MilestoneSep 9, 2026, 18:30 UTC

ARK pours $17M into Cerebras, exits AMD and Palantir

What's the deal? Cathie Wood's ARK Invest reshuffled its portfolio on September 9, 2026, exiting stakes in Advanced Micro Devices and Palantir while adding to AI chipmaker Cerebras Systems and electric aircraft firm Archer Aviation.

The numbers: ARK sold 19,491 AMD shares worth roughly $9.9 million through its flagship ARKK ETF, extending a week-long trend of trimming the position. It also offloaded 38,395 Palantir shares for $6.5 million and sold 68,759 Tempus AI shares valued at $4.4 million.

Where the money went: The firm's largest buy was Cerebras Systems, acquiring 93,290 shares worth about $17.2 million across two ETFs on August 25. It also picked up 575,700 Archer Aviation shares in a $3.4 million transaction, deepening its bet on urban air mobility.

Why now? Cerebras stock has slid 32.4% since its May 14 debut, falling 8% in the past month alone, with the decline sharpening after the company's August 18 Supernova presentation as shareholders took gains. Wood appears to view the dip as a long-term opportunity.

What's behind Cerebras? The chipmaker posted second-quarter revenue of $209.9 million, up 103% year-over-year, with cloud revenue surging 287% to $127.7 million. It closed the quarter with more than $8.6 billion in cash and securities, plus an untapped $850 million credit line.

What could go wrong? Cerebras's core gross margin fell to 40.6% in Q2 from 46.5% in Q1, which management blames on temporary rental costs for systems leased back from cloud partners. It projects margins above 60% over the long term as company-owned infrastructure comes online.

The signal: ARK is rotating out of established tech names toward AI infrastructure and biotech — it also raised stakes in Beam Therapeutics and CRISPR Therapeutics. Cerebras now makes up 2.68% of the ARK Innovation ETF, a conviction bet against falling prices and thinning margins.