FYI - For Your Innovation

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. This week, Autonomous Technology and Robotics Director of Research Sam Korus and Associate Portfolio Manager Nick Grous are joined by Eric Berger, the senior space editor at Ars Technica. Together they discuss space, OpenAI developer day and open source artificial intelligence (AI). Key Points From This Episode Space OpenAI Open Source AI For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

On today’s episode, ARK Director of Digital Assets Yassine Elmandjra sits down with special guests Ophelia Snyder, the president and co-founder of 21Shares, and Eliézer Ndinga, the head of research at 21Shares. Together, they dive deep into the world of crypto, education, and the exciting developments happening in the industry. Join us as we explore how 21Shares is bridging traditional finance with crypto, discussing the importance of regulations, the need for specialized research, and the future of this rapidly evolving asset class. “It is representative of an accumulation of human knowledge that shouldn’t be so callously disregarded, right? Part of the beauty of what we’re doing now is we get to stand on the shoulders of giants.” @OpheliaBSnyder Key Points From This Episode: Overview of 21Shares and why Ophelia founded the company How 21Shares aligns with ARK’s open, transparent ethos, simplifying crypto investment access Offering exposure to crypto and physical redemption, aiming to bridge crypto investment with secure, accessible infrastructure Why the biggest education gap in crypto is discerning true insights from mere news Crypto’s transparency is underappreciated; parsing its vast data is key for understanding ecosystem health and potential risks Crypto evolution leans towards bottom-up standardization, challenging yet potentially leading to robust, coherent frameworks Regulatory clarity for crypto requires effort; initial steps may quickly resolve major issues Regulatory evolution is continuous, reflecting history’s dynamic nature Why the upcoming market cycle in crypto is expected to differ significantly from past cycles

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. This week, Autonomous Technology and Robotics Director of Research Sam Korus is joined Research Associate Andrew Kim. Together they discuss Jack Dorsey’s return to Block, President Biden’s Executive Order on Artificial Intelligence and SpaceX’s Starlink reaching break even. Key Points From this Episode Jack Dorsey Returns to Block President Biden’s Executive Order on Artificial Intelligence Starlink reaches Break Even For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints. Guests on this month’s Bitcoin Brainstorm include: Alex Leishman: Co-Founder and CEO, River Graham Krizek: Founder and CEO, Voltage Des Dickerson: CEO, THUNDR GAMES Tony Giorgio: Co-Founder and CEO, Mutiny Wallet Viktor Bunin: Protocol Specialist, Coinbase Yassine Elmandjra: Director of Digital Assets at ARK Invest Cathie Wood: Founder, CEO and CIO, ARK Invest Rod Roudi: Co-Founder, Bitcoin Park Key Points from this episode: 00:00:00 Opening and Disclosure 00:00:54 Intro with Rod Roudi welcoming our fantastic guests 00:05:09 What are some of the most underexplored use cases in Bitcoin? 00:14:31 How the use cases for Lightning have matured and why Des chose to build THUNDR GAMES on the Bitcoin network 00:17:43 Machine to machine payments as a use case for lightning 00:26:53 What do our guests think the first ubiquitous stable coin on Bitcoin will be? 00:33:49 Viktor examines some of the ways that decentralized finance (DeFi) can be more practical than Bitcoin 00:39:13 Exploring the growth in total developers on Ethereum as compared to Bitcoin, especially when you include lightning developers 00:43:32 Why is the dynamic of developers building on Bitcoin different than those who chose to build on Ethereum? 00:50:34 Our guests share some of the stories from their clients and users that blew them away 00:55:32 How is regulation in the Bitcoin space changing? 00:59:41 Our guests provide their opinions on what Bitcoin looks like in 5 years and how anonymity may change in the future? 01:09:09 Rod, Viktor and Yassine conclude the episode with some optimism on the future of Bitcoin, pointing out decentralized communities across the country and around the world

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. This week, Associate Portfolio Manager Nick Grous is joined Director of Investment Analysis & Institutional Strategies Tasha Keeney, CFA. Together they discuss the current state of autonomous vehicles including Cruise, Waymo and Tesla, and Meta’s new Ray Ban sunglasses. Key Points From this Episode Cruise Halts Operations Meta Ray Ban Glasses Review For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

