Cathie Wood's Ark Investment Management continued to shed shares of Nvidia Corp. (NASDAQ:NVDA) amid Wall Street’s concerns that the chipmaker's valuation is now stretched following the AI-induced rally.

Chip Pair Trade: Ark's Ark Autonomous Technology & Robotics ETF (CBOE: ARKQ) sold 6,489 shares of Nvidia on Wednesday, valued at $2.75 million.

Nvidia closed Wednesday's session down 0.23% at $423.17, according to Benzinga Pro data.

Ark, which took a position in Nvidia in 2017, has been offloading the stock this year. The firm's flagship Ark Innovation ETF (NYSE:ARKK) has fully liquidated its Nvidia position.

Wood has been recently sounding out that Nvidia stock may have run ahead of itself and that there are more attractive AI plays now that are waiting to explode.

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ARKQ, meanwhile, bought 24,066 shares of rival chipmaker Advanced Micro Devices, Inc. (NASDAQ:AMD). At Wednesday's closing price of $113.95, the purchase is valued at $2.74 million.

AMD also has AI exposure and unveiled the M1300 chip, specifically designed to cater to AI workloads, at its June 13 Data Center and AI Tech event in mid-June.

Ark's Other Trades: Ark, through its Ark Next Generation Internet ETF (NYSE:ARKW), bought 5,486 shares of Meta Platforms, Inc. (NASDAQ:META), valued at $1.62 million.

The fund also added 93,320 shares of Robinhood Markets, Inc. (NASDAQ:HOOD) ($17.31 million) and 29,038 shares of Roku, Inc. (NASDAQ:ROKU) ($1.89 million).

Read Next: Cathie Wood Offloads More Of Tesla As Stock Bulldozes Its Way Toward $300 Mark

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