Cathie Wood Dumps AMD, Buys $32M of Shopify After Record Earnings

TLDR

• ARK Invest bought ~255,804 shares of Shopify worth $32.6M on May 5, 2026, after strong Q1 earnings
• Shopify posted $3.17B in Q1 revenue, up 34.3% year-over-year, with $100B+ GMV for the first time
• ARK sold $15.6M of AMD on May 5, continuing a pattern of reducing semiconductor exposure
• Shopify reported AI-driven traffic to its stores grew 8x year-over-year
• ARK also bought $7.9M of Tempus AI and sold $6.7M more of AMD on May 6

Cathie Wood’s ARK Invest made one of its largest recent purchases on May 5, 2026, buying roughly 255,804 shares of Shopify across three of its ETFs.

Shopify Inc., SHOP

The total value came to approximately $32.6 million. The bulk of that — $20.7 million — came through the ARK Innovation ETF, representing 7.8% of that fund’s market value.

The day before, on May 4, ARK had already purchased $6.6 million worth of Shopify shares through the same ETF.

The buying came right after Shopify reported its first-quarter 2026 earnings. Revenue came in at $3.17 billion, up 34.3% compared to the same period last year.

Shopify also crossed $100 billion in gross merchandise volume in a single quarter for the first time. Free cash flow margins came in at 15%.

Merchant solutions revenue reached $2.42 billion, up from $1.74 billion a year earlier. Subscription solutions revenue hit $750 million, compared to $620 million the year before.

Shopify’s AI Push

During the earnings call, Shopify President Harley Finkelstein described the company as having “entered the AI era with a clear edge.” He pointed to two decades of commerce data as a long-term advantage.

AI-driven traffic to Shopify stores grew 8x year-over-year. AI now writes more than 50% of Shopify’s internal code. The number of large merchants generating over $100 million in GMV has nearly doubled in two years.

Shopify is also working with Google on the Universal Commerce Protocol, an open-standard initiative that includes Amazon as well.

ARK Continues Trimming AMD

While adding Shopify, ARK kept selling Advanced Micro Devices. On May 5, ARK sold 45,917 shares of AMD valued at roughly $15.6 million across its ARKK, ARKW, and ARKF funds.

AMD shares are up around 96% year-to-date following strong earnings of its own.

On May 6, ARK sold another 18,909 shares of AMD through ARKK, worth approximately $6.7 million.

That same day, ARK bought 145,794 shares of Tempus AI across its ARKK and ARKG ETFs, totaling $7.88 million. ARK also added 28,220 shares of Intellia Therapeutics to ARKK, valued at $375,608.

ARK sold 61,351 shares of Twist Bioscience across ARKK and ARKG for $3.48 million on May 6, continuing a sell-off in that stock that began the previous week.

The most recent filing shows ARK’s portfolio shifting toward companies using AI in applied settings, while reducing positions in semiconductor stocks that have already posted large gains this year.

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