Cathie Wood Just Bought $81 Million of This Red-Hot AI Chip Stock

This article first appeared on GuruFocus. Cathie Wood’s ARK Invest increased its exposure to Nvidia (NVDA) during the week ended Oct. 2, adding 356,681 shares valued at about $81 million. The purchase came as Nvidia shares reached fresh record highs and continued to benefit from investor optimism around artificial intelligence infrastructure spending. The stock has also drawn support from the company’s recently expanded $150 billion share repurchase authorization and expectations for continued AI-related demand. NVDA GF Value chart Wood’s latest move adds to a series of Nvidia purchases by ARK funds this year. The investment manager has previously increased its position in the chipmaker while reducing exposure to some semiconductor peers, reflecting confidence in Nvidia’s role at the center of the AI buildout. Nvidia shares climbed to an all-time intraday high on Oct. 2 and were up more than 3% at one point during morning trading as technology stocks advanced. The rally helped lift the Nasdaq Composite to a record level after weaker-than-expected U.S. jobs data strengthened expectations that the Federal Reserve could keep interest rates unchanged this month.