Cathie Wood's ARK Invest added over $40 million worth of Tesla, SpaceX and NVIDIA shares as a global sell-off in AI stocks wiped billions off technology names on Tuesday, July 28. The buying spanned five ARK funds and included an addition to a Solana staking ETF.
ARK Invest bought over $40 million worth of Tesla, SpaceX and NVIDIA shares while a global sell-off in AI stocks wiped billions off technology stocks and sent major equity markets tumbling on Tuesday, July 28.
ARK spreads its Tesla, SpaceX and NVIDIA buys across five funds
In total, Wood's firm purchased 40,281 Tesla shares in four ARK ETFs. ARKK was the top buyer with 26,920 shares, while ARKQ bought 5,785, ARKW acquired 5,119 and ARKX took 2,457. The purchases cost about $12.38 million, based on the TSLA closing price of $307.44.
Elon Musk's SpaceX was the other significant addition. ARKK bought 70,773 shares and ARKQ snapped up 15,213, while ARKW added 9,426 and ARKX bought 9,696. Assuming the closing price, the 105,108 shares cost around $12.24 million.
NVIDIA, meanwhile, was a top addition in all five ARK funds: ARKK bought 42,072 shares, ARKQ 13,639, ARKW 11,984, ARKF 5,471 and ARKX 5,799. The 78,965 shares were valued at around $15.56 million at the NVIDIA closing price of $197.01, per ARK Invest's disclosure.
ARK also increased its exposure to Solana via the 3iQ Solana Staking ETF, where ARKW bought 2,997 shares and ARKF bought 2,255. The 5,252 shares came to approximately $32,667, including the ETF closing price of $6.22.
Kospi trading halts as Asian technology shares slide
Wood's buying came amid renewed selling pressure for AI-related stocks on Tuesday. South Korea's Kospi index dropped 10.8% in a stock market shutdown, with trading halted after the losses hit 8%. Technology and consumer electronics were the biggest losers, with Samsung Electronics and SK Hynix down over 13%. Japan's Nikkei 225 finished almost 4% down.
However, chipmakers continued to be on the defensive in the U.S. following NVIDIA's 5% slide on Monday, which cost it the spot as the world's most valuable publicly listed company to Apple. Investors took a fresh look at AI infrastructure spending and the financing of data centers on Tuesday, driving shares of Intel, AMD, Sandisk, Western Digital and Seagate Technology down by more than 4% each.
Source: CoinGape
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