Ark's Cathie Wood defends AI strategy despite offloading Nvidia shares below $150
) holdings when the stock was trading below $150 per share has proven to be costly. The transaction caused the renowned money manager's firm to miss out on a rally that could have brought in a roughly $1.2 billion return.
Ark Investment initially bought Nvidia shares in 2014 when they were trading at $4 on a split-adjusted basis. The majority of Nvidia sales took place in November 2022, just before the release of ChatGPT spark a massive artificial intelligence-driven rally in the stock market. Wood said earlier that she is still not convinced by Nvidia's sky-high valuation."I've watched Nvidia throughout my career, ever since it went public. It's a very cyclical stock," Wood said, adding that over-ordering of Nvidia's GPUs could lead to a painful inventory correction for the company.However, the ARK Innovation ETF, now valued at around $6.4 billion, has declined nearly 16% this year, with Tesla’s stock losing nearly 30% of its value.
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