Cathie Wood’s ARK Invest scooped up more than $8 million worth of
Zoom Video Communications
stock and sold shares in
Nvidia
ahead of the chip maker’s hotly anticipated earnings.
ARK bought 122,831 shares of Zoom (ticker: ZM) through its flagship
ARK Innovation exchange-traded fund
and its
ARK Next Generation Internet ETF,
according to a trading update Tuesday. The ARK Next Generation Internet ETF also sold 2,230 shares of
Nvidia
(NVDA)—worth just over $1 million.
Nvidia stock fell 2.7% Tuesday but is up close to 12% over the past seven trading sessions as expectation has built toward its earnings, which come after the close Wednesday.
Zoom’s shares fell 2% Tuesday, after initially climbing, despite earnings and revenue both beating expectations. Wall Street analysts weren’t overly optimistic, though, pointing to a lack of visibility and concerns that macroeconomic pressures may negatively affect results.
But Wood clearly remains bullish and believes the company, a darling of the Covid-pandemic era, can re-establish itself in a world that has largely returned to normal.
As for Nvidia, Wood’s ARK Innovation Fund dumped the stock in January, missing out on most of the chip maker’s meteoric 212% rise so far in 2023. The company’s earnings later Wednesday will confirm whether she’s wrong again, or right this time.
Write to Callum Keown at [email protected]
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