Cathie Wood sold shares of Taiwan Semiconductor Manufacturing Corp. for the first time in more than two years, adding to moves to cut exposure in the chipmaker’s key customer Nvidia Corp.

Ark Autonomous Technology and Robotics ETF sold 8,599 American depositary receipts of Taiwan’s largest company Friday in its first sale of the stock since the end of 2021, Ark Investment Management LLC data compiled by Bloomberg show. The same ETF sold 2,362 shares of Nvidia the same day.

Wood is trimming her holdings in the global chip bellwethers as the artificial intelligence frenzy intensifies, with Nvidia’s stellar earnings powering global markets to new heights. Nvidia is up 59% year-to-date and TSMC’s ADRs have soared 25%.

Ark funds had purchased shares of TSMC multiple times in 2023, and still collectively hold about 221,848 shares in the company, according to data compiled by Bloomberg. Shares in Nvidia rose 1.3% in US premarket trading and TSMC’s ADRs rose 0.6%.

Wood was one of the most prominent voices predicting AI would be a game-changer. Despite that, she sold Nvidia shares throughout last year, betting on growth potential in less-talked-about software companies such as UiPath Inc. and Twilio Inc.

The autonomous ETF, which focuses on companies relevant to industrial innovation, has missed out on the rally that has given Nvidia a near $2 trillion valuation, surpassing Amazon.com Inc. and Alphabet Inc. Both TSMC and Nvidia have dropped out of the fund’s top 10 holdings.

This article was provided by Bloomberg News.