of 0.63%, according to Ark data. It is the 23rd largest holding in ARK Next Generation Internet ETF ARKW, with a weight of 1.33%.
Wood has been loading up on Nvidia shares in recent times as the stock took a hit following the restrictions on AI chip sales to China.
Also Read: China Pledges To Consolidate Tech R&D Position As US Continues To Slap Restrictions
The company said in a Securities and Exchange Commission filing on Wednesday that the Biden administration placed restrictions on sales of its A100 and H100 chips to Russia and China.
These regulations are showing signs of easing, although Nvidia shares continue to weaken.
Price Action: The stock has lost over 24% over the past month and closed down 1.3% at $134.65 on Tuesday, according to data from Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.