Cathie Wood's Ark Piled Into Nvidia and Taiwan Semiconductor After Meta's Earnings Miss. Here's What It Signals for Artificial Intelligence (AI) Stocks.
Ark Invest just doubled down on Nvidia and TSMC stock, and the reason why is obvious.
Overview
On July 28, Cathie Wood's Ark Invest bought roughly $15 million worth of Nvidia (NASDAQ: NVDA) stock across five of its exchange-traded funds (ETFs) -- the largest portion of which being $8.1 million coming through the flagship ARK Innovation ETF. On the very next day, Wood spread a $14.7 million purchase of Taiwan Semiconductor Manufacturing (NYSE: TSM) (TSMC) stock across four of Ark's funds.
These moves arrived in the same window as Meta's second-quarter earnings results, which highlighted rising artificial intelligence (AI) infrastructure spending. The timing of Wood's buying invites a clear question: What does simultaneous doubling down on Nvidia and TSMC suggest about her views of the durability of AI demand?
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
Related Articles
- 1 Incredible Reason to Buy Home Depot Stock Before It Reports Earnings on Aug. 18
- How Many of the Largest Companies Do You Own -- and Should You Own More or Fewer?
- Jeff Bezos' Amazon Stock Surged 14% After a Blowout Earnings Beat, Adding $25 Billion to His Fortune. Is the Stock Still a Buy After the Rally?