ARK Invest
China, Infrastructure Bill, Supply Chain Shortages | ITK with Cathie Wood
updated
If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com.
Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.
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Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.
This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus discuss Meta's Threads platform, Tesla Autonomous Marketplace Dynamics and Declining Used Vehicle Prices.
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For more updates on Public.com:
Website: public.com
YouTube: @publicinvest
Twitter: twitter.com/public
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Disclosure: http://arkinv.st/39rzF94
As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00:00 - Intro
00:01:33 - Fiscal Policy
00:08:38 - Monetary Policy
00:14:07 - Economic Indicators
00:22:55 - Market Signals
00:28:21 - Innovation
To learn more about ARK: https://arkinv.st/ARKInvest
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Key Points From This Episode:
- Bridging education and AI for innovative approaches to future learning.
- Shifting from education as a sorting function to cultivating individual talents.
- Education through innovation offers socioeconomically disadvantaged students life-changing opportunities.
- The Innovation Foundation’s age-appropriate research curriculum in Pinellas County offers personalized, innovative education, fostering a mindset change in students, and preparing them for future jobs.
- AI personalizes education, recognizing individual strengths in students, aiding teachers, and promoting creativity.
- AI integration enhances learning by providing relevant, contextual information and promoting user-friendly, innovative learning experiences.
Integrating AI and social media into education encourages engagement, creativity, and economic relevance.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.
This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by special guest, ARK's Chief Futurist Brett Winton. Together they discuss the possibility of an AI Bubble, Amazon's mass robot adoption and the potential break up of Apple and Goldman Sachs.
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Disclosure: http://arkinv.st/39rzF94
For more updates on Public.com:
Website: public.com
YouTube:
/ @publicinvest
Twitter: twitter.com/public
Key Points From This Episode:
- Joining us today is the President and CEO of Moffitt Cancer Center, Dr. Patrick Hwu.
- Background on Dr. Hwu’s professional career.
- What immunotherapy is, its benefits, and how it differs from traditional cancer treatments.
- How Dr. Hwu helped shaped the immunotherapy landscape: his ‘aha' moments.
- Exciting advancements going on in his lab and immunotherapy in general.
- Dr. Hwu explains he’s having a lot of fun working with CRISPR for gene editing.
- Why FDA regulations need to be adjusted to accommodate new technologies and treatments.
- How to lower the costs of cell and other important therapies, and why this needs to happen.
- Why resources like ClinicalTrails.gov need to be more abundant.
- Examining why some patients respond better to gene therapy than others.
- How to improve the process of getting the right drug to the right patient at the right time.
- The impressive way that Dr. Hwu and his team utilize math, data aggregation, and LLMs.
- Assessing the challenge of persistence in immunotherapy.
- Inspirational stories of triumph from Dr. Hwu’s career.
- Revisiting more ways to shorten the time to market for new technologies and therapies.
- Playing piano for two bands, and other ways that Dr. Hwu lets off steam.
- How he’s contributed to building an impressive biotech ecosystem in Florida.
- Advice for potential immunotherapy scientists, and words of hope for families in therapy.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.
This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus discuss Tesla and Artificial Intelligence, Topical Gene Therapy, and a version of Roblox for ages 17 and up.
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Disclosure: http://arkinv.st/39rzF94
For more updates on Public.com:
Website: public.com
YouTube: youtube.com/@PublicInvest
Twitter: twitter.com/public
On today’s podcast, ARK CEO, CIO and Founder Cathie Wood is again joined by Dr. Arthur Laffer, a famed economist, well-known for his creation of “The Laffer Curve,” so Dr. Laffer and Cathie can discuss Laffer’s book, Taxes Have Consequences, in which Dr. Laffer provides a history of taxes and their impact on the United States economy. Dr. Laffer explains why he believes that a low rate broad-based flat tax, spending restraint, sound money, minimal regulations, and free trade are the answers to most of our economic problems.
Key Points From This Episode:
- An overview of Arthur Laffer’s new book, Taxes Have Consequences.
- How the government finances taxation.
- A history of income tax since 1913.
- Defining characteristics of the Roaring Twenties.
- The market collapse that occurred in 1929.
- Similarities between the environment in 1929 and today.
- How Art would structure the American tax system if he could.
- Why stimulus spending hurts the economy.
- Art’s thoughts on regulation.
- Why Art is a strong proponent of developing free trade agreements with countries that the US currently has issues with.
- What makes America different from the rest of the world.
- The correlation between tax hikes and economic performance.
- Why everyone benefits in a low rate broad-based flat tax system.
- The role of taxes in the Great Depression.
- Factors that Art attributes the high inflation levels to.
- The importance of acting fast when it comes to changing policies around taxes.
- How the pandemic has accelerated the migration to low tax states.
