On Nvidia Earnings Day, Cathie Wood’s ARK Loaded Up $20M On Rival Chip Stock

• The firm also bought 69,585 shares of Cerebras Systems and 47,794 shares of Cloudflare. 
• Wood’s asset management firm sold 37,977 shares of competing chipmaker Advanced Micro Devices.
• Broadcom is expected to post its third-quarter (Q3) earnings results on Sept. 2 after market hours.

Cathie Wood’s ARK Investment Management loaded up on Broadcom Inc.’s (AVGO) shares on Wednesday, coinciding with chipmaker Nvidia Corp.’s (NVDA) earnings release. 

Across its ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), and ARK Next Generation Internet ETF (ARKW), the asset management firm purchased a total of 57,705 AVGO shares, worth more than $20 million as of the last close. 

The firm also bought 69,585 shares of Cerebras Systems Inc. (CBRS) and 47,794 shares of Cloudflare Inc. (NET). 

AVGO stock was up nearly 2% in the overnight session late Wednesday.

Which Firms Did ARK Offload?

In addition to adding the aforementioned technology stocks, Wood’s asset management firm sold 37,977 shares of Advanced Micro Devices Inc. (AMD), another competing chipmaker. 

ARK also sold shares of Tempus AI Inc. (TEM), Twist Bioscience Corp. (TWST), Robinhood Markets Inc. (HOOD), Brera Holdings PLC (SLMT), CrowdStrike Inc. (CRWD), and Roblox Corp. (RBLX).

Wall Street Is Bullish On AVGO Q3 Results

Broadcom is expected to post its third-quarter (Q3) earnings results on Sept. 2 after market hours. RBC Capital analyst Srini Pajjuri maintained a ‘Sector Perform’ rating and $400 price target on AVGO shares ahead of its Q3 results. 

According to The Fly, the firm said that it expects a slight beat and raise for the quarter, driven by the company's Networking business. The analyst also noted that Broadcom's TPU share remains a focus amid competition from MediaTek and Alphabet Inc.’s (GOOG, GOOGL) Google, which recently forged a supply agreement with Marvell Technologies Inc. (MRVL). RBC also added that Broadcom's long-term contract and expanding TPU adoption beyond Google should support continued growth for the next few years.

According to data from Fiscal.ai, analysts expect the company to post revenue of $29.43 billion, up 84.5% compared to $15.95 billion reported in the previous comparable quarter. Earnings per share (EPS) is expected to come in at $3.24, up from $1.69 posted in Q3 2025.

How Did NVDA Fare In Its Latest Quarter?

Nvidia reported second-quarter (Q2) revenue of $96.2 billion, more than doubling from a year earlier, while adjusted EPS reached $2.22, beating Wall Street estimates. Data center revenue grew to $89 billion, ahead of expectations, with Alphabet and Amazon among key hardware adopters. 

For the third quarter, Nvidia expects revenue of $108 billion, above the $103.9 billion consensus, with gross margins around 74%. 

AVGO Stock: Retail Stance

On Stocktwits, retail sentiment around AVGO stock was ‘bullish’ at the time of writing, with an increase of about 22% in chatter over 24 hours, as per platform data. 

One user said, “$AVGO Monster in making.”

Another user said, “UP quite a bit in overnight trading. More than usual . Tomorrow should be a good day.”

A third user said, “$AVGO loading zone!!! Lots of analysts came out with price targets above 500 recently.  see you at 450 in 2 weeks time post killer Earnings report.”

AVGO shares have gained more than 18% in the last one year. 

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