Ark Investment Management LLC founder and CEO Cathie Wood’s exchange-traded funds (ETFs) sold shares of Taiwan Semiconductor Manufacturing Corp (TSMC, 台積電) for the first time in more than two years, adding to its moves to cut exposure in the chipmaker’s key customer Nvidia Corp.
Ark Autonomous Technology and Robotics ETF sold 8,599 American depositary receipts of Taiwan’s largest company on Friday last week in its first sale of the stock since the end of 2021, Ark Investment data compiled by Bloomberg showed.
The same ETF sold 2,362 shares of Nvidia the same day.
Photo: Reuters
Wood is trimming her holdings in the global chip bellwethers at a time artificial intelligence (AI) frenzy intensifies, with Nvidia’s stellar earnings powering global markets to new heights.
Nvidia’s share price is up 59 percent year-to-date and TSMC’s US-traded shares have soared 25 percent.
Wood was one of the most prominent voices predicting AI would be a game-changer. Despite that, she sold Nvidia shares throughout last year, betting on growth potential in less-talked about software companies such as UiPath Inc and Twilio Inc.
Ark funds purchased shares of TSMC multiple times last year. The autonomous ETF, which focuses on companies relevant to industrial innovation, has missed out on the rally that has given Nvidia a near US$2 trillion valuation, surpassing Amazon.com Inc and Alphabet Inc.
TSMC, Asia’s most valuable company, inched up 0.14 percent yesterday to close at NT$698 in Taipei trading, having risen 17.71 percent so far this year, Taiwan Stock Exchange data showed.
Additional reporting by staff writer
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