Cathie Wood says ARK dumped Nvidia shares before 160% surge because it’s ‘just pivoting’ to other A.I. plays

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Cathie Wood, the Chief Executive Officer (CEO) and Chief Investment Officer (CIO) of ARK Investment Management, has explained the investment firm's decision to sell its shares in Nvidia prior to a 160% surge in the company's stock as being "just a pivot" to other artificial intelligence (AI) plays. Wood has said that the decision was based on the analysis of ARK’s research team, which concluded that Nvidia’s success had been largely driven by the gaming industry and that the company had limited prospects for growth in other sectors. Wood added that ARK’s decision to sell its Nvidia shares was in line with its stated goal of investing in companies that are “pioneering new technologies that can have a disruptive impact on the markets and industries of the future.”