Cathie Wood’s ARK Invest sold most of its Nvidia stake just before the chipmaker kicked off a rally that added $585 billion in market value

• Cathie Wood’s Ark Invest sold the bulk of its Nvidia stake just before the company went on a massive rally.
• Ark owned 1.3 million shares of Nvidia across all of its ETFs in early October, but that position has since dwindled to just 390,000 shares.
• Wood said in February that Nvidia’s valuation was “very high” and that it was focused on higher conviction stocks.

Cathie Wood’s Ark Invest is probably wishing it didn’t sell nearly 1 million shares of Nvidia between early October and today following the chipmaker’s massive year-to-date surge of more than 160%.

Nvidia stock soared as much as 30% on Thursday after the company announced jaw-dropping guidance as it benefits from a wave of demand for its chipsets that support generative AI technology platforms like OpenAI’s ChatGPT and Alphabet’s Bard.