After a lapse of 7 months, “Sister Wood” re-established Nvidia and reduced its holdings of Spotify for three consecutive days

Source: Sina Finance

“Sister Wood” Cathy Wood’s Ark Investment Management Company opened a position in NVIDIA again on May 27, local time. Just seven months ago, the company had just withdrawn from its position in NVIDIA.

Ark bought 245,286 Nvidia shares on Thursday, worth about $43.78 million. Nvidia shares closed up 5.2 percent on the day, though they are down 41 percent this year.

The company bought Nvidia shares on Thursday through three of its six active ETFs, the Ark Innovations ETF (ARKK), the Ark Next-Generation Internet ETF (ARKW), and the Ark Fintech Innovations ETF (ARKF).

Nvidia reported Wednesday that first-quarter revenue rose 46% to $8.29 billion and adjusted earnings per share of $1.36 were up 49% from a year earlier. Quarterly revenue from Nvidia’s data center unit surpassed its gaming business for the first time in seven quarters.

Semiconductor stocks have seen a bull run amid the coronavirus pandemic amid a surge in demand for gaming and entertainment from home crowds. From 2020 to the end of last year, Nvidia’s stock price rose nearly 5 times.

In addition, Ark cut its holdings of Spotify by nearly 250,000 shares on Thursday, the third consecutive day of reductions.

Editor/Jeffrey

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