Nvidia Looks Like a Growth Stock Again. Watch Cathie Wood.

Nvidia is the dominant supplier of artificial-intelligence chips. (Marlena Sloss/Bloomberg)

Key Points

• Cathie Wood’s ARK Invest bought 243,707 shares of Nvidia on Friday, valued at roughly $53 million.
• ARK Invest sold 156,286 shares of Advanced Micro Devices on Friday, continuing a trend of trimming its stake in the company.
• Nvidia recently forecast a 70% increase in revenue for next year, with CEO Jensen Huang stating that demand is stronger than supply.

Nvidia is back in fashion. For evidence the chip maker is once again attracting growth-hungry investors, look no further than ARK Invest’s Cathie Wood.

After its recent blowout earnings, Nvidia should be able to shed fears that it is too big to grow at a rapid rate. A forecast of a 70% increase in revenue next year would have been good enough on its own, but the real clincher is that CEO Jensen Huang has said demand is even stronger and supply is the limiting factor.

Those figures are attracting investors who had moved on to other beneficiaries from the artificial-intelligence trade in search of higher returns. For example, Cathie Wood bought 243,707 Nvidia shares across ARK’s exchange-traded funds on Friday, according to the fund manager’s disclosures.

Nvidia stock was up 0.5% at $218.70 in premarket trading Monday. The stock closed down 4.6% at $217.55 on Friday, valuing Wood’s purchases at roughly $53 million.

The move continues a trend in recent months as Wood has been increasing ARK’s Nvidia holdings and trimming its stake in Advanced Micro Devices , a position she had built up heavily from 2023 to 2025. ARK sold another 156,286 shares of AMD on Friday, according to the disclosure.

Wood, ARK’s CEO and chief investment officer, has built a reputation on the back of “moonshot” sectors such as genomics and robotics, having made her reputation with significant bets on Elon Musk’s Tesla. However, that has delivered mixed performance. ARKK —Wood’s largest fund—has delivered an annualized loss of around 9% over the past five years.

Still, Nvidia could prove to be a wise bet. Barron’s argued in our recent stock pick that Nvidia was a bargain at around $226 and a forward price-to-earnings ratio of around 26 times.

Nvidia now trades at a forward multiple of 16.7 times, compared with 19.7 times for the benchmark S&P 500, according to FactSet. That’s growth at value-stock prices.

Write to Adam Clark at adam.clark@barrons.com

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