Cathie Wood Buys $22 Million of This Tumbling Tech Stock

This article first appeared on GuruFocus.

Cathie Wood’s ARK Invest funds added to Cerebras Systems (NASDAQ:CBRS) on June 24, buying into the AI chipmaker after its post-earnings pullback. The firm said the purchase totaled 99,154 shares, worth about $22.48 million, after the stock fell 19.5%.

Cerebras also drew a smaller ARK buy on June 23, when the funds picked up 25,795 shares for about $5.79 million ahead of the company’s first public quarterly report. At the same time, ARK reduced its position in Roku (NASDAQ:ROKU), selling 65,246 shares worth about $8.81 million after Fox Corporation (FOXA) disclosed its acquisition of the streaming company.

Cerebras designs AI hardware and cloud systems used to train and run large models. The company is trying to challenge Nvidia (NASDAQ:NVDA) with a wafer-scale chip architecture that is built for large AI workloads.