Shopify Stock Slumps and Cathie Wood’s ARK Swoops In to Buy Shares

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High-profile fund manager Cathie Wood’s ARK Investment Management has increased holdings of e-commerce company

Shopify

and shed chip maker

Nvidia
,
the group said in a statement.

ARK snapped up about $35 million worth of Shopify shares. The stock has dropped this week after investors were disappointed with the outlook the e-commerce company gave for the first quarter. However, it also posted strong fourth-quarter results.

ARK also shed about $9 million worth of Nvidia shares. Semiconductor makers had a rough time as demand slumped after the Covid-19 pandemic. Nvidia is down about 10% over the past year, but it has surged more than 50% this year.

ARK focuses on high-growth stocks. Wood’s flagship

ARK Innovation Fund

had a bad 2022, plunging 67%, as the Federal Reserve raised interest rates at the fastest pace in a generation. But it had its best month since it was launched in 2014 in January, gaining 28%.

Earlier this week, ARK said it had bought a significant chunk of

Coinbase Global
.

Write to Brian Swint at [email protected]