On today’s episode of FYI, Brett Winton welcomes back Francis Pedraza, the founder of Invisible—a company revolutionizing artificial intelligence (AI) training and data labeling across multiple industries. Forget what you know about traditional AI; we’re diving into a world where human relevance is questioned, and black-box technology can execute complex processes at any scale. Francis and Brett explore the ins and outs of scaling a business, the art of strategic resource allocation, and the future of AI-driven automation. This episode has everything from research and development (R&D) investments to aligning worker incentives for optimum efficiency. “So for us, it’s finding the right technology or the right person for any given step in a process.” – Francis Pedraza Key Points From This Episode: Overview of Invisible Technologies Invisible’s role in a fragmented, specialized tech landscape Invisible bullish on AI training, adopts financial discipline to weather market cycles Transitioning from R&D to commercial strategies redefines Invisible’s economic model for AI business The need for specialized integrators like Invisible over traditional service firms in the AI landscape Invisible elevates AI training from mere data labeling to advanced techniques Invisible’s human-in-the-loop model adds depth to complex AI training and enablement Efficiency gains through Invisible’s alignment of automation and incentives The symbiotic relationship between AI training and enablement in Invisible’s model Prioritizing profitability over rapid scaling underlines Invisible’s approach to sustainable growth and control Balancing rapid growth while preserving company culture in Invisible Invisible’s caution towards public markets focuses on long-term control and growth

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are in studio together this week to discuss Tesla Earnings and Bitcoin. Key Points From this Episode Tesla Earnings Bitcoin For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

On today’s episode of FYI we will be featuring the most recent In The Know with Cathie Wood, a monthly video series that covers fiscal policy, monetary policy, market signals, economic indicators, and innovation. On this specific In The Know, Cathie walks through charts to help illustrate her points on inflation, interest rates, GDP vs. GDI growth, and why we believe we’re in a rolling recession. Watch the video version here. Key Points From This Episode: Fiscal Policy US Federal Budget Deficit or Surplus as a Percent of Nominal GDP Monetary Policy Money Supply (M2) Growth Percent Change Year-over-Year 10 Year US Treasury Yield 2s-10s Yield Curve Spread USD Index (DXY) Economic Indicators Spot WTI Crude Oil Crude Oil Price vs. Gasoline Futures Price Gold Price Gold Price 5-Year Copper Futures Price Copper Futures Price 5-Year Credit Default Swaps Markit CDX

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are keeping it short and have just one topic: robots. For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are joined by ARK Analyst Ali Urman, Research Associate Andrew Kim and Founder and CEO of Eternal Reggie James. Key Points From This Episode: Intro Ozempic AI Wearables Tesla Price Cuts For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints. Guests on this month’s Bitcoin Brainstorm include: Alex Gladstein: Chief Strategy Officer, Human Rights Foundation Jameson Lopp: Co-Founder & CTO, Casa and Creator of http://bitcoin.page, http://lightning.how, http://statoshi.info Korok Ray: Bitcoin Professor at Texas A&M Erik Hersman: Co-Founder and CEO of Gridless Compute Yassine Elmandjra: Crypto Lead at ARK Invest Dr. Art Laffer: American Economist Cathie Wood: Founder, CEO and CIO, ARK Invest Rod Roudi: Co-Founder, Bitcoin Park Key Points From This Episode: 00:00:00 Intro to Bitcoin Brainstorm episode 3 and our panel of guests from Rod Roudi 00:02:17 Yassine sets up the purpose of this month’s episode: to address common misconceptions and pushback around bitcoin 00:05:05 Cathie Wood sets up her relationship with Dr. Art Laffer and why 00:09:45 Alex lays out some of the most common concerns and pushbacks associated with bitcoin 00:11:57 Dr. Laffer provides historical monetary context to explain his questions on bitcoin 00:21:01 Jameson, Erik and Korok help explain the importance of bitcoin mining to the network and potentially to the energy grid at large 00:28:16 Alex explains why bitcoin has value globally and why bitcoin mining was invented and why it is important to stabilize the bitcoin network 00:32:29 Does the marginal cost of energy determine the cost of bitcoin? 00:39:12 Alex and Erik propose a potential future that could be unlocked by bitcoin if used as a global currency 00:44:20 Yassine and Dr. Laffer discuss how a bitcoin standard could be a viable replacement for the gold standard 00:51:15 Dr. Laffer explains that the potential to replace the US dollar is his greatest excitement in bitcoin 00:55:56 Jameson explains that bitcoin is pseudonymous rather than anonymous, and that bitcoin itself is not encrypted 01:00:37 Alex discusses the inherent need for the Bitcoin blockchain to be completely auditable 01:04:47 Jameson and Rod walk through the halving process and the transparent strength of the network 01:05:46 Art poses the question: what does our panel believe makes bitcoin valuable? 01:13:36 Alex explains that bitcoin does not necessarily have counter party risk but it may have exchange rate risk 01:15:50 The speed of transactions in bitcoin have been improving greatly and is actual assets moving at rapid speed rather than liabilities being passed quickly 01:23:27 Rod and Dr. Laffer talk through some crucial differences between gold and bitcoin 01:26:42 Why bitcoin can be a potential preservation of wealth, and why volatility in the price of bitcoin can be either good or bad 01:39:40 Cathie and Yassine wrap up the conversation

