Quick Read
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ARK bought $9M of Robinhood and $7.5M split between Archer Aviation and Joby Aviation on October 28, continuing to add air taxi shares on consecutive days.
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ARK sold AMD and TSMC despite AMD posting 50% revenue growth and TSMC's CEO saying 'We did not see any sign of a slowdown.'
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Cathie Wood's ARK Invest spent Wednesday taking money out of two of 2026's best AI chip stocks and putting it into a beaten-down broker and two air taxi developers. According to Benzinga, ARK bought about $9.1 million of Robinhood( NASDAQ:HOOD ) on October 28, 2026. Benzinga also reported purchases of about $4.2 million of Archer Aviation( NYSE:ACHR ) and about $3.3 million of Joby Aviation( NYSE:JOBY ). On the same day, Benzinga said ARK sold about $3.3 million of AMD( NASDAQ:AMD ) and about $4.7 million of Taiwan Semiconductor( NYSE:TSM ). ARK kept adding to the air taxi names on consecutive days. These are reported fund trades. Wood has not publicly explained them.
Cutting AI Chip Winners That Are Still Growing
AMD is up 139.65% year to date at $513.24, even after falling 9.39% today as Intel's earnings report raised concerns. AMD's results give no sign of a slowdown. Second-quarter revenue rose 50.1% to $11.54B, data center sales jumped 107% to $6.72B, and management guided third-quarter revenue to about $13B. CEO Lisa Su said, "We are still in the early stages of a multiyear AI adoption cycle."
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TSMC makes the chips for AMD and most other AI designers. Its stock is up 36.23% this year. Third-quarter revenue reached $46.72B with a 66.4% gross margin, and the company expects about 44% full-year revenue growth. CEO C.C. Wei said, "We did not see any sign of a slowdown." The sales are tiny next to market caps of $836.84B and $2.13T. They read as ARK shifting money from proven winners toward ideas the market has marked down.
Robinhood Purchase Came During a Sell-Off
Robinhood runs a trading app that has grown into banking, credit cards, crypto, and prediction markets. Its shares fell after its latest quarterly results as a crypto slump weighed on profits. The stock trades at $84.24, down 8.03% today and 27.52% over the past month.
Robinhood's second-quarter filing shows the mix shifting. Revenue from event contracts grew more than tenfold to $156M while crypto revenue fell 38% to $100M. Platform assets reached $369B. ARK was already the largest holder among the funds tracked, with 5,236,031 shares as of June 30.
Air Taxis Carry Big Potential and Bigger Risk
Archer and Joby build electric aircraft that take off vertically and are meant to carry passengers across cities. Both are speculative companies with little revenue. Archer posted $5.0M in second-quarter revenue against a $263.2M net loss, supported by $1.56B of liquidity. It has a deal to acquire drone maker Insitu, autonomy developer Wisk Aero, and SkyGrid, which would add more than $200M in annual revenue from Insitu alone. Archer trades at $4.18, down 44.41% this year.
Joby gets most of its revenue from Blade, the helicopter service it acquired. Second-quarter revenue was $38.64M against a $245.4M net loss. Cash stood at $629.9M, and the company expects to use $385-415M in the second half. The stock is down 62.88% year to date at $4.90.
Key Milestones That Will Test ARK's Thesis
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Archer: closing its acquisitions and starting White House pilot program flights in Texas, both targeted by year-end.
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Joby: carrying its first passengers in 2026 and moving through FAA certification, where its Stage 4 work stood at 20%.
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Robinhood: whether prediction markets and equities can keep growing while crypto trading stays weak.
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AMD and TSMC: AMD's Helios rack ramp in the fourth quarter, and TSMC's fourth-quarter revenue guide of $52.3-54.3B.
If the chip makers keep hitting their targets while the air taxis slip on their timelines, this rotation will cost ARK. If Archer and Joby fly paying passengers on schedule, Wood will have bought them near their lows. Either way, sizing matters more than confidence with names like these, which is the whole point of our free speculation playbook.
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