The global sell-off in AI stocks that wiped billions off technology stocks and caused major equity markets to tumble on Tuesday, July 28. However, Cathie Wood’s ARK Invest added over $40 million worth of Tesla, SpaceX and NVIDIA shares.
Cathie Wood’s ARK Invest Snaps Up Tesla, SpaceX, NVIDIA Stocks
In total, Cathie Wood-led firm purchased 40,281 Tesla shares in four ARK ETFs. The top buyer for the Tesla stock acquisition was ARKK with the purchase of 26,920 shares. Meanwhile, ARKQ bought 5,785 shares, ARKW acquired 5,119 shares and ARKX raked in 2,457 shares. The total cost of the purchases was about $12.38 million, based on the TSLA stock closing price of $307.44.
Elon Musk’s SpaceX (SPX) also made an extra significant addition into Cathie Wood’s ARK ETFs. ARKK increased exposure to SpaceX stock with a buy of 70,773 shares and ARKQ snapped up 15213 shares. Whilst, ARKW added 9426 shares and ARKX bought 9696 shares. Under the assumption of the closing price on SPCX, the total price of ARK’s acquisition of 105,108 shares was around $12.24 million.
Furthermore, NVIDIA was also a top stock addition in all five of the Cathie Wood-led ARK funds. ARKK bought 42,072 shares, ARKQ bought 13,639 shares, ARKW raked in 11,984 shares. In addition, ARKF acquired 5,471 shares and ARKX purchased 5,799 shares. The total transaction of buying 78,965 shares at the NVIDIA stock closing price of $197.01 was valued at around $15.56 million, per ARK Invest’s disclosure.
ARK also increased its exposure to Solana via the 3iQ Solana Staking ETF (SOLQ.U). ARKW bought 2,997 shares and ARKF bought 2,255 shares. The total value of the 5,252 shares purchased, including the ETF closing price of $6.22, was approximately $32,667.
Global AI Stocks Selloff In Focus
Cathie Wood’s buying was especially welcomed amid renewed selling pressure for AI-related stocks on Tuesday. South Korea’s Kospi index dropped 10.8% in a stock market shut down as trading was halted after the losses hit 8%. The technology and consumer electronics sectors were the biggest of the losers, with Samsung Electronics and SK Hynix down over 13%. The Nikkei 225 in Japan also finished almost 4% down.
However, chipmakers continued to be on the defensive in the U.S. following NVIDIA’s 5% slide on Monday. NVIDIA lost its spot to Apple as the world’s most valuable publicly listed company. Investors took a fresh look at the AI infrastructure spending and financing of data centers on Tuesday, driving shares of Intel Corp., AMD, Sandisk Corp., Western Digital Corp., and Seagate Technology Corp. down by more than 4% each.
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