ARK Invest Sells Block Shares to Increase its Position in GPU Maker Nvidia

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ARK Invest-managed flagship Ark Innovation ETF has dumped 235,489 Block (formerly Square) shares worth over $20.1 million to buy an additional 366,982 Nvidia shares worth $65.3 million.

Estimates are based on closing prices for SQ and NVDA securities as of August 8.

The shares of the GPU maker added to the ARK Next Generation Internet ETF (47,069), ARK Fintech Innovation ETF (30,684) and ARK Innovation ETF (289,229).

The capitalization of NVIDIA on the basis of trading on August 8 fell by 6.32%. The market reacted to a significant discrepancy between the actual data on revenue and the average forecast of analysts: $6.7 billion against $8.1 billion.

ARK Invest liquidated its position in PayPal shares in April. The company’s CEO Kathy Wood attributed the move to greater confidence in the prospects of Block’s competitor Cash App.