- Interesting statistics about states like Texas, Florida and Tennessee.
- Art’s thoughts on how to address poverty in the United States.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Introducing Dr. Jonathan Weissman and his professional background.
- The idea of programmable medicine and how CRISPR fits into drug development.
- Exploring the benefits and drawbacks of using CRISPR tools.
- How Jonathan has been implementing CRISPR in his lab.
- Why he thinks that his work is an important biological development.
- CRISPR as both a tool for discovery and a therapeutic treatment of its own.
- Our guest explains how we’ve evolved even beyond cancer.
- Some of the problems of protein misfolding (and Jonathan’s solutions).
- Taking a look at CRISPR delivery methods and how he sees these processes evolving.
- The ins and outs of EVLPs and why our guest is excited by this topic.
- What needs to be done to reduce the time to market for new therapies and technologies.
- Why scientific outreach is important and why it’s an exciting time to be a young scientist.
- Jonathan’s advice for future science leaders.
More FYI Podcasts: ark-invest.com/podcasts
To learn more about ARK: https://arkinv.st/ARKInvest
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Disclosure: http://arkinv.st/39rzF94
Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.
This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus discuss Reddit’s Blackout, Toyota’s Electric Vehicle Plans, LVMH + Epic Games, CRISPR Rice, and BlackRock Files Spot Bitcoin Fund.
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Disclosure: http://arkinv.st/39rzF94
This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus discuss Apple's WWDC Conference, GM and Tesla's partnership on charging, and the SEC's lawsuits against Binance and Coinbase.
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Key Points From This Episode:
- The motivation behind the founding of Zipline.
- What Zipline’s first year of operations in Rwanda consisted of.
- Why the assumption that uptake of advanced technology always occurs in developed countries first is incorrect.
- How Zipline has expanded its service since its founding.
- The alternative delivery options to Zipline (and why Zipline believes its service offers so much more value to its customers).
- Statistics that highlight the impact that Zipline has had on the Rwandan healthcare system.
- Skepticism that the Zipline idea was met with prior to its launch.
- Why naivete can be an entrepreneurial superpower.
- The number of autonomous miles that Zipline drones have flown for commercial purposes.
- Obstacles that Keller and his team have had to overcome to get Zipline to where it is today.
- An overview of the expertise on the Zipline team.
- Zipline’s approach to product development.
- How Zipline has helped to evolve aerospace regulations.
- Reasons for the drastic increase in demand for instant delivery.
- The problems with traditional delivery mechanisms and how Zipline is solving them.
More FYI Podcasts: ark-invest.com/podcasts
To learn more about ARK: ark-invest.com
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Disclosure: http://arkinv.st/39rzF94
To learn more about ARK: https://arkinv.st/ARKInvest
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Disclosure: http://arkinv.st/39rzF94
As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00:00 - Intro
00:00:45 - Artificial Intelligence feat. Frank Downing & Will Summerlin
00:26:30 - Fiscal Policy
00:27:47 - Monetary Policy
00:39:39 - Economic Indicators
00:42:31 - Market Signals
To learn more about ARK: ark-invest.com
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Caleb takes us through his career journey and the roots of his interest in genetics and pediatrics.
- Reflection on the Concert Genetics Conference and Caleb's involvement.
- Reducing costs and freeing up resources for more impactful care.
- Thoughts on the intangible value of providing comprehensive patient information for parents.
- Caleb weighs in on the topic of genetic exceptionalism.
- Surprising recent developments in fields of genetics and pediatrics.
- Potential challenges with the amounts of information that clinicians needs to process.
- Experiences and progress with the Project Baby Bear program.
- Caleb's recent paper and presentation on the work at Project Baby Deer.
- The impact of earlier and faster intervention when treating children.
- How more proactive and effective screening can affect general societal health.
- Caleb shares the standout story of a patient with variants of uncertain significance and DFMO (difluoromethylornithine, a substance being studied in the treatment of cancer).
- Applying the principals of drug repurposing to other scenarios.
- Looking to the future and Caleb's hopes for the short and long-term of the pediatric space.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Introducing today’s guests, Amir Blachman and Michael López-Alegría.
- An overview of the International Space Station (ISS) and its functions.
- The ISS’s importance as a lab and as a symbol of diplomacy.
- Why the ISS will eventually need to be replaced and how it should be done.
- Axiom Space’s goal to build the world’s first commercial space station.
- A breakdown of how Axiom Space plans to accomplish this.
- How things have changed at the ISS in the past two decades.
- Examples of how the ISS has benefited humanity.
- Axiom Space’s role in transitioning the ISS into becoming a commercial space station.
- The origins of Axiom Space and how they were chosen to be the partner for this project.
- A rundown of Axiom Space’s business model for their commercial space station.
- Some of the innovative ways that countries and companies are using the ISS.
