TLDR
- Cathie Wood’s ARK Invest bought 243,707 Nvidia (NVDA) stock units on August 28, valued at roughly $53 million, after the stock dropped 4.5% post-earnings.
- Nvidia reported Q2 adjusted EPS of $2.22 vs. $2.10 estimate, with revenue of $96.22 billion beating the $92.17 billion forecast.
- CFO Colette Kress guided for 70% revenue growth in fiscal 2028, well above the 44% analyst estimate.
- JPMorgan raised its Nvidia price target to $320, while Bank of America maintained a $350 target with a buy rating.
- ARK also sold 156,286 units of AMD on the same day, continuing a shift away from the chipmaker.
Cathie Wood made a big move last week. Her ARK Invest funds picked up 243,707 units of Nvidia (NVDA) on August 28, worth around $53 million based on the closing price of $217.55.
The buy came one day after Nvidia stock jumped nearly 9% on strong earnings, then pulled back 4.5%. Wood has a habit of using post-earnings dips to add to positions she believes in long term.
As of Monday morning, Nvidia stock was trading up 0.5% at $218.70 in premarket.
Nvidia reported fiscal second-quarter adjusted earnings of $2.22 per share, beating the $2.10 estimate. Revenue came in at $96.22 billion, above the $92.17 billion Wall Street expected.
The bigger story was the outlook. CFO Colette Kress said Nvidia expects fiscal 2028 revenue growth of around 70%, nearly double the 44% analyst estimate. She noted that customer demand is actually pointing to growth doubling, but supply constraints are the real limiting factor.
CEO Jensen Huang echoed that point, saying demand continues to outpace supply.
Wall Street Raises Targets
JPMorgan responded by raising its Nvidia price target to $320 from $280, keeping an overweight rating. The firm pointed to accelerating data center demand, strong Blackwell Ultra chip orders, and a fiscal 2028 outlook it views as potentially conservative.
Bank of America analyst Vivek Arya held his buy rating and $350 price target, calling Nvidia a “top pick.” He projects earnings to grow at roughly 60% annually from 2026 to 2028, putting Nvidia’s PEG ratio at around 0.3 times versus roughly 1 times for the S&P 500.
Arya did flag some risks: lower gross margins, rising memory costs, custom chip competition, and growing financial commitments from Nvidia.
Nvidia now trades at a forward price-to-earnings ratio of 16.7 times, below the S&P 500’s 19.7 times, according to FactSet.
ARK Trims AMD, Adds Elsewhere
While buying Nvidia, Wood continued trimming AMD. ARK sold 156,286 units of AMD on August 28, continuing a trend that has run through much of 2026 after ARK built a heavy AMD position between 2023 and 2025.
ARK also added to positions in Broadcom (AVGO), Cerebras Systems (CBRS), and Cloudflare (NET). It trimmed Brera Holdings, Roblox, Twist Bioscience, and AMD.
Nvidia is not a top 10 holding in the ARK Innovation ETF. Tesla sits at the top with a 9.05% weight, followed by Tempus AI and SpaceX.
ARKK is up 9.97% year to date as of August 28, trailing the S&P 500’s 12.65% gain. The fund has delivered a five-year annualized return of -6.91%, versus 11.33% for the S&P 500 over the same period.
Nvidia is up about 16.6% year to date, outperforming the S&P 500 but lagging AMD, which has surged 117.4% in 2026.
JPMorgan’s raised target of $320 and Bank of America’s $350 target reflect continued analyst confidence following the earnings beat.
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