Cathie Wood's Ark Invest Is Selling Nvidia Stock and Buying 1 Artificial Intelligence (AI) Growth Stock Hand Over Fist
Cathie Wood's Ark Invest believes disruptive innovation is a key driver of long-term capital appreciation, and the firm is particularly focused on technologies like artificial intelligence (AI). In that context, readers may be surprised to learn that Ark reduced its position in Nvidia during the second quarter and continued to sell through the third quarter.
Readers should be aware that Ark still has a stake in the AI chipmaker. But Nvidia stock has tripled year to date, so the firm is probably trying to rebalance its portfolio by redeploying some capital elsewhere. To that end, Ark increased its position in UiPath (NYSE: PATH) during Q2, and the software company currently ranks as its third-largest holding.
Here's what investors should know about this AI growth stock.
Source Fool.com