- Insights into Axiom Space’s user base and why they fly with them to the ISS.
- The details of Ax-2, Axiom Space’s second upcoming mission to the ISS.
- An overview of Ax-1, the first fully private astronaut trip to the ISS.
- Takeaways from Ax-1 and how they conducted research.
- How Ax-1 helped Space Axiom grow as a company.
- Some of the research that will be conducted on the Ax-2 space mission.
- Michael’s thoughts on the future of space travel for everyday people.
- Insight into the factors that have helped make Axiom Space so successful in this field.
- Hear Michael’s predictions of when we’ll see the first human on Mars.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Sean’s original idea behind the founding of Absci and how it has evolved into what it is today.
- How Absci is making the process of drug creation much more efficient.
- The career path that led Josh to Absci.
- How antibodies are currently produced.
- The most important aspects to consider when developing an antibody.
- A high-level overview of how Absci generates data.
- The number of AI-generated designs that Absci can validate in any given week.
- Metrics that Absci uses to evaluate their models.
- What humanization is in the context of antibody design.
- Understanding Absci’s naturalness model.
- A common problem in the AI field.
- The potential for collaboration with Big Pharma.
- How the models Absci is developing can be applied in different contexts.
- Sean and Joshua’s thoughts on what the future of medicine is going to look like.
- How AI is likely to change the way we approach scientific and technological developments.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Background about Yon and why he decided to start Supersocial.
- How Supersocial is different from a traditional gaming studio.
- We discuss the future of virtual worlds and the ways video games will evolve.
- The opportunities for innovation that Unreal Engine 5 provides.
- An overview of the challenges associated with building virtual worlds.
- Yon unpacks the behavior shift regarding the metaverse.
- Whether the metaverse will be adopted by the current or next generation of users.
- Why Minecraft has only been viewed as a video game and not as a platform.
- Find out how virtual worlds can help brand recognition and branded experiences.
- Bringing virtual worlds and traditional commerce together.
- Hear an example of a brand that is leveraging the virtual space.
- Ways customer relationship management is being redefined.
- Discover the possibilities of the metaverse facilitating e-commerce virtually and physically.
More FYI Podcasts: ark-invest.com/podcasts
To learn more about ARK: ark-invest.com
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Disclosure: http://arkinv.st/39rzF94
Full video: youtube.com/watch?v=MQAVqjVCStc
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Disclosure: http://arkinv.st/39rzF94
Robotics and 3D printing can collapse time from development to production, shorten supply chain footprints, reduce waste, and lower costs.
ARK estimates that manufacturing robots and 3D printing could scale at a ~80% annual rate during the next eight years, from $70 billion in 2022 to ~$9 trillion by 2030. Listen in as Tasha Keeney, ARK Director of Investment Analysis and Institutional Strategies, and Sam Korus, ARK Director of Research, Autonomous Technology & Robotics, explain more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
For more updates, follow us on:
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Disclosure: http://arkinv.st/39rzF94
As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00:00 - Intro
00:00:45 - Welcome
00:01:42 - Fiscal Policy
00:05:58 - Monetary Policy & Market Signals
00:33:14 - Economic Indicators
00:42:58 - Innovation
To learn more about ARK: ark-invest.com
For more updates, follow us on:
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Disclosure: http://arkinv.st/39rzF94
Aerospace costs are declining, thanks to advancements in deep learning, mobile connectivity, sensors, 3D printing, and robotics. As a result, satellite launches and rocket landings are proliferating. In the coming decade, satellite broadband and hypersonic flight could generate annual revenues of ~$84 billion and ~$270 billion, respectively. Listen in as Sam Korus, ARK Director of Research, Autonomous Technology and Robotics, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
For more updates, follow us on:
- Twitter: https://arkinv.st/Twitter
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Why Cerebras attracted James.
- James explains the concept of wafer-scale computing and why it is so advantageous in the AI space.
- A historical overview of large language model (LLM) development.
•- What James believes to be the most significant natural law that has been discovered in this century.
•- Why Cerebras wants to get state-of-the-art LLM data into the hands of as many people as possible.
- The Cerebras GPT law.
- Looking towards the future of LLMs.
- Standard practice when it comes to training an LLM (and the problems that developers have been battling for years).
- The potential advantage of Cerebras CS2 chips and computers.
- Understanding the concept of disaggregated architecture.
- How the Cerebras approach differs from the approach taken by other companies (NVIDIA and Dojo, for example).
- Cerebras offerings that are available to be used by the public.
- The current GPU cloud shortage (and why this adds to the appeal of Cerebras software).
- Why the progress being made in the GPT space is incomparable to developments that have come before it.
- Potential directions that the world could be heading in as a result of AI developments (and why James is optimistic about it all).
