Nvidia stock was slipping early Tuesday amid headwinds for the entire semiconductor sector. But ARK Invest's Cathie Wood is still a fan of the chip maker, with her funds snapping up Nvidia shares and selling Advanced Micro Devices.

Nvidia shares were down around 2% in the premarket. The move was in line with the wider chip sector, which was dropping as higher bond yields spooked investors.

But ARK's Wood looks to be reckoning Nvidia could be a bargain ahead of its earnings on Aug. 26, buying 93,833 shares across multiple exchange-traded funds on Monday, according to a holdings update. Meanwhile, Wood sold 25,917 shares of AMD across largely the same funds.

The move continues a trend in recent months as Wood has been increasing ARK's Nvidia holdings and trimming its stake in AMD.

Overall, Wood's ARK Invest still holds a larger position in AMD than it does in Nvidia. For example, the flagship ARK Innovation exchange-traded fund $(ARKK)$ owns $222.4 million worth of AMD shares, making up around 3.5% of its total holdings and its tenth-largest position. ARKK has $156 million worth of Nvidia 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.