ARK Innovation ETF Reenters Nvidia Position Amid Market Volatility
Cathie Wood's ARK Innovation ETF acquired 93,374 shares of Nvidia on Thursday, marking its first purchase since August 4. The move coincided with Nvidia's better-than-expected revenue outlook, though the stock closed 3.2% lower at $180.64 amid broader market declines.
ARK's existing Nvidia holdings exceeded 1.1 million shares as of September 30. The ETF's latest buy comes as it trails its October peak by over 20%, while the Nasdaq 100 has declined 4.3% in the same period.
Asian markets followed the selloff, with AI stocks in South Korea and Taiwan dropping more than 3% by Friday. Traders recalibrated expectations for Federal Reserve rate cuts, pressuring tech stocks globally.