Cathie Wood’s Ark Invest purchased Nvidia stock across five ETFs amid a 10-week decline and market cap shift to AAPL.
Ark Invest CEO Cathie Wood has acquired Nvidia (NVDA) shares for all five of the firm’s largest exchange-traded funds. The purchases follow a 17% drop in NVDA stock since its mid-May all-time high, as Apple (AAPL) reclaimed the top market cap spot.
Nvidia’s revenue growth accelerated to 85% year-over-year in its fiscal first quarter, marking its strongest performance in 18 months. Prior quarters saw increases of 55%, 63%, and 73%, underscoring sustained demand for its AI-focused GPUs and data center accelerators.
The stock’s decline contrasts with Nvidia’s fundamentals, as the company remains a leader in high-performance AI hardware. The shift in market cap rankings reflects broader sector rotation rather than a slowdown in Nvidia’s business.