ARK sold Nvidia and bought Cerebras and Bullish in a weekly rotation. The bet is that AI chip alternatives and crypto infrastructure will outperform legacy growth names.
Cathie Wood’s ARK Investment Management rotated heavily out of legacy chip and streaming positions during the week ending May 22, 2026, while adding to two newer, more speculative holdings: Bullish and the Cerebras fund. The weekly trading data shows a clear capital shift that tells a specific story about Wood’s conviction on the next phase of the AI infrastructure cycle.
The most notable sale was Nvidia (NVDA). ARK trimmed its position in the dominant GPU maker, a name Wood has publicly questioned on valuation grounds for months. The sale aligns with her long-stated view that Nvidia’s current pricing already reflects peak AI training demand and that the next wave of value creation will flow to application-layer companies, not chip suppliers. The move is not a reversal; it is a continuation of a pattern that began in late 2025.
ARK’s purchase of the Cerebras fund is the week’s most telling signal. Cerebras builds wafer-scale processors designed specifically for AI training, a direct alternative to Nvidia’s H100 and B200 architectures. Wood’s bet here is that the AI chip market will not remain a single-player monopoly. If Cerebras captures even a fraction of the training workload from hyperscalers seeking price leverage against Nvidia, the upside could be multiples of the current fund valuation.
The addition of Bullish is a different bet entirely. Bullish is a regulated crypto exchange backed by Block.one and Peter Thiel. ARK’s purchase suggests Wood sees a regulatory clearing event for digital assets in the U.S. that could unlock institutional capital flows into exchange tokens and related infrastructure. The timing coincides with the SEC’s recent rulemaking on crypto custody, which reduces a key barrier for pension and endowment allocations.
ARK sold positions in Zoom (ZM) and Roku (RKUY) during the same week. Both are pandemic-era growth names that have struggled to re-accelerate revenue growth in a post-lockdown world. Zoom faces competition from Microsoft Teams and Cisco Webex, while Roku is squeezed by rising content costs and ad-market share loss to connected TV rivals. Wood’s exit from these names is a recognition that the thesis has not played out on the timeline she expected.
The combined trades create a portfolio that is more concentrated on AI infrastructure alternatives and crypto infrastructure, and less exposed to consumer software and streaming hardware. This is a high-conviction, high-volatility positioning. If Cerebras gains a major hyperscaler customer or Bullish lists a token that attracts institutional volume, ARK’s returns could outperform. If neither catalyst materializes, the fund is left holding illiquid positions with no clear exit.
The next 90 days will test this rotation. Cerebras is expected to file an updated S-1 with the SEC, which will reveal its revenue trajectory and customer concentration. Bullish is awaiting a final regulatory nod for its planned direct listing. Both events will either confirm Wood’s thesis or force another pivot. For investors tracking ARK’s weekly trades, the Cerebras fund position is the one to watch: it is the most concentrated bet on a non-Nvidia AI chip winner, and it carries the highest execution risk.
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