Advanced Micro Devices ( NASDAQ:AMD ) is facing renewed investor scrutiny after Cathie Wood's ARK Invest reduced its position despite a sharp improvement in the chipmaker's latest results.
ARK sold 156,286 AMD shares valued at about $74.5 million across several ETFs. The transactions followed another disposal of 37,977 shares worth roughly $18.3 million a day earlier.
The sales come after AMD posted second-quarter revenue of $11.5 billion, up 50% year over year. Data Center revenue more than doubled to $6.7 billion, while non-GAAP earnings per share reached $1.66.
AMD also enters the second half with its data-center business as a major growth driver. The company said revenue from that segment is expected to accelerate, supported by EPYC processors and Instinct accelerators.
ARK's decision therefore contrasts with AMD's improving operating performance. It does not establish why the fund sold the shares, but it shifts attention toward whether AMD's strong AI-related growth can continue to justify its valuation.
The selling could weigh on sentiment, while accelerating data-center revenue remains an important support for the shares.