Cathie Wood Sold $110 Million of AMD and Bought Nvidia Instead
Cathie Wood just dumped one of this year's biggest AI winners to load up on a stock that has barely moved, and the reasoning behind that swap reveals a lot about where she thinks the real opportunity still sits.
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Cathie Wood’s ARK Invest sold 181,767 shares of AMD (NASDAQ:AMD | AMD Price Prediction) on September 29, 2026, a stake worth about $110.5 million. In the same session, it bought Nvidia (NASDAQ:NVDA).
AMD is up 183.7% year to date, while Nvidia has gained 22.11%. ARK moved money from the big winner into the laggard.
Wood has not publicly explained the trades, and ARK’s fund-by-fund holdings are unavailable in free sources.
What ARK Actually Traded in One Session
ARK bought 356,681 Nvidia shares worth about $81.6 million, across four of its ETFs.
ARK also bought Broadcom shares worth about $27 million, plus about $17.3 million of Tesla (NASDAQ:TSLA), about $21.7 million of CoreWeave (NASDAQ:CRWV), and some SpaceX (NASDAQ:SPCX). Sales included $38.5 million of 10x Genomics and $10.9 million of Tempus AI (NASDAQ:TEM).
That spread looks like rebalancing. ETF weight limits can force cuts that carry no signal, and the pattern fits Wood’s long habit of trimming winners and adding to names she views as undervalued.
AMD Sold Into a Trillion-Dollar Run
AMD briefly passed $1 trillion in market value last week. The stock rose 30.5% in the past month alone.
Second-quarter Data Center revenue rose 107% to $6.72 billion, now 58% of sales, and CEO Lisa Su said Helios “begins to ramp” over the next six months.
AMD also agreed to buy World Labs for $8.2 billion in stock, a push into physical AI. A trailing P/E near 229x prices in years of clean execution, so selling into strength looks reasonable.
Nvidia Earns More and Costs Less
Nvidia’s Data Center revenue reached $89.02 billion, up 117%, at a 75% non-GAAP gross margin versus AMD’s 56%. The leader is growing faster on a far larger base.
Nvidia trades at about 17x forward earnings, its lowest since January 2015.
Moreover, one could link ARK’s purchase to Nvidia’s board adding $150 billion to its buyback, leaving $235 billion authorized. An authorization grants permission to repurchase shares over time, and cash leaves only when Nvidia buys. Nvidia’s CEO said in the announcement, “This authorization reflects our confidence in the long-term opportunity ahead.”
Both Stocks Ride One Capex Cycle
Buybacks reduce the share count, but chip demand shows up in Data Center revenue, and both companies depend on the same hyperscaler and AI lab spending. Having both concentrates that risk.
Nvidia carries $279 billion in supply commitments and extended receivables to 60 days. AMD needs Helios shipments, expected later in the third quarter, to arrive on schedule. Those near retirement should size either position for volatility.
AMD Versus Nvidia: Where the Setup Looks Better
AMD looks fully priced after this year’s run, and its thinner margins leave less room for error if memory costs or Helios yields disappoint.
I see Nvidia as the more attractive setup today.
Nvidia pairs the larger, more profitable data center franchise with the cheaper multiple, and management called its outlook “supply-constrained,” meaning demand exceeds what it can ship.
I would revisit my bullish view if Nvidia’s gross margin falls below its 71% to 72% fourth-quarter guidance or AMD’s Helios ramp lifts data center mix well past today’s level.
Contact [email protected] for any questions or corrections.
Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
