Renowned Ark Invest CEO Cathie Wood sold $1.3 million in Robinhood shares to invest in Nvidia and AMD stocks worth $4.1 million each on Aug. 4. Robinhood recently reported strong Q2 financial results, but Trump’s tariff announcement caused HOOD stock to drop 3% on Aug. 1.

Despite the setback, HOOD stock rebounded by 6% on Aug. 4, prompting ARK Invest to sell 12,613 shares. The firm then purchased $4.1 million in Nvidia and AMD shares, two top chipmakers in the AI industry. Both companies are crucial for crypto mining due to their advanced technology.

Nvidia has seen significant growth thanks to its AI focus, while AMD is also a key player in the AI space. Wood’s strategic investments in these companies align with their upcoming Q2 earnings reports. Stay tuned as both firms are expected to release their financial results soon.

Read more at Yahoo Finance: Cathie Wood dumps $1.3M in Robinhood to buy top AI stocks