NVIDIA (NASDAQ:NVDA), Spotify Technology (NYSE:SPOT) – Cathie Wood Trims Spotify Stake And Adds Another $3.5M In This Chipmaker

Cathie Wood-led Ark Investment Management bought over 25,000 shares of Nvidia Corporation NVDA, via two of the firm’s exchange-traded funds, valued at over $3.52 million based on Thursday’s closing price.

Nvidia is the 33rd largest holding in the firm’s ARK Autonomous Tech. & Robotics ETF ARKQ with a weight of 0.98%, according to the firm’s data. It is the 22nd largest holding in ARK Next Generation Internet ETF ARKW with a weight of 1.37%.

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Price Action: Nvidia shares have lost over 18% in one month. This is the second time this week Wood has loaded up on shares of the chipmaker. On Tuesday, Wood bought over 31,000 shares in the company.

The U.S. ban on exports of Nvidia and AMD’s flagship artificial intelligence chips to China is set to create new business opportunities for domestic start-ups eyeing a piece of China’s fast-growing data center chip market, reported Reuters citing industry executives and analysts.

Post the ban, there was some respite for the company as the U.S. government allowed it to continue developing its H100 artificial intelligence chip in China. The U.S. granted permission to Nvidia to perform exports needed to support U.S. customers of A100 through March 1, 2023.

Spotify Sale: Wood sold over 20,000 shares of Spotify Technology SA SPOT, through the ARK Next Generation Internet ETF, valued at over $2.2 million based on Thursday’s closing price. The stock has lost close to 9% in a month. The company’s founder Daniel Ek exploited a rare visit to Brussels to apply personal pressure on the European Commission to accelerate the case against Apple Inc AAPL, reported Financial Times.

Image and article originally from www.benzinga.com. Read the original article here.