Cathie Wood continued reshaping ARK Invest's portfolio by adding to Taiwan Semiconductor Manufacturing (TSM) and Space Exploration Technologies Corp. (SPCX) while trimming positions in several mega-cap technology stocks, including Amazon (AMZN) and Alphabet (GOOGL). The latest moves, disclosed in ARK Invest's daily trading report, suggest Wood is using the recent market pullback to add to her highest-conviction AI and semiconductor investments.

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ARK Buys the Dip in TSM and SpaceX

ARK purchased 37,916 shares of TSM worth roughly $14.20 million across its ETFs after semiconductor stocks came under pressure. Taiwan Semiconductor is the world's largest contract chipmaker and one of the biggest beneficiaries of the AI boom. TSM manufactures advanced AI chips for companies such as Nvidia (NVDA).

Wood also continued buying the dip in SpaceX, adding more shares of the aerospace company after its recent decline. ARK funds accumulated a total of 128,932 SPCX shares for about $14.51 million. The purchase underscores Wood's long-term confidence in SpaceX despite its recent share-price weakness.

Investors are now awaiting SpaceX's first public quarterly results on August 4. They are also watching the August 6 expiration of the company's insider lockup period, when about 911.5 million insider-held shares become eligible for sale.

Amazon, Alphabet Among the Stocks Sold

Wood reduced ARK's holdings in Amazon and Alphabet by about $1.1 million each amid the busy earnings season. Alphabet's shares came under pressure despite beating fiscal second-quarter results. Investors appeared to be focusing more on the company's increased capex plans than on the earnings beat alone.

Meanwhile, Amazon will release its Q2 results today, July 30. Wall Street expects Amazon to report adjusted EPS of $1.82 on revenue of $197.03 billion.

Wood also sold a large chunk of Canadian e-commerce portal Shopify (SHOP) for $5 million and several other positions. The portfolio changes indicate Wood is rotating capital away from some large-cap technology names and into companies she believes are better positioned to benefit from long-term AI and semiconductor trends.

TSM, SPCX, AMZN, GOOGL: Which Is the Best Tech Stock to Buy?

We used the TipRanks Stock Comparison Tool to identify which stock out of the above is most favored by analysts.

Currently, Amazon, TSM, and GOOGL stocks carry a Strong Buy consensus rating, while SpaceX carries a Moderate Buy rating. However, analysts see a higher upside potential of 112.4% in SPCX stock over the next 12 months.