(Feb 26): Cathie Wood sold shares in Taiwan Semiconductor Manufacturing Corp (TSMC) for the first time in more than two years, adding to its moves to cut exposure to the chipmaker’s key customer Nvidia Corp.

Ark Autonomous Technology and Robotics Exchange Traded Fund (ETF) sold 8,599 American depository receipts of Taiwan’s largest company last Friday in its first sale of the stock since the end of 2021, Ark Investment Management LLC data compiled by Bloomberg showed. The same ETF sold 2,362 shares in Nvidia on the same day.

Wood is trimming her holdings in the global chip bellwethers at a time the artificial intelligence (AI) frenzy intensifies, with Nvidia’s stellar earnings powering global markets to new heights. Nvidia is up 59% year-to-date, and TSMC’s US-traded shares have soared 25%.

Ark funds purchased shares in TSMC multiple times in 2023, and still collectively hold about 221,848 shares in the company, according to data compiled by Bloomberg.

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.

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 (RM9.55 trillion) valuation, surpassing Amazon.com Inc and Alphabet Inc. Both TSMC and Nvidia have dropped out of the fund’s top 10 holdings.