Latest trades from Cathie Wood offer a measured look at how active managers are adjusting exposure within the AI theme—without necessarily signaling a broad shift. ARK Invest reduced its stake in semiconductor names, including a notable sale of Advanced Micro Devices Inc (NASDAQ:AMD) by $72 million across multiple ETFs. Chipmakers have been central to the AI rally, so the move may reflect profit-taking or portfolio rebalancing after strong gains. For investors in semiconductor-heavy ETFs such as VanEck Semiconductor ETF (NASDAQ:SMH)and iShares Semiconductor ETF (NASDAQ:SOXX), the development is worth monitoring—but not necessarily a signal to reposition.

Platforms And Applications Back In Focus

At the same time, ARK added to large-cap tech names like Alphabet Inc. and Meta Platforms Inc. These companies sit closer to the monetization layer of AI, with exposure to digital advertising, data, and cloud ecosystems.

For ETF investors, this aligns with funds such as Communication Services Select Sector SPDR Fund (NYSE:XLC) and Global X Artificial Intelligence & Technology ETF (NASDAQ:AIQ), which tilt toward AI applications rather than pure hardware.

A Niche Bet On AI-Driven Biotech

One under-the-radar move is ARK's purchase of shares worth more than $43 million in Intellia Therapeutics Inc (NASDAQ:NTLA). The position highlights ongoing interest in AI-enabled drug discovery and genomics—an area that remains less crowded compared to semiconductors and megacap tech.

While these trades don't point to a decisive rotation, they do underscore a more granular shift in positioning within the AI ecosystem. For ETF investors, the takeaway is to track how exposure is evolving across segments—rather than treating the AI trade as a single, uniform bet.

Photo: Courtesy of Ark Invest