The ARK Innovation fund bought 82,456 shares of a company valued at US$9.94 million. This is competition from Nvidia in its supply chain for AI processors.
The financial guru Cathie Woodthrough its background ARK Innovation ETFbet millions on AMD, a company that faces competition with Nvidia and challenges in their supply chain for food processors AI.
Cathie WoodCEO of Ark Investment Management, is known for her active focus on buying technology stocks that she believes will transform industries.
This week, Wood maintained his strategy of buy stocks when their prices go downinvesting in Advanced Micro Devices (AMD).
Cathie Wood: why she bought AMD
On December 31, the Ark funds acquired 82,456 shares of Advanced Micro Devices. That number of shares had an approximate value of US$9.94 million at the close of January 2.
AMD Stock Is Down About 10% Over the Past Year due to challenges in meeting high investor expectations.
It should be noted that in October 2024, AMD posted third-quarter results that matched analyst estimates, with revenue slightly above expectations.
However, its fourth-quarter revenue outlook fell short of Wall Street forecasts.. The company projected sales of US$7.5 billion compared to the US$7.55 billion expected.
Source: Ambito
