Cathie Wood buys $81.5 million of surging semiconductor stock Nvidia

Cathie Wood’s Ark Investment Management bought about $81.5 million of Nvidia this week, adding to momentum for the AI chip leader. The move comes as Wood’s flagship Ark Innovation ETF (ARKK) gained 35.49% last year versus the S&P 500’s 17.88%, and is up 15.83% year-to-date as of the time of reporting, compared with the S&P 500’s 11.77%, according to Yahoo Finance. Wood is known for making large, sometimes during-advance purchases in disruptive tech. Her strategy has also meant steep drawdowns in bear markets, including a drop of more than 60% in 2022.