Cathie Wood's ARK Investment Management has expanded its holdings in Nvidia (NVDA, Financial) and Advanced Micro Devices (AMD, Financial) amid optimism over a potential shift in U.S. chip export policies.

According to a recent filing, ARK purchased 107,661 shares of Nvidia, valued at around $12.2 million, through its ARK Autonomous Technology & Robotics ETF (ARKQ, Financial). This follows a smaller buy on April 23, when the fund added 11,000 Nvidia shares, worth roughly $1.09 million.

Similarly, ARK boosted its AMD stake, acquiring 114,581 shares valued at about $11.3 million. This adds to its earlier purchase on April 30, when the ARK Next Generation Internet ETF (ARKW, Financial) picked up 7,786 shares of AMD, valued at approximately $750,000.

These moves come as former U.S. President Donald Trump's team signals a rollback of Biden-era chip export restrictions. The current rule, set to take effect May 15, aims to block advanced AI chips from reaching China through third-party countries. However, the Trump camp has proposed a “simpler” framework that aims to protect national security without stifling innovation.

Shares of Nvidia and AMD have rallied on the news, reflecting investor confidence in the easing of U.S. export controls.