Cathie Wood Just Sold Another $18 Million of AMD Stock

This article first appeared on GuruFocus.

Advanced Micro Devices Inc. (AMD, Financials) dropped as Cathie Wood's ARK Invest revealed another large sale of the chipmaker's stock. ARK sold 37,977 shares of AMD across multiple exchange-traded funds, valued at around $18.1 million.The decision is part of a wider drive to cut back after AMD more than doubled this year. The stock is still up around 120% for 2026 despite the latest drop.ARK still holds a large position. Its flagship ARK Innovation ETF still owns about $193.3 million in AMD shares, or nearly 3% of the fund.Under pressure after Nvidia produced another good earnings report, increasing the gap between the two companies in the AI processor industry, AMD also under pressure.Wall Street however continues to be constructive on AMD.The stock has a Strong Buy consensus recommendation from 34 analysts, with an average price target of $647.19, suggesting a potential upside of ~37% from present levels.AMD has been aggressively moving into AI hardware with its Helios server racks, Venice CPUs and Instinct MI450 accelerators.For investors, Wood's sale appears more like a profit-taking move after a great run, rather than a complete lack of trust in AMD.