On this episode of FYI, we’re joined by David Flynn, the mind behind Hammerspace, a privately owned company working in the realm of data storage and management. On this episode, ARK Director of Next Generation Internet Research Frank Downing, and CEO and CIO Cathie Wood dives deep into a world where data isn’t just stored, but orchestrated. David takes us through the futuristic landscape crafted by Hammerspace, leveraging the untapped potential of Solid State and Flash technology to redefine data management. From unveiling the shortcomings of platforms like Amazon’s S3 to pioneering the concept of data orchestration, David takes us on a journey through the frontier of data technology. Listeners will also hear about David’s path from programming on a Commodore 64 to becoming a trailblazer in the industry. “Once data becomes orchestrated, and here’s the bizarre thing, data is more permanent in an orchestration platform. It’s not bound to the lifetime of any one storage system. It simply lives in the ether.” – David Flynn Key Points From This Episode: Overview of David’s background Leveraging luck and experience with embedded systems to exploit the potential of flash storage Consumer electronics sparked demand, lowering costs and expanding market opportunities Hammerspace’s approach to try to fundamentally transform data management through decentralized, dynamic data orchestration Hammerspace’s data orchestration: facilitating direct manipulation on a global file system Hammerspace offers a unique network attached storage (NAS) system that enhances data accessibility and boosts performance by separately handling metadata and actual data Object storage is cheaper, simpler but still important; Hammerspace enhances utility Companies in sectors such as artificial intelligence (AI), entertainment, science, and design benefit from a universal data interface, especially when handling large, unstructured data sets AI and machine learning (ML) revolutionizing industries, enhancing data management and accelerating research Transition to data orchestration technology might take around five to ten years, paralleling server virtualization’s adoption cycle but potentially hastened by AI advancements

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are joined by Worldcoin CEO Alex Blania. First, Nick and Sam discuss Meta’s Ray Bans glasses and their AI implications, and AI as an operating system. Then together with Alex they discuss Worldcoin’s latest initiatives. Key Points From This Episode: Intro Meta AI AI as an OS Worldcoin CEO “AGI” refers to Artificial General Intelligence which is a theoretical form of AI where a machine would have intelligence equal to humans. For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

On today’s episode of FYI, we delve into the world of Palantir, the data integration and analytics company, as we discuss their platforms and their application across numerous industries. Joining Next Generation Internet Director of Research Frank Downing, and CEO Cathie Wood on the show is Shyam Sankar, Palantir’s Chief Technology Officer. Together, they explore the power of ontology, the integration of artificial intelligence (AI), and the immense potential of Large Language Models (LLMs). From revolutionizing the way businesses make decisions to uncovering new frontiers in biology and manufacturing, this episode explores the ever-evolving landscape of technology. “I think one of the exciting things about Generative AI is how quickly we’ve been able to build our own Copilots and to go after problems.” – @ssankar Key Points From This Episode: Overview of Shyam’s background Palantir’s public perception and problem-solving approach How Palantir’s platform evolves to solve varied, industry-specific problems through generalizable approaches Palantir expedites Generative AI via focused, decision-driven data ontology Using ontology for quicker, action-focused business decisions Operationalizing AI beyond chat interfaces Integrating LLMs in apps for efficient workflow Government cautiously, yet optimistically, exploring generative AI’s potential Clients exhibit mixed feelings; seeking education on leveraging LLM effectively Palantir fosters a unique artist colony culture, emphasizing individuality in roles Utilizing Generative AI tools internally to streamline documentation and leverage unstructured data sources Value in application layer and owning it Why app layer owners have an AI advantage Concerns about AI integration with legacy and modern tech infrastructure Ginkgo aims to engineer biology for manufacturing and leverages AI Why Palantir believes their integration of human thought, LLM, and algorithmic reasoning will dominate the market

