Cathie Wood and her ARK Invest team have been making headlines with a dramatic semiconductor stock shuffle, unloading over $120 million in Advanced Micro Devices and Taiwan Semiconductor Manufacturing Co. shares over the past month while simultaneously piling into AI chipmaker Cerebras Systems following its explosive Nasdaq debut. The trades offer a window into how one of Wall Street's most closely watched investors is positioning for the next phase of the AI chip boom.
ARK Invest's daily trading disclosures reveal a pattern of profit-taking in two of the semiconductor sector's biggest winners, paired with a bold bet on a newer, more specialized player in the AI hardware space. The moves come as the broader semiconductor market has surged, with the iShares Semiconductor ETF (SOXX) gaining roughly 75% this year alone.
How the Semiconductor Sell-Off Unfolded: Inside ARK's Trading Spree
ARK Invest began trimming its AMD position in earnest on April 10, selling $5.9 million in shares. The selling accelerated sharply on April 24, when ARK funds unloaded 215,643 shares of AMD worth roughly $32.7 million. Additional sales pushed total AMD proceeds past $79.9 million across five separate trading days, according to ARK trade disclosures. AMD stock had skyrocketed 72% in a single month and was up 93% year-to-date.
On May 14 and 15, ARK extended its semiconductor profit-taking to Taiwan Semiconductor Manufacturing Co., selling a total of 100,549 shares worth approximately $40.6 million. The sales came as TSMC shares hit fresh all-time highs, climbing 4.4% to $421.97 on May 14 before ARK trimmed its position. "Selling TSMC must be a profit sale," one commenter noted on TheStreet's coverage of the trade.
Despite the selling, TSMC remains one of ARK's larger holdings at roughly $308 million, representing about 2% of the firm's equity portfolio. AMD has also been a longtime core holding, though ARK has been reducing its exposure throughout 2026.
Timeline: How Cathie Wood's Semiconductor Plays Developed
April 10, 2026: ARK sells $5.9 million in AMD shares, beginning the profit-taking campaign.
April 24, 2026: Major sale of $32.7 million in AMD shares (215,643 shares) as AMD continues its record rally.
Late April 2026: Additional AMD sales bring total to $75 million, as first reported by Yahoo Finance.
May 6-8, 2026: ARK sells another $15.6 million in AMD shares. AMD is now up 93% on the year.
May 14, 2026: Cerebras Systems prices IPO at $185 per share, above the $150-$160 range. Shares open at $350. ARK buys 105,616 CBRS shares across ARKK and ARKW ETFs.
May 14-15, 2026: ARK sells $40.6 million in TSMC shares (100,549 shares) as the chipmaker hits record highs.
May 15, 2026: ARK buys an additional 149,176 CBRS shares, bringing total Cerebras position to over 254,000 shares. Cerebras closes at $311.07, up 68% from IPO price.
Why This Matters: Expert Analysis on the Bigger Picture
The timing of ARK's trades reveals a nuanced strategy. While AMD and TSMC have delivered extraordinary returns amid the AI-driven semiconductor rally, Wood appears to be rotating into Cerebras — a company that offers a fundamentally different approach to AI computing. Cerebras builds the Wafer-Scale Engine (WSE), the largest chip ever made at 46,225 mm² with 4 trillion transistors, designed specifically for AI inference workloads.
"Cerebras develops giant AI chips and supercomputers designed to train and run AI models much faster than traditional GPUs, and is seen as a challenger to Nvidia," reported Stocktwits in its coverage of the IPO. The company clocked $510 million in sales last year, up from $290.3 million in 2024, representing 76% year-over-year revenue growth.
The IPO was oversubscribed by more than 20 times, with Cerebras selling 30 million shares and raising $5.6 billion. The strong demand highlights "the intense investor appetite for AI hardware firms, as Big Tech companies pour record levels of spending into AI development and data center expansion," according to Stocktwits. Cerebras has already signed a deal to partner with OpenAI, and counts Meta, AWS, and IBM among its customers.
The question on many investors' minds is whether Wood sold AMD and TSMC too soon. AMD stock has continued to climb following ARK's sales, and TSMC's all-time high suggests the chip foundry giant still has momentum. "The question is whether Wood sold too soon," TheStreet noted in its coverage of the AMD trades.
Where Things Stand Now: Latest on the Semiconductor Shake-Up
As of mid-May 2026, ARK Invest holds a significant stake in Cerebras Systems across multiple ETFs, with the position likely worth well over $50 million following CBRS's strong aftermarket performance. The stock gained an additional 6% in overnight trading heading into Friday after its first-day pop.
Meanwhile, ARK's cash position has been bolstered by the AMD and TSMC sales, providing dry powder for future opportunities. The firm has also been buying Alphabet and other names with the proceeds from its semiconductor sales, signaling a broader portfolio rotation.
Retail sentiment on Cerebras has been "extremely bullish" (100/100) on Stocktwits, though some traders have expressed caution about valuation. "$CBRS honestly surprised this has held as well as it did today. No position still but patiently waiting for an entry," said one trader on the platform.
What Happens Next: The Road Ahead for ARK's AI Chip Bet
Cerebras faces significant challenges, including competition from Nvidia's dominant GPU ecosystem and the need to scale its manufacturing. However, the company's unique wafer-scale architecture gives it a potential edge in AI inference — a market that is expected to grow exponentially as more AI applications move from training to deployment.
For Cathie Wood, known for placing high-conviction bets on disruptive technologies, the Cerebras investment fits squarely within her investment thesis. ARK has long argued that AI-related technologies will transform the global economy, and owning a pure-play AI chip company with differentiated technology aligns with that vision.
The semiconductor sector remains red-hot, with Intel, AMD, and Micron all notching triple-digit gains this year. Whether Wood's rotation from established players to a newly public challenger will pay off remains to be seen, but the early returns are promising.
Key Takeaways from Cathie Wood's Semiconductor Moves
- Over $120 million sold: ARK liquidated roughly $79.9M in AMD and $40.6M in TSMC shares during April and May 2026.
- Bold IPO bet: ARK bought over 254,000 shares of Cerebras Systems across two trading days following its blockbuster IPO.
- Revenue growth story: Cerebras grew revenue from $290.3M (2024) to $510M (2025), with partnerships including OpenAI, Meta, and AWS.
- AI chip disruption: Cerebras's wafer-scale chip is 58x larger than GPUs and delivers up to 15x faster AI inference.
- Market context: The iShares Semiconductor ETF (SOXX) has gained 75% YTD, reflecting extraordinary demand for AI chip exposure.
