Cathie Wood’s ARK Invest deployed nearly $40 million into Nvidia, Tesla, and SpaceX shares on July 28, 2026, as a global technology selloff wiped out trillions in market value from chip stocks and AI-focused companies.
The investment spanned five of ARK’s exchange-traded funds and reflected Wood’s signature contrarian approach during market turbulence. According to reporting from multiple outlets, ARK bought roughly $14.3 million in Nvidia shares, $23 million across Tesla positions, and approximately $12.2 million in SpaceX stock on that single day.
The buying came as the technology sector reeled from mounting concerns about the cost of artificial intelligence infrastructure. On July 28, chip stocks shed more than $1 trillion in value globally, according to CNBC, as investors questioned whether the massive capital expenditures required to build out AI systems would justify their returns. Nvidia and other semiconductor companies saw share prices drop more than a third during July’s selloff, according to the Financial Times.
The broader AI stock correction had been accelerating throughout July. Starting around mid-month, a wave of selling swept through technology stocks as traders reassessed valuations in light of hyperscaler pullbacks and rising questions about AI spending sustainability. The New York Times reported on July 28 that stocks tumbled globally, dragged down by a selloff in the big technology companies developing artificial intelligence.
Wood has built ARK’s reputation on buying during market downturns when others panic-sell. Her investment philosophy centers on identifying disruptive innovation opportunities that short-term market sentiment often disconnects from, according to analysis of her strategy. This contrarian stance has positioned ARK to capitalize on recoveries in sectors it believes in long-term, even as near-term valuations compress.
The July 28 purchases in Nvidia, Tesla, and SpaceX align with ARK’s existing conviction positions. Wood has maintained substantial stakes in all three companies, viewing them as central to long-term technological advancement. Her willingness to add during downturns underscores confidence that the current selloff represents a temporary repricing rather than a fundamental shift in the AI investment thesis.
Similar buying patterns have defined ARK’s approach across multiple market cycles. When other investors retreat during corrections, Wood’s funds have historically stepped in to accumulate shares at lower prices, betting that disciplined investors with longer time horizons will be rewarded once sentiment stabilizes.
Sources
- Yahoo Finance — confirmed ARK’s $40 million purchase of Nvidia, Tesla, and SpaceX shares on July 28, 2026
- Motley Fool — detailed breakdown of the July 28 transaction across ARK’s five funds
- Crypto.news — reported the $40.2 million buy during the global technology selloff
- TipRanks — described Wood’s contrarian positioning during the AI stock selloff
- CNBC — reported chip stocks shed more than $1 trillion on July 28
- Financial Times — documented the 33%+ drop in chip stocks during July’s selloff
- New York Times — covered the July 28 global technology stock selloff and AI concerns
- AOL — specified Nvidia purchase details: 73,166 shares worth $14.3 million
- Intellectia.ai — analyzed Wood’s contrarian investment philosophy and long-term conviction positioning