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are joined by Research Associate Andrew Kim. Together they discuss OpenAI’s Dall-E 3 release and the impressive developments of Tesla’s Optimus Robot. Key Points From This Episode: Intro OpenAI Dall-E 3 Tesla Optimus For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

On today’s episode of For Your Innovation, hosts Andrew Kim and Nicholas Grous sit down with Dylan Diamond, the brain behind Saturn, a calendar app that’s taken over 17,000 U.S. public schools. Originating as a basic web tool and now an iPhone essential, Saturn goes beyond just planning your day—it’s a social network that informs you about your friends’ current and future locations. Join us as Dylan unpacks the journey of Saturn, detailing how artificial intelligence (AI) is revolutionizing time management and social planning. From custom features tailored to individual schools to the key alliances that have accelerated its expansion, we’ll uncover how Saturn isn’t just a utility—it’s a community. “Saturn is the first social network built around the calendar, and it is the only calendar built for young people.” – Dylan Diamond Key Points From This Episode: Overview of Dylan’s background, and the origin of Saturn/li> How Saturn evolved from a web app to an iPhone app/li> Lessons in building personalized, unscalable apps for schools/li> Scaling quickly by utilizing organic growth and student ambassadors/li> Organic growth fueled by user demand, teamwork/li> AI in Saturn focuses on solving real problems, like auto-updating school calendars and fostering social connections/li> Saturn focuses on students, not faculty, and aims to be a lifelong calendar/li> Focusing on high school to build a strong user base, while also seeing potential for expansion into college/li> Saturn combines social and utility, aims for steady growth, and expects more social platforms to add utility features

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are joined by Director of Investment Analysis & Institutional Strategies Tasha Keeney. Together they discuss updates on Tesla and Apple’s adoption of 3D Printing, Unity and Electric Vehicle Charging. Key Points From This Episode: Intro Tesla 3D Printing Unity EV Charging For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

In this episode of FYI, hosts Andrew Kim and Nicholas Grous explore the world of TikTok Shop with Oren Schauble, who shares insights on setting up shop, driving sales, and the advantages of early adoption. We’ll also navigate the realm of drop shipping and third-party logistics (3PL), revealing when and how to utilize each method, and uncover top-notch partners. As we venture further, we’ll uncover the secrets to thriving in a saturated market, finding niches, establishing customer loyalty, and adapting to change. Later, we’ll take a deep dive into the creator economy, exploring opportunities for individuals and companies to monetize talents and its impact on marketing. Finally, we’ll delve into effective brand-building across various channels, focusing on social media success, customer value, appealing web design, and inspiring success stories. Oren provides his insights and tips as we explore success in today’s dynamic retail landscape. “What’s really important is you can go sell a product to your fans, right? You can say, hey, these people really enjoy my content. They really have built an affinity to me.” @orenmeetsworld Key Points From This Episode: Exploring the creator economy, opening opportunities for all Emphasizing omnichannel strategy; refining through Direct-to-Consumer (D2C) Unlocking Shopify’s success in easy payments, while TikTok and Instagram are enhancing frictionless buying experiences Choosing products through direct factory contact, utilizing managed services, or browsing platforms like Alibaba Combining value and entertainment for potent social media branding Building an audience early, curating space, and thinking strategically Navigating saturation by finding your unique niche Implementing familiar design elements to foster consumer trust and usability Investing in setting up a TikTok Shop; reaping the benefits it offers

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus are joined by Next Generation Internet Director of Research Frank Downing. Together they discuss updates on SpaceX and Visa’s integration with stablecoins. Key Points From This Episode: Intro SpaceX Visa Stablecoin Integration For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

