Cathie Wood sells $120 million in AI stock, buys Nvidia

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This article first appeared on GuruFocus. ARK Invest, led by Cathie Wood, boosted their stakes in Space Exploration Technologies Corp. (SPCX, Financials) and numerous chipmakers as tech stocks fell sharply.At the end of trading on Thursday, ARK bought 393,774 SpaceX shares valued at almost $48.7 million. The funds also bought 252,592 shares of Nvidia at $45.9 million and 276,925 shares of Rocket Lab at $12.74 million.Other acquisitions were 48,984 shares of Advanced Micro Devices, 53,457 shares of Alphabet and 196,897 shares of Cerebras Systems.The purchase occurred after SpaceX dropped 9.1% and Nvidia plummeted 9.3% in the session. ARK also slashed a number of jobs.The fund sold 410,559 shares of Broadcom for around $119.