In a series of high-profile trades on Wednesday, Cathie Wood's Ark Invest offloaded more than $16 million worth of shares in Advanced Micro Devices Inc. (AMD), signaling a potential shift away from traditional semiconductor plays amid renewed excitement over artificial intelligence. The firm instead poured tens of millions into cryptocurrency-related companies, including Circle Internet Group, Bullish, and Bitmine Immersion Technologies, as Nvidia Corp.'s strong quarterly earnings report reignited investor buzz around AI technologies.
Ark Invest executed the sale of 72,215 AMD shares across three of its flagship exchange-traded funds: the Ark Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW). Based on AMD's closing price of $223.55 that day, the transaction was valued at approximately $16.14 million. This divestment occurred just as AMD continues to position itself in the burgeoning $1 trillion AI market, according to reports from financial news outlet Benzinga.
Despite recent positive developments for AMD, such as securing a contract to power France's Alice Recoque supercomputer, the company's shares dropped 2.93% on Wednesday. The decline mirrored broader concerns in the semiconductor sector ahead of Nvidia's earnings release, which ultimately exceeded expectations and highlighted surging demand for AI chips. Nvidia's results, disclosed after market close on Wednesday, showed quarterly revenue of $35.1 billion, a 94% increase year-over-year, further fueling optimism in the AI space but apparently not enough to stem Ark's sell-off in AMD.
Turning its focus to the crypto sector, Ark Invest acquired 216,019 shares of Circle Internet Group Inc. (NYSE: CRCL) through the same trio of ETFs, ARKF, ARKK, and ARKW. Valued at about $15.06 million using Circle's closing price of $69.72, this purchase follows a similar buy of 40,071 shares worth $3.06 million on Tuesday. Circle, the issuer of the USDC stablecoin, experienced an 8.98% drop in its stock price on Wednesday, yet analysts remain optimistic about its prospects.
Baird analyst David Koning recently upgraded Circle from Neutral to Outperform, maintaining a price target of $110 per share. Similarly, Bernstein analysts reiterated an Outperform rating with a lofty $230 target, stating that Circle "remains fundamentally strong." The company's third-quarter performance underscored this view, with revenue reaching $740 million, adjusted EBITDA of $166 million, and net income of $214 million—a 202% increase from the previous year.
Ark's interest in Circle aligns with Wood's long-standing enthusiasm for blockchain and digital assets, which she has championed as transformative technologies. The firm has been steadily building its position in the USDC issuer, viewing it as a cornerstone of the stablecoin ecosystem that could underpin future financial innovations.
In another significant crypto bet, Ark Invest scooped up 463,598 shares of Bullish (NYSE: BLSH) across ARKF, ARKK, and ARKW, totaling around $16.9 million at the stock's closing price of $36.39. This came on the heels of Bullish reporting third-quarter earnings that surpassed analyst expectations, even as digital asset sales dipped. The Peter Thiel-backed cryptocurrency exchange demonstrated robust momentum, with Ark adding $1.06 million worth of shares on Tuesday and $10.02 million on Monday.
Bullish's performance reflects the volatile yet resilient nature of the crypto market, where exchanges like it continue to attract institutional interest despite short-term fluctuations. Ark's aggressive buying spree in Bullish underscores Wood's strategy of doubling down on platforms that facilitate digital asset trading and innovation.
Rounding out the day's trades, Ark Invest purchased 260,651 shares of Bitmine Immersion Technologies Inc. (NYSE: BMNR) through the same ETFs, valued at approximately $7.65 million based on a closing price of $29.18. Bitmine's stock faced headwinds as Bitcoin prices slipped below $90,000, highlighting the company's close ties to cryptocurrency valuations through its aggressive treasury strategy.
Bitmine recently disclosed that its crypto and cash holdings have ballooned to $11.8 billion, positioning it as the largest single holder of Ethereum with over 3.55 million tokens—representing 2.9% of the total supply. The company aims to increase its stake to 5% of the Ethereum network in the long term. To support this expansion, Bitmine appointed Chi Tsang as its new CEO and added three independent directors to enhance governance and drive growth initiatives.
These moves by Ark Invest come at a pivotal moment for the intersection of AI and cryptocurrency. While Nvidia's earnings have spotlighted the AI boom— with the company projecting further growth in data center revenues tied to AI—Wood appears to be pivoting toward crypto assets that could benefit from AI-driven blockchain advancements. AMD, meanwhile, grapples with competitive pressures in the chip market, where Nvidia holds a dominant position.
Financial data from Benzinga's Edge Stock Rankings places AMD in the 5th percentile for value, suggesting it may be undervalued relative to peers like Nvidia. However, Ark's decision to trim its exposure indicates a tactical reallocation rather than a complete abandonment of AI themes. Wood has historically favored high-growth, disruptive companies, and her recent trades suggest a belief that crypto infrastructure will play a key role in the next wave of technological evolution.
Broader market reactions were mixed. While crypto stocks like Circle and Bullish saw declines on Wednesday, the sector's fundamentals appear solid, buoyed by institutional adoption and regulatory tailwinds. Bitmine's massive Ethereum holdings, for instance, could provide a hedge against volatility if Ethereum's ecosystem continues to expand with AI integrations.
Looking ahead, investors will watch Nvidia's post-earnings trajectory and how it influences the semiconductor landscape, potentially affecting AMD's recovery. For Ark Invest, these trades represent a continuation of Wood's bold, thematic investing approach, which has delivered outsized returns in past bull markets but also faced criticism during downturns. As the AI and crypto narratives converge, Wood's portfolio adjustments could signal emerging opportunities for the savvy investor.
The trades, executed on November 20, 2025—though the article references 2025, aligning with Benzinga's copyright—highlight the fluid dynamics of modern markets, where traditional tech giants coexist with digital asset pioneers. Whether this shift pays off remains to be seen, but it exemplifies the high-stakes bets defining today's investment landscape.