Nvidia (NVDA) -) is perhaps the clearest evidence of the artificial intelligence boom that has captivated markets this year.
The graphics-chip specialist's stock has more than tripled after two back-to-back record earnings reports. The move boosted the company's market capitalization beyond the vaunted trillion-dollar mark.
Nvidia bulls, certain that this is the company best poised to benefit from AI developments, have likened the company's chips to the picks and shovels in the AI gold rush. Some AI startups might fail, but everyone is trying to succeed, and they need Nvidia to get there.
Related: Cathie Wood dumps nearly $30 million worth of two beloved tech giants
But Cathie Wood, who famously sold off most of Ark's Nvidia holdings shortly before the company's historic first-quarter earnings, has been strong in her position that there are other, better AI bets.
Wood said in May that the stock was "priced ahead of the curve."
"Other companies with visionary leaders, strong global distribution and, perhaps most important, large, high-quality pools of proprietary data should be big AI winners," she said.
Ark has been steadily selling off the remainder of its Nvidia shares; on Oct. 4, Ark's Genomic Revolution ETF (ARKG) -) sold a further 15,262 shares of Nvidia, valued at more than $6.5 million. This latest Nvidia trimming brings the fund's holding down to 63,000 shares, valued around $27 million.
Ark's preferred AI player is Elon Musk's Tesla (TSLA) -), a company Wood says is poised to dominate the robotaxi market. It is the "most obvious beneficiary of the recent breakthroughs in AI," she said in May.
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But her confident bull thesis on Tesla has not prevented Wood from trimming the holding from time to time.
Ark Invest sold a total of 97,599 shares of Tesla Oct. 4, valued around $25.5 million based on Tesla's closing price of $261.16. Ark Innovation was responsible for the largest part of the sale, paring 88,531 shares.
This comes after Ark sold a total of around $67 million of Tesla throughout September.
Tesla, which has more than doubled this year, remains Ark Innovation's largest holding by a wide margin.
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