Cathie Wood-led Ark Invest made significant trades on Monday, focusing on Nvidia Corp. (NASDAQ:NVDA) and Palantir Technologies Inc. (NASDAQ:PLTR).

The Nvidia Trade

Ark Invest’s decision to trade Nvidia Corp. (NASDAQ:NVDA) comes as the company maintains a dominant position in the AI chip market. According to Counterpoint Research, Nvidia’s chips are used in 92% of sovereign large language models across more than 80 countries. This highlights Nvidia’s critical role in the AI sector, despite the challenges of maintaining independence in domestic AI developments.

Ark Invest purchased 122,422 Nvidia shares worth around $26.6 million. On Monday, Nvidia’s stock closed at $217.55, reflecting a decline of 2.86%. The transactions were made through ARK Innovation ETF (BATS:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), ARK Next Generation Internet ETF (BATS:ARKW), ARK Blockchain & Fintech Innovation ETF (BATS:ARKF) and ARK Space & Defense Innovation ETF (BATS:ARKX).

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The Palantir Trade

Ark Invest also engaged in trading Palantir on the same day. Palantir’s stock experienced volatility, initially dropping in premarket trading before rebounding. The stock’s movement followed a significant 38% rally the previous week. Despite the recent gains, Palantir remains down 2.17% year-to-date.

Palantir closed at $175.23 on August 7, marking a 1.87% increase. Ark’s trade in Palantir was estimated to be worth $2 million. The sale of 11,525 shares was made through AKRQ.

Other Key Trades

  • Cloudflare, Inc. (NET) – Bought 58,142 shares through ARKK and ARKF.
  • Snowflake Inc. (SNOW) – Sold 15,830 shares through ARKW.
  • Iridium Communications Inc. (IRDM) – Sold 34,575 shares through ARKX.

Benzinga Edge Stock Rankings indicate Nvidia Stock has a Momentum score in the 71st percentile and a Value score in the 6th percentile.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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