Cathie Wood’s collection of investment funds is buying the dip on Roblox Corp (NYSE:RBLX) and selling NVIDIA Corporation (NASDAQ:NVDA) amid production concerns.
Wood’s Ark bought a total of 865,287 Roblox shares after the stock plunged more than 20% Wednesday following quarterly results that missed expectations on the top and bottom lines.
Cathie Wood and Ark Invest's trade activity from today 8/9 pic.twitter.com/qHuLUTHDM3
— Ark Invest Daily (@ArkkDaily) August 10, 2023
The move has already delivered some gains, as Roblox shares gained 2.6% Thursday morning to $30.23.
Meanwhile, Wood’s funds dumped 6,347 shares of chipmaker Nvidia on reports that the company isn’t producing enough AI chips to satisfy demand.
Super Micro Computer, a company that heavily relies on Nvidia hardware, blamed “key components supply shortages” for disappointing revenue guidance posted Tuesday evening.
That sent Nvidia shares almost 5% lower Wednesday. Shortly before noon Thursday, the stock was down another 0.6% to $422.98.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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