Cathie Wood's Ark Sells $110M of AMD, Buys $81.5M of Nvidia as Vera Rubin Supports 70% FY28 Growth Outlook

Cathie Wood's ARK Invest has made a striking shift inside the AI-chip trade, selling about $110 million worth of Advanced Micro Devices (AMD) shares while putting more than $81 million into Nvidia (NVDA) just as the chipmaker's next-generation Vera Rubin platform moves into production, as it maintains an unusually bullish 70% revenue-growth outlook for fiscal 2028.

The transactions came on 29th September, when ARK sold 181,767 AMD shares across four actively managed ETFs and purchased 356,681 Nvidia shares across the same four funds. Based on the companies' closing prices that day, the AMD sale was worth about $110.5 million, while the Nvidia purchase was valued at roughly $81.6 million.

The moves underline how dramatically the two AI-chip stocks have diverged in 2026, and why Nvidia's Rubin transition is becoming increasingly important to the market's view of its growth beyond Blackwell.

Ark's Nvidia Trade as Vera Rubin Takes Off

ARK bought 356,681 Nvidia shares through ARK ETFs: ARKK, ARKQ, ARKW, and ARKX. At Nvidia's 29th September closing price of $227.21, the position was worth about $81 million.

The purchase also followed Nvidia's decision to authorise an additional $150 billion of share repurchases, lifting its remaining buyback capacity to $235 billion. Nvidia said the expanded programme can be used through fiscal 2028.

However, the more important development for the long-term Nvidia story is Rubin. Nvidia said in its fiscal Q2 earnings call that its Vera Rubin platform was ramping into full production, with systems already up and running at customers and partners, including CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure, and Nebius.

Nvidia's latest SEC filing also says Vera Rubin began production shipments in fiscal Q3, but cautioned that supply constraints remain an issue as demand for its data centre products continues to outpace available supply.

The platform is designed to improve the economics of AI computing. Nvidia says Vera Rubin can deliver substantially higher performance per watt and lower token costs than previous-generation systems, potentially making increasingly complex AI workloads more economical to run.

Nvidia Sees 70% Growth in Fiscal 2028

The Vera Rubin product transition sits behind one of Nvidia's most closely watched forecasts. During the earnings call, Nvidia said its preliminary expectation was for fiscal 2028 revenue to grow approximately 70% YoY.

The guidance is particularly significant because Nvidia's fiscal Q2 revenue rose 106% from a year earlier to $96.22 billion, as data centre revenue rose by 117% YoY to $89 billion.

That makes the 70% fiscal 2028 projection a statement about the expected durability of the AI infrastructure buildout rather than simply a rebound from a weak comparison.

ARK Cuts AMD After Huge 2026 Rally

AMD has been one of the year's biggest semiconductor winners, with its shares having gained more than 180% in 2026 by late September, according to market data cited in reports on ARK's trades. Nvidia stock gains over the same period were far smaller.

ARK's decision was not a complete exit from AMD, however. The latest transaction reduced holdings across ARK ETFs rather than eliminating AMD exposure altogether.

The timing is notable because AMD's AI business has also been expanding rapidly. In its latest quarterly filing, AMD reported Q2 revenue of $11.54 billion, up 50% year-over-year, while data centre revenue jumped 107% to $6.7 billion.

That means ARK's move should not be characterised as a conclusion that AMD's AI opportunity has disappeared. It is better understood as a portfolio adjustment that shifted capital away from a stock that had already delivered a substantial 2026 rally and towards Nvidia.

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