Cathie Wood and her Ark Investment Management firm continued to shovel cash into a volatile stock market Tuesday, ahead of President Donald Trump's tariffs taking effect Wednesday. The firm on Monday and Tuesday poured around $40 million into Dow stocks Nvidia and Amazon.com while also doubling down on a Chinese internet search giant.
Wood and Ark Invest purchased 188,980 shares of Nvidia on Tuesday for an estimated $18.2 million, according to the company's daily trade disclosure. The investment firm also spent about $5.76 billion on 33,746 shares of Amazon. On Monday, Wood spent $14.84 million on Nvidia and about $2.96 million on Amazon. Ark Invest also purchased 54,120 shares of Amazon stock on Friday for about $9.25 million.
Nvidia stock climbed 2.6% at the opening bell for Wednesday's stock market action. Amazon stock advanced around 1% early.
While Wood loaded up on the two Dow giants amid the volatile market, she also added shares of Baidu. Ark Invest spent $357,399 on 4,650 of the U.S.-listed shares for the Chinese internet search giant on Tuesday. This followed a $3.22 million buying spree on 40,358 BIDU shares on Monday.
Baidu stock fell 1.9% early Wednesday after falling 3.6% to 76.86 on Tuesday.
Meanwhile, Trump's new tariffs went into effect at midnight on Wednesday. Trump announced the so-called reciprocal tariffs on April 2, which are actually based off trading partners' bilateral surpluses with the U.S. The U.S. is charging a 20% tariff on imports from the European Union, 24% on Japanese goods and 46% on products from Vietnam. Trump imposed a 34% "reciprocal" tariff on imports of Chinese goods, on top of an existing 20% enacted earlier this year.
The president added a further 50% tariff after Beijing announced a 34% retaliatory tariff on U.S. goods. That will mean a 104% tariff on nearly all Chinese goods.
Early Wednesday, China retaliated by hiking its tariffs on U.S. goods even further, to 84%. It also added more U.S. firms to its unreliable list.
Cathie Wood: The Other Monday Stock Market Purchases
Along with Nvidia, Amazon and Baidu buys on Tuesday, Wood added around 31,000 shares of cryptocurrency play Coinbase, nearly 47,000 shares of Tempus AI and 43,000 shares of GitLab.
Similarly to Nvidia and Amazon, Ark Invest has been repeatedly purchasing Coinbase stock since Trump announced his tariffs last week.
Buckle Up: What Trump Tariffs Mean For The U.S. Economy And Stock Market
Cathie Wood's Tuesday stock purchases were made through ARK Innovation ETF, ARK Autonomous Tech, ARK Next Generation Internet, ARK Fintech Innovation ETF and ARK Genomic Revolution ETF
Wood's purchases this week follow an active Friday, even as the stock market broadly swooned. Last week, shares of ARK Innovation ETF sold off 13.9% while ARK Genomics ETF dropped 11.8%.
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