ARK Invest sold 37,977 Advanced Micro Devices shares worth about $18.1 million, extending Cathie Wood’s reductions after AMD gained roughly 120% in 2026. The firm continues to hold AMD through its exchange-traded funds, with the ARK Innovation ETF’s reported position valued at approximately $195 million, or about 3% of its portfolio. The transaction came as Nvidia’s strong results and outlook reinforced its leadership in AI accelerators, prompting investors to reassess whether rival chipmakers can support sharply higher valuations. ARK’s broader activity included purchases of Broadcom, Cerebras Systems, Veracyte, Scribe Therapeutics and Cloudflare, alongside sales of Tempus AI, Twist Bioscience, Roblox and Brera Holdings. AI-focused ETFs nevertheless rallied after Nvidia’s results, with the Global X Artificial Intelligence & Technology ETF rising 2.1% and the iShares A.I. Innovation and Tech Active ETF gaining 1.7%. The AMD sale therefore represents a portfolio reduction within an active AI strategy rather than a complete withdrawal from the theme. AMD’s approximately 62 forward 12-month price-to-earnings ratio leaves the sustainability of the broader AI-chip trade as a key issue for ETF investors.