- The AI use case that is keeping James up at night.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Autonomous logistics—including trucks, drones, and robots— should lower delivery costs and increase convenience.
Based on our updated assumptions on pricing, ARK estimates that autonomous logistics revenue could scale from nearly zero today to $1-2 trillion by 2030. Autonomous delivery charges could range from $0.20 to $10 per trip. Listen in as Tasha Keeney, ARK Director of Investment Analysis and Institutional Strategies, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
For more updates, follow us on:
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Introducing today’s guests, Angie Dalton and Joost van Dreunen.
- Joost’s expertise in gaming and his work as an academic, advisor, and entrepreneur.
- How the gaming sector has grown and developed globally over the last two decades.
- The history of user-generated content in gaming.
- Why so much innovative gameplay comes from user-generated content.
- How studios are leveraging user-generated content to keep up with demand.
- The concept of forever games and how studios are shifting their models to build community and keep users engaged.
- An overview of the elements driving the rising trend in user-generated content.
- The shifting relationship between gaming and traditional entertainment, like television.
- Why AAA games take so long to develop and Joost’s predictions for a more iterative release model.
- Joost and Angie’s top takeaways from the latest Game Developers Conference (GDC).
- How blockchain technology and Web3 could add value to the gaming space.
- The drawbacks of the play-to-earn model in Web3 games.
- Joost’s reservations when it comes to blockchain and Web3 applications in gaming.
- Key problems in the gaming industry concerning the recognition of labor.
- Navigating issues of copyright when it comes to user-generated content.
- The concept of an open metaverse, interoperable virtual worlds, and how likely these scenarios are.
- Our thoughts on Apple’s upcoming move to enter the VR space.
- The strong case for enterprise applications when it comes to AR and VR.
- Find out about Joost’s new venture Aldora.io and what they are currently working on.
More FYI Podcasts: ark-invest.com/podcasts
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Disclosure: http://arkinv.st/39rzF94
Today, autonomous ride-hail services delight riders across ~15 cities internationally and should scale into widespread commercial adoption within the next ten years.
Autonomous technology should reduce the cost of mobility to ~12% the average cost of human-driven ride-hail service today.
ARK’s research suggests that global autonomous ride-hail platforms will create $14 trillion in enterprise value, based on $4 trillion in revenue during the next five years. Listen in as Tasha Keeney, ARK Director of Investment Analysis and Institutional Strategies, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
For more updates, follow us on:
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Background about John and a brief history of Mythical Games.
- How Mythical Games’ approach to game development differs from the traditional approach.
- John shares his views on play-to-earn video games, and why the concept was not widely adopted.
- The foundation of a good blockchain game and the role of digital assets.
- Learn how Mythical Games is leveraging blockchain technology to disrupt the gaming industry.
- Overview of the challenges game developers face in the Web3 space.
- What makes Web3 video games different, and why blockchain is made for gaming.
- Learn what is needed to build a successful open Metaverse for consumers.
- Whether interoperability is a necessary component of the Metaverse.
- He explains the road map for Mythical Games and how the concepts will not be limited to the video game industry.
- Ways in which the Web3 space will be beneficial for streamers and influencers.
- Hear about the exciting collaboration between the NFL and Mythical Games.
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Investors once questioned whether the future was electric. Demand for EVs has scaled despite a pause in cost declines caused by commodity price shocks. Now investors doubt whether or not the growth will be exponential.
The debate around electric vehicles has shifted from demand to supply. Based on Wright’s Law, ARK forecasts that EV prices will decline and sales will increase more than 7-fold, or 50% at an annual rate, from roughly 7.8 million in 2022 to 60 million units in 2027.
The biggest downside risks to our forecast are supply constraints that could continue to impact pricing and the speed at which traditional automakers transition to electric vehicles. Listen in as Sam Korus, ARK Director of Research for Autonomous Technology and Robotics, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
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As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00:00 - Intro
00:00:45 - Welcome
00:02:26 - Fiscal Policy
00:05:01 - Monetary Policy
00:21:23 - Economic Indicators
00:30:25 - Market Signals
00:40:00 - Innovation
To learn more about ARK: ark-invest.com
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In the second edition of the ARK Crypto Brainstorm, ARK Crypto Lead Yassine Elmandjra and ARK CEO and CIO Cathie Wood hosted 7 leaders in the crypto space including:
- Lyn Alden, macroeconomic investor with expertise in Bitcoin, is leading the conversation on the regional banking crisis and the Fed's decision-making amidst continued macro uncertainty.
- Jeremy Allaire, CEO of Circle, the largest regulated stablecoin issuer, has successfully navigated the banking crisis while demonstrating a commitment to openness and transparency.
- Paul Grewal, Chief Legal Officer at Coinbase, is at the forefront of advocating for greater regulatory clarity in the US and emphasizes the importance of creating an environment for crypto to flourish.
