Cathie Wood’s ARK Invest made a series of trades last week, cutting exposure to semiconductor stocks while adding to AI infrastructure and healthcare positions.
The biggest sell was Taiwan Semiconductor Manufacturing Company. ARK funds offloaded 100,549 shares of the chipmaker on May 14 and 15, totalling around $40.6 million. TSMC shares are still up roughly 35% year to date. The company recently raised its outlook for the global semiconductor market to $1.5 trillion by 2030, up from a prior forecast of $1 trillion, with 55% of that demand expected to come from AI and high-performance computing.
Taiwan Semiconductor Manufacturing Company Limited, TSM
TSMC also posted strong first-quarter 2026 results, with revenue up 35.1% and net income up 58.3%. Its CEO described AI demand as “extremely robust.” Despite that, TSMC is not among ARK’s top 10 holdings.
ARK also sold around 62K shares of Advanced Micro Devices worth $10.9M, along with over 57K shares of Teradyne worth $20.7M. These sales came as the iShares Semiconductor ETF dropped roughly 4% on May 15.
On the buy side, ARK purchased around 255K shares of Cerebras Systems, one of its largest single-week purchases. Cerebras makes AI compute hardware and has attracted growing investor interest.
ARK also bought over 162K shares of Tempus AI, a company that uses AI in healthcare and diagnostics. ARKK added 132K shares of Intellia Therapeutics and 52K shares of Natera, continuing a pattern of investment in precision medicine.
In fintech, ARK bought close to 42K shares of Circle Internet across three funds, adding to its exposure in digital payments and crypto-linked financial infrastructure.
ARK also bought over 61K shares of Kodiak AI and 183K shares of Kratos Defense, continuing a trend of building positions in defense technology.
ARK’s flagship fund, the Ark Innovation ETF, is down 3.81% so far in 2026, trailing the S&P 500 which is up more than 8%. Over five years, ARKK has delivered an annualized return of -6.25%, compared to 13.80% for the S&P 500, according to Morningstar.
Despite the underperformance, Wood has not changed her long-term view. She has described the current period as a “great acceleration” driven by AI and other technologies, and has pushed back on comparisons to a bubble.
“AI training costs are dropping 75% per year,” Wood said in a recent Bloomberg podcast, adding that inference costs are falling even faster.
Investor interest in ARK funds appears to be holding. The Ark Innovation ETF saw roughly $1.48 billion in net inflows over the five days through May 14, according to ETF research firm VettaFi.
ARK’s top holdings as of May 15 include Tesla at 11.16%, AMD at 5.57%, and Circle Internet at 5.23%.
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