TLDR
- ARK Invest sold 156,286 AMD shares worth $74.5 million on August 28
- ARK bought 243,707 Nvidia shares worth around $53-55.6 million after its earnings pullback
- ARK also picked up 55,131 Broadcom shares worth $20.5 million ahead of its September 3 earnings
- Nvidia posted Q2 revenue of $96.2 billion, up 106% year over year, with Q3 guidance of $108 billion
- The Ark Innovation ETF has seen $2.09 billion in net outflows over the past 12 months
Cathie Wood’s ARK Invest made a major portfolio shift on August 28, selling $74.5 million worth of Advanced Micro Devices stock while buying into Nvidia and Broadcom.
ARK sold 156,286 AMD shares across multiple ETFs. This followed another AMD sale the day before, when the fund offloaded around 37,977 shares worth about $18.26 million. AMD shares are still up 117.4% year to date.
Advanced Micro Devices, Inc., AMD
ARK Loads Up on Nvidia After Earnings Dip
ARK bought 243,707 Nvidia shares, worth around $53 million based on the August 28 closing price of $217.55. The purchase came a day after Nvidia surged nearly 9% on strong earnings, then fell 4.5%.
Nvidia reported fiscal Q2 revenue of $96.2 billion, up 106% year over year. Adjusted earnings per share came in at $2.22, beating the $2.10 estimate.
The company guided for around $108 billion in Q3 revenue, above the $104.19 billion Wall Street consensus. Nvidia’s CFO said the company expects fiscal 2028 revenue growth of around 70%.
Several analysts raised their price targets after the results. JPMorgan lifted its target to $320 from $280. Bank of America reiterated a buy rating with a $350 target, calling Nvidia a top pick. Melius Research set a Street-high target of $420.
Nvidia stock is up about 16.6% year to date.
Broadcom Buy Comes Before September Earnings
ARK also bought 55,131 Broadcom shares worth $20.5 million. This followed another Broadcom purchase earlier in the week.
Broadcom is set to report its fiscal Q3 results after market close on September 3. Wall Street expects revenue of $29.24 billion, up 83.3% year over year, with adjusted earnings per share of $3.21.
Benchmark analyst Cody Acree kept a buy rating and $545 price target on Broadcom. He noted the stock trades near the low end of its AI peer group on valuation and called it a better setup after shares fell 13% following its Q2 results.
Broadcom stock is up 6.6% year to date.
Wood remains positive on AI’s role in driving corporate profits and productivity. She has said companies leaning into AI will separate themselves from those that do not.
Despite the optimism, the Ark Innovation ETF has delivered a five-year annualized return of -6.91% as of August 28, compared to 11.33% for the S&P 500. Net outflows from the fund over the past 12 months totaled roughly $2.09 billion.
The flagship Ark Innovation ETF is up 9.97% year to date, trailing the S&P 500’s 12.65% gain over the same period.
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