For the first time in over two years, Cathie Wood sold shares in Taiwan Semiconductor Manufacturing Corp (TSMC), escalating its efforts to reduce exposure to the company’s principal client, Nvidia Corp.
In its first stock sale since the end of 2021, the Ark Autonomous Technology and Robotics Exchange Traded Fund (ETF) sold 8,599 American depository receipts of Taiwan’s largest corporation last Friday, according to data provided by Bloomberg.
On the same day, 2,362 Nvidia shares were sold by the same ETF.
At a time when the artificial intelligence (AI) craze is intensifying and Nvidia’s record-breaking results are propelling the world’s markets to unprecedented heights, Wood is selling off her holdings in the leading global chip companies. So far, Nvidia has risen by 59%, while TSMC’s US-traded shares have increased by 25%.
Ark funds bought shares in TSMC many times in 2023 and currently own roughly 221,848 shares in the business overall.
One of the most well-known voices saying AI would change everything was Wood. In spite of this, she bet on the development potential of less well-known software companies like UiPath Inc. and Twilio Inc. by selling Nvidia shares throughout the course of the previous year.
