Cathie Wood sells $11.8 million in Nvidia-backed stock before earnings

Cathie Wood just made a massive move ahead of a key tech earnings report.

The ARK Invest founder trimmed $12 million in CoreWeave (CRWV) stock just days before the company reports earnings in a couple of days’ time.

On May 4, ARK sold 99,692 shares of CoreWeave across multiple ETFs, locking in gains, as the stock was in red-hot form over the past month, jumping 56%.

For perspective, CoreWeave emerged as one of Nvidia’s (NVDA) key picks-and-shovels partners in the AI infrastructure buildout, helping usher in the neocloud era.

Moreover, CoreWeave’s business is tied to Nvidia, with its AI cloud built around renting out Nvidia’s power-hungry GPUs to train and run AI models.

Additionally, that relationship goes beyond a simple customer-supplier arrangement.

Nvidia invested a whopping $2 billion in CoreWeave in January, raising its stake by nearly 50% to 47.3 million shares, becoming the company’s second-largest shareholder.

Nevertheless, Wood’s eyebrow-raising move is actually classic.

She typically leans into these growth stories early, but when the stock gets stretched, especially ahead of an earnings bump, she trims.

At the same time, ARK has been actively rebalancing its biggest AI-linked tech names after an impressive run of late.

TheStreet tech reporter Mwangi Enos covered Wood’s latest profit-taking moves in tech, noting several of her recent trims in Advanced Micro Devices (AMD) stock after a stellar run (she also cut more of AMD…