- Caitlin Long, CEO and Founder of Custodia, is dedicated to building a regulatory compliant bridge between the traditional US financial system and cryptoassets.
- Angie Dalton, CEO of Signum Capital, has built a strong relationship with US regulators, working with startups and protocols to outline a regulatory compliant path for operating in the US.
- Chris Burniske, a partner at Placeholder Ventures, has highlighted the resilience of crypto fundamentals and why this is a compelling time to be an investor despite the uncertainty.
- Michael Sonnenshein, CEO of Grayscale, is trailblazing the path to a US Bitcoin ETF approval, questioning some of the assumptions made by the SEC in its decision-making.
Key Points From This Episode:
00:00:00 - Intro
00:04:47 - Paul and Cathie discuss the current state of the regulatory landscape surrounding cryptocurrencies
00:09:48 - Lyn Alden provides a historical perspective on regulation
00:18:57 - What Jeremy is hearing from his recent trips to Washington DC on crypto regulation
00:22:22 - The potential for a Bitcoin ETF, and Grayscale’s relationship with the SEC
00:27:41 - How the FTX collapse may have set the industry back in the eyes of the US government
00:34:38 - Michael Sonenshein’s optimistic point of view on regulators idea of crypto
00:40:06 - Caitlin’s view that regulators are unwilling to make progress in passing significant regulation in the next few years
00:49:36 - Chris compares digital assets to water
00:50:13 - Cathie and Yassine transition the conversation to the Regional Banking Crisis
00:58:35 - Caitlin highlights the inherent illiquidity many banks currently have and what problems that might cause
01:04:56 - Lyn offers her end game scenario if the Fed continues to be hawkish
01:13:22 - Chris highlights the clear differences between the banking system and cryptocurrencies like Bitcoin and Ethereum
01:20:42 - Coinbase’s latest product launches including Wallet and Base
01:24:20 - How Bitcoin has responded to the recent regional bank crises
01:27:33 - We go around the horn and ask: What would our guests like to see happen this year?
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We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin has not skipped a beat. Its network fundamental s have strengthened and its holder base has become more long-term focused.
Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency.
The price of one bitcoin could exceed $1 million in the next decade. Listen in as Yassine Elmandjra, ARK Crypto Lead, and David Puell, ARK Research Associate, explain more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
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In 2022, the contagion from Terra/LUNA, Three Arrows Capital, Celsius, and FTX/Alameda wiped out ~$1.5 Trillion in crypto market capitalization.
Despite the severe downturn, public blockchains continue to foster The Monetary, Financial, And Internet Revolutions. The long-term opportunity for Bitcoin, DeFi, and Web3 is strengthening.
Cryptocurrencies and smart contracts could command $20 trillion and $5 trillion in market value, respectively, during the next ten years. Listen in as Yassine Elmandjra, ARK Crypto Lead, and Frank Downing, ARK Director of Research: Next Generation Internet, explain more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
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Key Points From This Episode:
- An introduction to Balaji and his prediction that Bitcoin could reach $1M in the next 90 days
- Cathie sets up her initial argument that we are in a deflationary environment
- What we can learn from Argentina; when it was printing money while simultaneously raising interest rate
- Balaji argues that there are only three true currency pairs in the world today
- Balaji’s belief that there is a desire to exit the American financial system and that the financial system itself is inherently hard to predict
- Cathie shares her thesis that that the velocity of money is starting to flatten
- The potential for a “hard landing” in the economy
- How the recent regional banking crisis effects Cathie and Balaji’s predictions on inflation
- Balaji compares the Federal Reserve (Fed) Funds rate to Bitcoin’s issuance schedule
- How the 1980s compare to today in terms of inflation and interest rates
- Cathie provides a brief history on the guiding force behind Fed policy
- What could potentially happen to the use cases of Bitcoin should it rapidly increase in value
- Balaji’s belief that the world is running backwards in time but that the outcome will be different
- Why consumers have started to move money away from banks and instead have focused their attention on trying to earn yield on their money
- Why today’s economic events could be considered black swan events
- Balaji states that we may not have a widespread bank crisis, but instead we could specifically have a central bank crisis
- The potential that the Fed could be looking at the wrong indicators
- How the very existence of Bitcoin might defeat Keynsian economists theories at their core
- Why deflation might be a good thing for Blockchain technology
- Why Balaji believes states should continue to support cryptocurrencies
"Fiat currency", as referred to in this podcast, means traditional, government-issued currency, such as the US dollar.
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Having onboarded billions of consumers and millions of merchants, digital wallets could transform the economics associated with traditional payment transactions, saving them nearly $50 billion in costs.
