Advanced Micro Devices looks to be falling out of favor with prominent technology investor Cathie Wood. And its chip peers Broadcom and Cerebras Systems are the favored replacement.

Wood's ARK Invest sold 37,977 AMD shares across various exchange-traded funds on Wednesday, according to the fund-management company's disclosures. AMD shares were down 1% at $476.12 in early trading, valuing the sold stock at about $18.1 million.

The move continues a trend in recent months as Wood has been trimming ARK's stake in AMD, with the stock having more than doubled this year.

Wood now looks to be keen on diversifying AI chip exposure by adding Broadcom and Cerebras to ARK's portfolio. Wood bought 57,705 Broadcom shares and 69,585 Cerebras shares Wednesday.

Broadcom shares were up 3.3% at $367.62 Thursday while Cerebras shares were rising 0.5% to $183. Both stocks have slumped in the past three months.

Overall, Wood's ARK Invest still holds a larger position in AMD than it does in its peers. For example, the flagship ARK Innovation exchange-traded fund (ARKK) owns $193.3 million worth of AMD shares, making up around 3% of its total holdings and its 11th-largest position. ARKK has $149.5 million worth of Cerebras shares and $95.3 million worth of Broadcom shares.

Wood, ARK's CEO and chief investment officer, has built a reputation on the back of "moonshot" sectors such as genomics and robotics, having made her reputation with significant bets on Elon Musk's Tesla.

However, that has delivered mixed performance. ARKK-Wood's largest fund-has delivered an annualized loss of around 9% over the past five years.