Noted investor Cathie Wood, the founder and CEO of investment management firm ARK Invest, is known for investing in companies capable of disruptive innovation. It's not surprising, therefore, that she's been loading up on shares of Advanced Micro Devices (NASDAQ: AMD) in 2023.

Wood's combined holding of AMD shares across ARK Invest's portfolios of exchange-traded funds (ETFs) has increased from just under 73,000 shares at the beginning of the year to 268,000 shares, as of this writing. While it may surprise some to see ARK Invest putting its money into a company that's been struggling of late due to the downturn in the global personal computer (PC) market, a closer look at the company's business suggests that ARK Invest could be making a smart long-term move.

Here's a look at the possible reasons why Wood has been bullish on AMD this year and if investors should consider buying the stock following its 57% jump in 2023.

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Source Fool.com