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. This week, Associate Portfolio Manager Nick Grous Autonomous Technology and Robotics Director of Research Sam Korus discuss the Disney and Charter dispute and the Tesla Highlander Model 3 update. Key Points From This Episode: Intro Disney vs. Charter Tesla Model 3 Update For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints. Guests on this month’s Bitcoin Brainstorm include: Paul Itoi – CEO, Stakwork Laolu (Roasbeef) Osuntokun – CTO and Co-founder, Lighting Labs Kody Low – Head of Developer and Product Support, Fedi Rod Roudi – Co-Founder, Bitcoin Park Cathie Wood – CEO, CIO and Founder, ARK Invest Yassine Elmandjra – Crypto Lead, ARK Invest Frank Downing – Nex Gen Internet Director of Research, ARK Invest Key Points From This Episode: 00:00:00 Intro to the Bitcoin Brainstorm with Yassine and Rod 00:02:39 Introduction to this month’s guests 00:04:10 Cathie Wood explains the impact and importance of the convergence between and among technologies 00:12:32 Paul discusses how AI has revolutionized coding and computer engineering 00:19:40 Kody applies the coding revolution to Bitcoin and explores how Bitcoin and AI are converging 00:26:42 Cathie and Laulu discuss Lightning HTTP 402 Protocol (L402) and internet payment flow generally 00:30:24 Frank and Paul explain that Bitcoin could be useful as money because it cuts out traditional intermediaries in payment processing and could decrease counter-party risk 00:39:00 What are some of the use cases of micro-payments and how do they compare to larger payments like monthly subscriptions 00:51:27 Kody explains why the first rendition of L402 used special cookies know as macarons 00:53:16 Frank and Laolu discuss the constraints of ChatGPT and what the potential of AI agents can be outside the walls of a chat window, if given a budget and proper integration points 01:01:30 Through the example of a web development project, Paul describes how Bitcoin and generative artificial intelligence are converging today 01:06:55 What does the next generation of knowledge workers look like with micro-payments allowing for more efficient payment allocation? 01:14:48 Closing thoughts and remarks on Bitcoin’s unique impact on artificial intelligence today Important Links Mentioned In This Episode: AI4ALL Hackathon website AI for All: Powering APIs and Large Language Models with Lightning How (Actually) Open AI Wins AI & Bitcoin Nostr LangChain AI4ALL Hackathon website AI for All: Powering APIs and Large Language Models with Lightning How (Actually) Open AI Wins AI & Bitcoin L402: https://docs.lightning.engineering/the-lightning-network/l402 Lightning Network Stakwork Replit Fedi Bitcoin Park ARK Bitcoin Brainstorms

On today’s episode of FYI, hosts Andrew Kim and Nicholas Grous are joined by Roblox CTO Daniel Sturman, as they venture into the dynamic world of this gaming platform. Roblox empowers users to both create and experience unique content. Join us as we explore the multifaceted ways people leverage this technology, from crafting games and orchestrating music concerts to forging immersive brand experiences. We’ll also venture into the future of virtual reality (VR) and emphasize the significance of offering users the choice to engage with content in their preferred manner. Stay tuned for a discussion with Daniel, as we discuss Roblox’s success, confront the challenges in rendering realistic 3D generations, and discover how the company is ensuring safety and civility on the platform. “We try very hard not to create any of our own content. The general idea behind Roblox was one of bringing 3D simulation to people and letting them create whatever they wanted out of that.” – Daniel Sturman Key Points From This Episode: Roblox as a content creation platform Showcasing an early demo of an artificial intelligence (AI) system; enhancing product features Utilizing generative AI to boost casual creative accessibility Addressing challenges in 3D generation and intricate avatar movement Navigating inefficiencies with models not designed for 3D data Leveraging rich safety data to refine generative AI models Anticipating immersive experiences, personalized touches, and expansive growth Prioritizing safety and custom experiences Exploring VR and phone avenues for immersive content creation Enhancing virtual reality communication through spatial sound; ensuring privacy and civility Innovating with real-time word censoring and substitution in models Approaching the horizon of arbitrary generation of user components

