Following Cathie Wood: Continues to bet on AI chip unicorn CBRS, takes profit on AMD and TER at elevated levels

On Wednesday (May 20), boosted by improving market sentiment, international oil prices and U.S. Treasury yields both declined, while the three major U.S. stock indices staged a strong collective rebound, each closing with gains exceeding 1%.

Amid this market environment, 'Cathie Wood' once again demonstrated her core investment thesis on May 20: allocating capital to disruptive next-generation AI chip innovators and digital asset infrastructure, while exiting streaming and traditional hardware stocks facing valuation adjustments.

Buy-side: Bet on emerging AI players and digital assets

Added position $Bullish (BLSH.US)$Approximately 83,800 shares. BullishAs an institutional-grade digital asset trading platform, its core moat lies in its foundational technology for 'tokenizing' traditional financial assets. In early May, the company announced a $4.2 billion acquisition of Equiniti, a global leader in transfer agency services—a strategic move aimed at establishing compliant settlement channels for tokenized securities, reflecting significant strategic ambition.

Added position $Cerebras Systems (CBRS.US)$Approximately 82,800 shares. CerebrasIt officially listed on Nasdaq on May 14 and is currently the hottest AI hardware 'unicorn.' Its disruptive 'Wafer Scale Engine (WSE)'—a single, ultra-large chip—is claimed to deliver several times the AI inference speed of traditional GPUs, positioning it as a potential strong rival to NVIDIA.

Sell-side strategy: Take profits at elevated levels and clean up legacy positions.

Reduce holdings $Roku Inc (ROKU.US)$Approximately 102,300 shares. RokuAs a TV streaming aggregation platform, Roku saw some recovery in its advertising business in Q1, but it continues to face intense competition from major tech giants and smart TV manufacturers’ proprietary operating systems. Its traditional front-end traffic growth potential has been persistently questioned. As a former top holding in ARK’s portfolio, Cathie Wood chose to significantly cut over 100,000 shares amid a stock price rebound and elevated valuation—a classic example of taking profits at peak levels.

Reduce holdings $Advanced Micro Devices (AMD.US)$ Approximately 26,700 shares. AMDAMD is a core beneficiary of the current AI computing boom, with its MI300/MI400 series accelerators firmly occupying a vast ecosystem position in data centers. AMD’s Q1 earnings report released on May 5 showed a 57% surge in data center revenue, driving its stock to an all-time high. Cathie Wood opted to reduce holdings and take profits while AMD’s stock was at its peak and positive catalysts had already been fully priced in.

Reduce holdings $Teradyne (TER.US)$ Approximately 17,400 shares. TeradyneAs a global leader in automated test equipment (ATE), Teradyne operates in the midstream testing segment of chip manufacturing. Against the backdrop of the entire semiconductor sector being pushed to elevated valuations, Cathie Wood’s rationale for trimming positions mirrors that of AMD—taking profits opportunistically at peak levels across the semiconductor supply chain and withdrawing liquidity.

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