A rebound for Cathie Wood’s exchange-traded funds may depend in part on an equally battered large-cap technology stock that’s been a long-time favourite of hers -- Nvidia Corp.
ETFs controlled by the growth stock proponent’s ARK Investment Management LLC have been loading up on Nvidia shares, purchasing more than 400,000 in September, according to the firm’s daily trading disclosures. ARK funds held more than 675,000 shares as of June 30, according to data compiled by Bloomberg.
Nvidia shares have plunged 55% this year, the biggest drop among tech stocks with market values of US$100 billion or more. Sales growth has slowed at a time when valuations for rapidly expanding companies have come under intense pressure amid soaring interest rates. The stock rose 0.5% on Monday.