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. This week, Associate Portfolio Manager Nick Grous is joined by Director of Investment Analysis & Institutional Strategies Tasha Keeney and Research Associate Andrew Kim. Together they discuss the Character AI, Full Self Driving Beta v12 and Tesla, and the latest in Walmart’s partnerships with drone delivery companies. Key Points From This Episode: Character AI Tesla FSD Beta v12 Walmart and Drones FSD is Full Self Driving.DAU is Daily Active User.LLM is Large Language Model. For more updates on Public.com: Website: https://public.com/ YouTube: @publicinvest Twitter: https://twitter.com/public

On today’s episode of FYI, Research Associate Andrew Kim, Asociate Portfolio Manager Nick Grous and ARK Advisor Angie Dalton are joined by Edward Saatchi, the founder of Fable, a company pioneering the use of Artificial General Intelligence in creating generative TV shows and simulations. Together, they explore the influence of AI on animated series like South Park, the power of negotiation with maximum leverage, the current industry strike, the potential of AI in gaming, and the challenges and ambitions of creating original art. Hear about novel AI methods, a groundbreaking 3D world simulation, and the future of fan-made episodes. Whether you’re a seasoned professional or new to the topic, this episode should engage and inform. “Even though we’re five or six years now into GPT. There are no games that use AI NPCs, which is kind of crazy when you think about it” – Edward Saatchi Key Points From This Episode: Edward Saatchi’s background and journey from politics to AI entertainment AI-driven characters and their generative, behavior-based design Shows created from text prompts via AI, not recorded simulations Timing of AI introduction to empower writers, actors during strike Aiming to empower human artists, not merely create protected IP episodes Hurdles include focusing on animation complexity IP (intellectual property) holders need holistic approach to TV show creation; language model a small part Shift towards original, exciting art is needed Artificial General Intelligence (AGI) application in gaming could go beyond producing Non-Player Characters (NPCs) Generative storylines in games could be exciting Game companies and small studios partnering can decentralize the industry, empowering unique creations

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. This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by Director of Investment Analysis & Institutional Strategies Tasha Keeney and Research Associate Daniel Maguire. With Tasha, they discuss the state of autonomous drone delivery, and with Daniel they discuss cost declines in nuclear power. Key Points Form This Episode: The State of Delivery Nuclear Cost Declines Conclusion

Step into the realm of Magic Leap, a company focused on the augmented reality (AR) universe. On today’s episode, the advanced headset, Magic Leap 1, is examined in detail, comparing its performance to other devices on the market. Then we discuss the hurdles the company has encountered in creating appealing content for consumers. Listeners are invited to join in on the discussion about the advancements incorporated into their newest model, the Magic Leap 2, and how it’s being adopted by enterprise customers spanning diverse industries. The applications of wearable technology in the realms of training and healthcare are explored, uncovering how Magic Leap is pioneering revolution in these domains. Join Andrew, Nicholas, and Daniel as the future of augmented reality and the opportunities it presents are investigated. “AR is much, much more difficult to do than VR. It’s much more difficult than pass through VR, which is what you’re seeing Meta and Apple come out with.” – Daniel Diez Key Points From This Episode: Introduction to Magic Leap 1 and its performance compared to HoloLens Feedback from enterprise customers for improvements Highlights of Magic Leap 2: lighter, smaller, bigger field of view Prescription lenses and Dynamic Dimming for better image clarity Software updates for enterprise integration Positive feedback for Magic Leap 2 Benefits of wearable technology in training for industrial and manufacturing scenarios Increased engagement and retention of employees using wearable technology 3D visualization and guided assistance in healthcare for accuracy and safety Remote assistance in the public sector for machinery repairs Potential impact of wearable technology in healthcare delivery Magic Leap’s support for developers and partnerships with major companies Focus on advancing technology and providing a performative platform for AR Applications of Magic Leap technology in architecture, construction, retail, automotive, and manufacturing sectors Comparison with pass-through virtual reality (VR) devices and the revenue potential of the enterprise market Magic Leap’s roadmap for device improvements and strong partnerships Current market position and the belief that AR can deliver immediate value

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. This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by Senior Editor at OnlineCasinos.com Ryan Butler. Together they discuss ESPN BET, and the deal between Penn National Gaming and Barstool Sports, and then Sam and Nick discuss AI’s impact on Global Warming. Key Points From this Episode: ESPN BET AI’s Impact on Global Warming

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Smart Contract Networks. 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. Watch the video version here.

