Why Nvidia and Semiconductor Stocks Keep Going Up
All week long, trading in Nvidia (NASDAQ: NVDA) stock has been strong. After opening lower following the long holiday weekend, shares of the semiconductors-for-gaming leader have notched three straight days of stock price gains -- including this morning, with Nvidia stock up 2.2% through 10:30 a.m. ET.
You can probably thank sustained buying by Cathie Wood for that. But at the same time that Nvidia shares are bouncing back, so too are shares of rival semiconductor giant Intel (NASDAQ: INTC) and semiconductor manufacturing equipment maker Applied Materials (NASDAQ: AMAT). Intel stock is up 1.8% right now, and Applied Materials is gaining 2.6%.
As revealed on the ARK website late last night, the growth investing icon spent probably $3.6 million or so scooping up some 25,400 shares of Nvidia yesterday. And granted, those shares represent relative drops in the buckets of the $1.2 billion ARK Autonomous Technology & Robotics ETF (NYSEMKT: ARKQ) and the $1.5 billion ARK Next Generation Internet ETF (NYSEMKT: ARKW) funds that made the investments. But across the several ARK funds that have been snapping up Nvidia shares since late last week, it appears that Wood has been doing a lot more shopping than that, spending in excess of $50 million to acquire more than 375,000 shares of Nvidia.
Source Fool.com
