Via lobehub.com
Cathie Wood's funds continue rotating out of established chipmakers and into the AI accelerator upstart that IPO'd just months ago
ARK Invest is making its semiconductor preferences very clear. The firm’s ARKW fund dumped 3,679 shares of Advanced Micro Devices, worth roughly $1.8 million, while its ARKK and ARKW funds scooped up 35,089 shares of Cerebras Systems at a combined value of approximately $7.7 million.
The trade is less a one-off rebalancing and more the latest chapter in a pattern that has been playing out since Cerebras hit public markets in May 2026. ARK has been steadily building a massive position in the AI chip company while trimming its exposure to AMD.
The Cerebras bet keeps getting bigger #
Cerebras Systems went public with an IPO price of $185 per share. The stock promptly opened at around $350, nearly doubling on its first day of trading.
Since the IPO, ARK has executed numerous purchases of Cerebras shares totaling hundreds of thousands of shares across its funds. Individual buy orders during the May through June 2026 stretch ranged from roughly $11 million to $28 million on various dates. The latest $7.7 million purchase, at a closing price of about $220, represents a relatively modest addition by ARK’s own recent standards.
Cerebras designs large-scale AI accelerators, chips purpose-built for training and running artificial intelligence models. The company’s core product is a wafer-scale chip, essentially an entire silicon wafer turned into a single massive processor rather than being sliced into hundreds of smaller chips.
Why AMD is on the chopping block #
The $1.8 million AMD sale is relatively small in isolation, but ARK has conducted multiple similar AMD-to-Cerebras rotations throughout May and June 2026, with the directionality unmistakable: out of the old guard, into the new challenger.
What the pattern tells us #
ARK’s repeated Cerebras purchases since the IPO are notable for their persistence. At roughly $220 per share in the latest transaction, Cerebras sits significantly below the $350 level it touched on its first day, which means ARK has been averaging into the position at prices below the opening-day high.
Cerebras has drawn attention from other AI-focused investors alongside ARK’s activity. The company’s wafer-scale approach is differentiated in a market where most competitors are iterating on conventional chip architectures.
The risk for ARK is concentration. Cerebras is a relatively young public company with a stock that has already shown significant volatility, dropping from $350 to around $220 within months of its debut.
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