Cathie Wood Dumps $22 Million in AMD, Doubles Down on Alibaba and Baidu

This article first appeared on GuruFocus.

Sep 23 – Cathie Wood’s Ark Innovation ETF (ARKK) increased its exposure to Chinese technology companies while paring back semiconductor holdings.

The fund purchased about 63,000 shares of Alibaba (NYSE:BABA), valued at roughly $11 million, and around 82,000 shares of Baidu (NASDAQ:BIDU), worth about $11 million. The move comes as investor interest in select Chinese firms rises despite continued geopolitical headwinds.

At the same time, the ETF cut its position in Advanced Micro Devices (NASDAQ:AMD), selling nearly 138,000 shares for proceeds of about $22.3 million. The fund now holds approximately 1.3 million shares of the chipmaker, valued at more than $209 million.

Ark also sold shares of health technology firm Tempus AI (NASDAQ:TEM), offloading about $3.8 million in stock. It still retains a sizable holding of 4.35 million shares, worth roughly $344 million.

Alibaba recently outlined plans to expand its artificial intelligence budget, a development that has supported gains in Chinese technology stocks.