Cathie Wood Trims Nvidia Holdings As Wall Street Discovers Love For AI Stocks — Buys Whopping $72 M Stake In This Software Company
Portfolio Pulse from Bhavik Nair
ARK Investment Management, led by Cathie Wood, sold over 65,600 shares of NVIDIA Corporation (NASDAQ:NVDA) worth nearly $25 million. ARK also trimmed its stake in Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) by over $1.3 million. Meanwhile, six different ARK funds bought a stake in UiPath Inc (NYSE:PATH) valued at over $72 million.
May 26, 2023 | 2:34 am
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ARK Investment Management trimmed its stake in Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) by over $1.3 million.
ARK's decision to trim its stake in Alphabet may signal a lack of confidence in the stock's short-term performance. This could lead to a short-term negative impact on the stock price as other investors may follow suit.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
ARK Investment Management sold over 65,600 shares of NVIDIA Corporation (NASDAQ:NVDA) worth nearly $25 million.
ARK's sale of NVIDIA shares could indicate a belief that the stock is overvalued or that they are taking profits. This may lead to a short-term negative impact on the stock price as other investors may follow suit.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Six different ARK funds bought a stake in UiPath Inc (NYSE:PATH) valued at over $72 million.
ARK's significant investment in UiPath indicates a strong belief in the company's potential. This could lead to a short-term positive impact on the stock price as other investors may follow suit.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100