With 3.2 billion users, digital wallets have penetrated 40% of the global population. ARK research suggests that the number of digital wallet users will increase 8% at an annual rate, penetrating 65% of the global population by 2030.
As consumers and merchants adopt digital wallets, the usage of traditional checking accounts, credit and debit cards, and direct merchant accounts should decline, disrupting traditional payment intermediaries.
Cutting out middlemen, digital wallets could facilitate closed-loop transactions for more than 50% of their payment volumes, potentially adding $450 billion to the current $1 trillion in digital wallet enterprise value by 2030. Listen in as Max Friedrich, ARK Analyst and ARK Venture Co-Lead, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
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Key Points From This Episode:
- Introducing today’s guest, Professor of Cell and Gene Therapy, Waseem Qasim.
- What led Prof. Qasim to focus on developing gene therapies for genetic disorders in children.
- The story for Leila Richards’s groundbreaking gene-edited cell therapy.
- How technological innovations have paved the way for successful gene therapies.
- The details behind Prof. Qasim’s second highly-publicized success story: Alyssa.
- More about his lesser-known patient who bridged the gap between Leila and Alyssa.
- Our guest explains the quality assurance process before cells are reentered into the body.
- What he thinks about autologous cell therapies versus allogeneic ones.
- Prof. Qasim reacts to his work being described as synonymous with a cure for cancer.
- What he thinks about the radical progression of health technology and whether it will continue to advance at such blinding speed.
- How accessible this advanced technology is and will be to disadvantaged communities.
- Why one size does not fit all when it comes to costing and pricing gene therapies.
- Exploring the factors that could reduce the cost of Prof. Qasim’s treatments.
- Some advice on how to blend the worlds of foundational research and practical application.
- The role that the health industry should be playing in supporting foundational research.
- Our guest’s thoughts on the use of AI in new medical technologies and techniques.
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In the aftermath of catastrophic failures of centralized crypto intermediaries last year, automated self-executing contracts on decentralized public blockchains offer the alternative of transparent and non-custodial financial services.
Decentralization is proving more critical to maintaining the original value proposition of public blockchain infrastructure.
According to ARK’s research, as the value of tokenized financial assets grows onchain, decentralized applications and the smart contract networks that power them could generate $450 billion in annual revenue and reach $5.3 trillion in market value by 2030. Listen in as Frank Downing, ARK Director of Research: Next Generation Internet, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
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On episode 41 of "In the Know," ARK CEO/CIO, Cathie Wood, is joined by her mentor, former professor, and advisor to ARK Investment Management LLC, Dr. Art Laffer. Famous for the Laffer Curve, Art is an economist and was named one of Time’s Greatest Minds of the 20th Century.
Together, Cathie and Art dive into the recent banking crisis and the world of cryptoassets.
We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00:00 - Intro
00:00:46 - Banking Crisis
00:33:45 - Crypto
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In 2022, digital leisure spending* totaled $6.6 trillion and, during the next eight years, should grow 17% at a compound annual rate to $22.5 trillion adjusted for inflation. Four trends should contribute to its growth:
Connected TV (CTV): Roughly 85% of US households have access to at least one CTV, but the CTV ad market is only 23% the size of total US TV ad budgets. In our view, CTV is at an inflection point and will take share from both linear TV and other digital ad budgets.
New Social Platforms: Nearly 40% of Gen Z consumers prefer to search on TikTok and Instagram over Google Search and Maps. Social platforms with the best recommendation engines should command the majority of ad budgets, with content-based social media likely outperforming follow-and-feed social media.
Sports Betting: Despite macro headwinds, consumer demand for sports betting remains strong. Legalization of online/mobile sports betting should continue to catalyze growth.
Gaming: The convergence of video games and social media should sustain gaming revenue growth. Video games should provide end-to-end virtual entertainment that rivals physical experiences.
*We define digital leisure spending as the sum of consumer expenditures on leisure-related goods and services purchased online, NFTs, online sports betting, video game software and services, streamed video, and streamed audio. We only estimate online sports betting volume generated in Canada and the US. Listen in as Nicholas Grous, ARK Associate Portfolio Manager and Andrew Kim, ARK Research Associate, explain more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
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Fantasy sports and sports betting are now well-known and developed markets that serve hundreds of millions of people, and today’s guest has found a way of bringing the two into the Web3 space. We are joined by the Co-Founder of DraftKings, Matt Kalish, as he gives us a sense of the moments surrounding his company’s venture into daily fantasy and mobile sports betting. Then, we learn about DraftKings NFT game Reignmakers, how it’s pushing new frontiers in Web3, how it works, and how it stacks up against other daily fantasy products. We also hear about how players and league associations have received DraftKings, as well as some key insights into some of the partnerships they have formed. Our guest explains his perspective on Web3 interoperability and the transfer of utility, why DraftKings chose to partner with Polygon, what he and his team hope to achieve in the next five years, and what excites him the most about the Web3 space. At the end of today’s episode, Matt gives us his assessment of his Boston Celtics season so far and why he thinks they are real title contenders.
