Cathie Wood missed most of the Nvidia rally after dumping the stock in early 2023.

On Monday, her ARK Invest funds bought roughly $63 million worth of it and sold a near-equal slug of AMD to do it.

ARK picked up 300,017 shares of Nvidia Corp. (NASDAQ:NVDA) while selling 110,207 shares of Advanced Micro Devices Inc. (NASDAQ:AMD), according to the firm’s daily trade disclosure.

The reshuffle came after Nvidia and MediaTek unveiled the RTX Spark Superchip at Computex 2026, a Grace-Blackwell processor pairing a 20-core Arm CPU with up to 128GB of unified memory and aimed squarely at the x86 turf AMD has shared with Intel for four decades.

In further bearish news for the stock, AMD’s lead independent director, Nora Denzel, separately sold 10,447 shares for around $5.45 million across May 29 and June 2, with the larger leg landing the same day as the ARK sale.

Wood’s Long-Running Nvidia Skepticism

After exiting in early 2023, Wood spent the rally arguing there’d be ‘dozens’ of AI winners and that Tesla, not Nvidia, was ARK’s biggest AI bet.

ARK reportedly dumped most of its Nvidia position in late 2022 and early 2023, when shares were changing hands around $15 split-adjusted, then trimmed its Nvidia holdings by another 17.5% in Q1 of this year.

What may have flipped the thesis is the RTX Spark’s edge AI angle.

The chip can reportedly run 120-billion-parameter language models locally, pushing the AI compute frontier from the data center onto the consumer PC. Wood’s bet now appears to be that local agentic AI will trigger a PC upgrade supercycle that Nvidia is positioned to win.

Polymarket Already Priced The Pivot

Polymarket’s largest company end of 2026 market now puts Nvidia at 75% to finish the year as the world’s biggest company by market cap, up from around 50% just a few weeks ago. Google is second at 13%, and Apple in third with 10%.

Polymarket thinks the stock, currently trading around $222, has a 50% chance of hitting $240 this month.

The chance of the AI bubble bursting is currently priced at 22%.

What Tigress Sees

Tigress Financial analyst Ivan Feinseth raised his NVDA price target to $425 from $360 this week and kept a Strong Buy rating, implying around 92% upside. Wood’s trade now lines up with where the prediction markets are pointing.

While Cathie Wood is making her bet on an Nvidia-dominated ecosystem, AMD is still close to record highs, suggesting the chipmaker isn’t ready to concede the PC crown just yet.

Image: Shutterstock