Cathie Wood’s ARK Invest continued a high-profile portfolio rotation this week, cutting its exposure to Advanced Micro Devices (AMD) and artificial-intelligence healthcare name Tempus AI, while adding to Broadcom (AVGO), Cerebras Systems and biotech diagnostics company Veracyte.
On Wednesday, ARK sold 37,977 shares of AMD worth about $18.1 million. AMD closed down 0.9% at $476.67 that day. The sale extends a multi-month reduction in AMD, even as the stock has more than doubled this year. To replace that AI chip exposure, ARK bought 57,705 shares of Broadcom and 69,585 shares of Cerebras Systems the same day. Broadcom closed up 4.5% at $371.54, while Cerebras rose 2.5% to $186.67. Despite the selling, ARK still holds more AMD than its newer AI chip positions: the flagship ARK Innovation ETF holds $193.3 million in AMD, versus $149.5 million in Cerebras and $95.3 million in Broadcom.
On Thursday, ARK sold another 59,276 shares of Tempus AI through its ARKK ETF, valued at just over $4 million. It also sold 22,225 shares of Twist Bioscience across ARKK and ARKG for $3.3 million, and made smaller trims in Roblox and Brera Holdings. On the buying side, ARK added 47,793 shares of Veracyte for $2.1 million across ARKK and ARKG, and bought 5,085 shares of Scribe Therapeutics through ARKG. The ARK Innovation ETF closed up 1.87% and ARKG rose 0.85% on Thursday. These moves highlight a shift away from some tech names and into genomics and biotech, sectors that have long been central to Wood’s strategy, though ARKK has posted an annualized loss of around 9% over the past five years.
Separately, Broadcom is set to report fiscal Q3 FY26 earnings on September 2, and Wall Street expectations are elevated. The consensus calls for EPS of $3.22, up 90.5% year over year, and revenue of $29.24 billion, up 83.3% from a year earlier. Benchmark analyst Cody Acree reiterated a Buy rating with a $545 price target. Acree models Q3 revenue of $29.403 billion and EPS of $3.24, and expects fourth-quarter guidance of $34.902 billion in revenue and $3.89 in EPS. AVGO shares traded at $368.62, up about 7% year to date. The stock has been pressured since a 13% drop after Q2 results, which missed elevated AI expectations.
The AI chip setup remains a focus. Acree noted management expects roughly 10 gigawatts of FY27 shipments, with the 2026-27 period already secured and planning underway for 2028-29. Google is the volume leader among Broadcom’s custom XPU customers, while Anthropic, OpenAI and Meta Platforms are expected to add demand. The April agreement with Google covering several future TPU generations and AI networking through 2031 is seen as a key anchor for Broadcom’s business. Meanwhile, ARK Invest bought 55,131 AVGO shares on August 28, worth roughly $20.48 million. Wall Street’s Strong Buy consensus on Broadcom has an average price target of $512.36, implying about 39% upside.
