Cathie Wood's ARK bought $44 million Nvidia shares

Cathie Wood's ARK Invest purchased about $44 million in Nvidia stock on Thursday, according to a trade update, following the tech company's first-quarter earnings announcement. ARK paid $43.7 million for 245,286 Nvidia shares at Thursday's closing price of $178.51.

Nvidia's earnings release showed revenue that was higher than expected, but the chipmaker cautioned that severe macroeconomic conditions will decrease sales. The company estimated that the Russia-Ukraine conflict and COVID limitations in China will cost it $500 million in revenue in the current quarter.

The company expects its revenue for the current quarter to reach $8.10 billion, "plus or minus 2%." Its sales for the first quarter was $8.29 billion, up 46 percent from the same period last year. The company's shares fell more than 10% after the report on Wednesday, but recovered by Thursday, closing the day up 5.16 percent. Nvidia stock has down more than 37% year to date.

ARK purchased Nvidia stock through three of its ETFs, the most of which was its flagship ARK Innovation ETF, ARKK, which purchased nearly 191,000 shares. ARK had owned Nvidia stock but sold it all in November of last year.