Key Points From This Episode:
- An introduction to the Co-Founder of DraftKings, Matt Kalish.
- Matt’s professional background and how he became a founding member of DraftKings.
- When they launched their daily fantasy product and how they got into mobile sports betting.
- How DraftKings is pushing new frontiers in Web3 with Reignmakers.
- The way Reignmakers matches up to daily fantasy products, and how it works.
- How players and leagues have received DraftKings, and the partnerships they’ve formed.
- What Web3 interoperability means to Matt and his thoughts on the transfer of utility.
- Why DraftKings chose to work with Polygon.
- What Matt and his team hope to achieve in the next five years.
- How the introduction of NFTs in fantasy sports has impacted private betting behavior.
- What excites Matt the most about exiting the NFT winter and the Web3 space as a whole.
- Matt’s thoughts on the Boston Celtics season so far and where he thinks they’ll end up.
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Generative AI made waves this year, from DALL-E-2 to ChatGPT. These tools are improving the productivity of knowledge workers—~2x in the case of AI coding assistants.
AI training cost declines continued at an annual rate of 70%, the cost to train a large language model to GPT-3 level performance collapsing from $4.6 million in 2020 to $450,000 in 2022. We expect cost declines to continue at a 70% rate through 2030.
AI should increase the productivity of knowledge workers more than 4-fold by 2030. At 100% adoption, AI could increase global labor productivity ~$200 trillion, dwarfing the ~$32 trillion in total knowledge worker salaries. Listen in as Ali Urman, ARK Analyst, explains more!
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
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Next-generation sequencing (NGS) costs have collapsed, making molecular diagnostic tests more feasible and turbocharging our understanding of tumor biology.
By leveraging artificial intelligence (AI), cancer diagnostics labs have created less invasive tests like liquid biopsies to supplement tissue biopsies.
As proof of clinical utility accumulates, ARK estimates that the total addressable market (TAM) for molecular cancer diagnostic tests in the US is ~$95 billion, its revenue increasing more than 20% annually during the next five to ten years, from ~$5 billion in 2022 to $24 billion in 2030. Moreover, the collective enterprise value of molecular cancer testing companies should expand at a similar rate from ~$30 billion in 2022 to $145 billion in 2030. Listen in as Simon Barnett, ARK's Director of Research: Life Sciences, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
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As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:00:00 - Intro
00:00:45 - Welcome
00:02:55 - Fiscal Policy
00:08:21 - Monetary Policy
00:31:04 - Economic Indicators
00:33:26 - Market Signals
00:37:57 - Innovation
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- The history of Built Robotics, the initial hypothesis, and their focus in the last few years.
- Noah talks about what they offer their clients in the construction business.
- Renewable energy and solar power; why Built Robotics has found a good fit in this space.
- Unpacking the usual costs of construction and how Built Robotics' prices compare with this.
- The sensor suite at Built Robotics; computers, cameras, GPS, and more.
- Noah's perspective on the question of autonomy and the trajectory of the construction industry.
- Thoughts on safety and regulation, and the eight-layer safety system in place at Built Robotics.
- Considering the limits on how fast and efficiently the machine is and will be able to operate.
- Necessary supervision and the possibility of the complete removal of human involvement.
- The skills involved in the utilization of machine capabilities.
- Noah shares the comparisons of efficiency and work hours between human labor and robotics.
- The vision for Built Robotics, and Noah's ambitions around longevity.
- Factory integration of machines and where Built Robotics system is headed.
- The elements of Built Robotics that make sense to outsource.
- Noah's expectations for the company to move into sectors beyond construction.
- The influence and impact of the latest wave of AI advancements on the company.
- The importance of the Inflation Reduction Act on the construction industry.
- Noah talks about the robotics possibilities he is most excited about currently.
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Key Points From This Episode:
- An introduction to today’s guest, Dirk Hoke.
- What led Dirk to join Volocopter.
- Dirk explains the importance of the aviation authorization bodies, Federal Aviation Administration (FAA) and International Aviation Aviation Assessment (IASA).
- Why you can only have a serious problem in civil airspace after one billion operational hours.
- How to ensure safety when creating an aircraft.
- What makes this such a rigorous process and the mistakes he sees other companies making.
- How global regulators have reacted to the huge wave of new technology being created.
- Why air traffic management needs to go through the next step of digital transformation.
- Dirk tells us why Volocopter is designed the way it is.
- Dirk explains how this model will change flying in the next decade.
- The price structure dynamics in this industry.
- What discussions are being had about increasing landing sites.
- How congestion is changing and why we need new modalities without waiting for new roads.
