Cathie Wood's ARK Invest purchased 300,017 NVIDIA shares on Monday, June 1. The shares were valued at over $63 million. ARK distributed the investment across five of its exchange-traded funds.
This purchase marks a notable pivot for Wood, who had previously been skeptical of NVIDIA's valuation. NVIDIA's stock rallied more than 6%. This rally followed the company's announcement of new AI-optimized PC processors at the Computex conference.
On the same day, ARK Invest sold 110,207 shares of rival chipmaker AMD. These shares were valued at approximately $57 million. This simultaneous trade highlights a strategic shift in ARK's semiconductor holdings, favoring NVIDIA's growth prospects in the expanding AI ecosystem.