Popular stock picker Cathie Wood’s Ark Invest on Thursday initiated a new exposure in Nvidia Inc NVDA just seven months after it had exited all of its stake in the graphics chipmaker.
St. Petersburg, California-based Ark Invest scooped up 245,286 shares, estimated to be worth $43.78 million, in Nvidia on Thursday when the stock closed 5.2% higher and brought its year's losses to 41%.
Semiconductor stocks had a bullish run during the COVID-19 pandemic as the health crisis led to a surge in demand for gaming and entertainment in locked-down homes.
Nvidia shares rose nearly five-fold between 2020 and the end of last year.
Ark Invest in November completely exited its position in the company, booking a profit.
Ark Invest bought shares in Nvidia via three of its six actively traded exchange funds: Ark Innovation ETF ARKK, Ark Next Generation Internet ETF ARKW and Ark Fintech Innovation ETF ARKF.
Santa Clara, California-based Nvidia on Wednesday reported a 46% jump in first-quarter revenue to $8.29 billion and a quarterly adjusted earnings of $1.36 per share, a jump of 49% year-on-year.
Nvidia’s data center unit’s quarterly revenue surpassed that of its gaming business for the first time in seven quarters.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.