Cathie Wood Reshapes Portfolio Around AI, Biotech & Crypto
ARK Investment fully exited five positions — including TTD and QCOM — in Q1 2026, initiated a new stake in AVGO, and increased allocations to AMD, CRSP, and SHOP, sharpening its focus on high-conviction innovation themes.
- ARK Investment concentrated its $7.9B portfolio into 20 stocks, exiting TTD & QCOM while initiating AVGO
- CRSP and AMD saw the biggest allocation increases
Cathie Wood's ARK Investment concentrated its $7.9B AUM across just 20 positions in Q1 2026, unveiling one of its most concentrated portfolios on record. ARK decisively exited non-core assets in ad tech, telecom, and gaming, while doubling down on three structural pillars: AI semiconductors, gene editing, and crypto infrastructure. This rebalancing marks a quarter in which ARK's 'high-conviction, high-concentration' philosophy came into sharpest relief.
Top 5 Holdings — Q1 2026
Key Trading Moves This Quarter
TSLA held its position as the top holding at $1.1B (8.2% of portfolio), with AMD ($552M) and CRSP ($538M) ranking second and third, respectively. AMD's weighting expanded by 5 percentage points quarter-over-quarter, while CRSP surged 8 percentage points — the largest increase in the portfolio — reflecting Wood's deepening conviction in CRISPR gene-editing technology. PLTR, COIN, and HOOD each held roughly 3% weightings, forming a solid AI data and crypto triad anchoring the lower portion of the portfolio.
- AVGO initiated at $126M — a strategic entry targeting demand for custom AI semiconductor design
- CRSP +8pp · AMD +5pp — dual conviction in gene editing and AI chips
- TTD, PD, QCOM, U, FUTU fully exited — complete departure from ad tech, legacy semiconductors, and offshore fintech
Among new purchases, the initiation of AVGO ($126M) stands out. The move directly targets surging demand for custom AI chip design — and, alongside the increased AMD weighting, signals that ARK is making a decisive bet on the AI infrastructure layer. On the sell side, five positions were fully liquidated: TTD ($111M), PD ($109M), QCOM ($43M), and two others. The simultaneous exit from ad tech, enterprise software, and legacy semiconductors reads as a deliberate effort to raise the portfolio's 'innovation purity.'
The Concentration Paradox: What a 20-Stock Portfolio Signals
ARK's decision to compress its holdings to 20 names is a deliberate statement: thematic purity over diversification, even at the cost of higher volatility. With AI infrastructure (AMD, AVGO, PLTR), gene editing (CRSP), and crypto (COIN, HOOD) absorbing a significant share of total AUM, the portfolio is structured to amplify returns if the themes play out — but equally magnify drawdowns if they face headwinds. In Q2, the earnings trajectories of AVGO and CRSP will likely be the decisive variables for overall portfolio performance.
Frequently Asked Questions
Why did Cathie Wood initiate a new position in AVGO?
Broadcom (AVGO) is a critical semiconductor partner for hyperscalers like Google and Meta, designing custom AI accelerator chips on their behalf. ARK believes the industry is shifting from general-purpose GPUs toward bespoke AI silicon, and initiated AVGO to gain direct exposure to that paradigm shift.
What drove ARK to fully exit TTD and QCOM?
TTD (The Trade Desk) faced concerns over ad tech's cyclicality and uncertainty around the cookieless transition, while QCOM (Qualcomm) was pressured by sluggish smartphone demand and intensifying competition in AI chips. ARK appears to have concluded that both stocks no longer aligned closely enough with its disruptive innovation mandate.
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