- How and why the business model for making aircrafts has changed.
- Why Dirk wants President McCall to launch the product at the 2024 Paris Olympics.
- The hurdles Volocopter is facing as they journey to commercial launch.
- Why one design cannot cope with all the requirements of all the different markets.
- Why autonomy isn’t a technological issue but rather an acceptance and certification problem.
- Why humans will be used in the loop of automated air travel for quite a while.
- The importance of understanding that air taxis will fly sooner than we think they will.
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Disclosure: http://arkinv.st/39rzF94More FYI Podcasts: ark-invest.com/podcasts
Generative AI made waves this year, from DALL-E-2 to ChatGPT. These tools are improving the productivity of knowledge workers—~2x in the case of AI coding assistants.
AI training cost declines continued at an annual rate of 70%, the cost to train a large language model to GPT-3 level performance collapsing from $4.6 million in 2020 to $450,000 in 2022. We expect cost declines to continue at a 70% rate through 2030.
AI should increase the productivity of knowledge workers more than 4-fold by 2030. At 100% adoption, AI could increase global labor productivity ~$200 trillion, dwarfing the ~$32 trillion in total knowledge worker salaries. Listen in as Frank Downing, ARK Director of Research: Next Generation Internet, and William Summerlin, ARK Analyst & Co-Lead, ARK Venture, explain more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
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According to ARK’s research, five innovation platforms are converging to create unprecedented growth trajectories. Artificial Intelligence is the most important catalyst, its velocity cascading through all other technologies. The market value of disruptive innovation platforms could scale 40% at an annual rate during this business cycle, from $13 trillion today to $200 trillion by 2030. In 2030, the market value associated with disruptive innovation could account for the majority of the global equity market capitalization. Listen in as Brett Winton, ARK Chief Futurist, explains more.
To enlighten investors on the long-term impact of innovation, we began publishing Big Ideas in 2017. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.
We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. We hope you enjoy Big Ideas 2023!
To learn more about ARK: ark-invest.com
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Disclosure: http://arkinv.st/39rzF94
Key Points From This Episode:
- Introducing Exact Sciences and its two biggest testing franchises: Cologuard and Oncotype.
- Valuation of Exact Sciences and how ARK has approached creating these models.
- Calculations for the price target of the company.
- Sales and marketing at Exact Sciences and the positive brand recognition they have built.
- Benchmarks for analyzing companies like Exact Sciences.
- Comparing ARK's process and view on Exact Sciences to other opinions in the market.
- How the lowered price of genome sequencing has affected the outlook for the market.
- The route to the aggregate gross margin structure for Exact Sciences.
- Qualitative elements that matter most to ARK; how Exact Science fits into our rubric.
- Alignment between the expectations of Exact Science's management and our estimations.
- A look at the three main areas of risk: competition, time, and financing.
- Simon explains how thesis risk applies to the healthcare space.
- Thoughts on the company's net income and cash flow in the near future
- Reasons to be excited about the next few years in the healthcare space.
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Disclosure: http://arkinv.st/39rzF94More FYI Podcasts: ark-invest.com/podcasts
Key Points From This Episode:
- Background about Justin and his current role at Immutable X.
- A brief overview of Immutable X and the underlying blockchain technology.
- The challenges that developers face working with blockchain-based platforms.
- How in-game blockchain-based economies are different.
- Details about the design approach at Immutable X.
- Ways in which the market and monetizing games have changed.
- The important underlying utility: making a fun game.
- Justin unpacks the different layers of a digital asset.
- How the out-of-game experience provides another platform for design.
- An overview of the exciting new possibilities of blockchain-based video games.
- What makes Immutable X different from the competition.
- An outline of the essential role the in-house development team plays.
- Justin shares his outlook on blockchain-based video games.
More FYI Podcasts: ark-invest.com/podcasts
To learn more about ARK: ark-invest.com
For more updates, follow us on:
Twitter: https://arkinv.st/3corDiY
LinkedIn: http://arkinv.st/1f7AiVX
Facebook: http://arkinv.st/3r4EDOU
Instagram: http://arkinv.st/39td8bO
Disclosure: http://arkinv.st/39rzF94More FYI Podcasts: ark-invest.com/podcasts
As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.
00:47 - Intro
01:45 - Fiscal Policy
02:52 - Monetary Policy
12:51 - Economic Indicators
23:40 - Market Signals
29:07 - Innovation & Big Ideas 2023
To learn more about ARK: ark-invest.com
For more updates, follow us on:
- Twitter: https://arkinv.st/Twitter
- LinkedIn: https://arkinv.st/LinkedIn
- Facebook: https://arkinv.st/Facebook
- Instagram: https://arkinv.st/Instagram
Disclosure: http://arkinv.st/39rzF94