Hosts Andrew Kim and Nicholas Grous venture into the world of artificial intelligence (AI) in the gaming sector with Marc Whitten, the President of Create at Unity. They discuss AI’s role in creating vivid, immersive 3D experiences. Marc gives them a behind-the-scenes look at the complexities and opportunities involved in deploying AI for content creation in games. They also explore Unity’s mission to make game design accessible to all. The conversation doesn’t stop at gaming; they also cast a wider look at how real-time 3D technology is making waves across various industries. So join Andrew, Nicholas, and Marc on this insightful journey where they blend technology, creativity, and gaming into a captivating exploration. “I believe that we’re going to enter this golden age of inference based techniques used at Runtime and many of those are going to be very small models.” @MarcWhitten Key Points From This Episode: Mark Whitten’s background and role as President of Create at Unity Gaming industry competitiveness and use of AI AI targeting specific players and improving ad monetization Focus on building and maintaining gaming communities AI at Runtime for immersive and dynamic game worlds Non-player character (NPCs) having meaningful conversations and shaping game experiences Implications and challenges of generative AI in game development Unity’s use of AI tools and collaboration with Apple Apple’s approach to spatial computing and Vision OS Orchestration of AI techniques through Muse platform Solving content creation crisis in the industry Productivity gains and increased number of creators with AI tools Challenges and benefits of using neural network-based features in games Cintus platform for local model execution and improved performance Designing games for different platforms and input methods Real-time and 3D technology in non-gaming industries Unity’s goal of expanding applications and accessibility of tools AI’s role in content creation across various industries Unity’s focus on real-time and 3D technology in different sectors Partnerships with various platforms and potential for creativity

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. This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by ARK Research Associate, David Puell. Together they discuss ARK’s Bitcoin Monthly Report and crypto outlook, the hunt for AI computing, what CoreWeave is doing to secure more GPUs, and more. Key Points From This Episode: Intro Crypto Outlook The Hunt for AI Computing and CoreWeave Audience Q&A

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Autonomous Ride Hail. 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. Watch the video version here. *This number includes both commercial and non-commercial services operating at the end of 2022. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints. Guests on this month’s Bitcoin Brainstorm include: Preston Pysh – Show Host and Co-Founder, The Investor’s Podcast Network and Advisor, Ego Death Capital Jack Mallers – CEO and Founder, Strike Obi Nwosu – CEO and Co-Founder, Fedi Rod Roudi – Co-Founder, Bitcoin Park Harry Sudock – Chief Strategy Officer, GRIID and Partner, Bitcoin Park Cathie Wood – CEO, CIO and Founder, ARK Invest Yassine Elmandjra – Crypto Lead, ARK Invest Key Points From This Episode: 00:00 Intro to the Bitcoin Brainstorm and Bitcoin Park in Nashville 4:30 Our panel discusses Jack Dorsey’s thoughts on Bitcoin as the currency of the internet 8:30 Dr. Art Laffer’s discovery and interest in Bitcoin 10:30 How Bitcoin can potentially benefit communities like those in Kenya 19:00 What countries are moving the fastest to adopt Bitcoin as a currency and how does the global south view Bitcoin generally 26:20 Jack’s thoughts on the modern day monetary policy and why it may be destroying the middle class 28:31 Why Bitcoin might be too volatile for many people living in poverty, but crypto solutions like stablecoins could be a better option 30:35 Potential routes of scalability for Bitcoin, including the potential for a third layer, beyond Lightning 35:20 Comparing Visa’s network to the Lightning network and the argument that Bitcoin does not have a scaling problem 39:26 How Jack Dorsey and Block are working to grow the Lightning network 44:39 The cooperation that exists within the Bitcoin ecosystem and why 49:10 Bitcoin’s role in enabling businesses to reach more people globally 54:38 The comparison of Lightning channels to traditional fiat channels 56:30 Why Bitcoin might be the most inclusive currency 01:00:49 How Bitcoin could be unlocking a new customer that was otherwise unwilling to bank, similar to how Robinhood unlocked a new investor base with lower barriers to entry 01:03:42 The ability to focus on markets that other people are unable to focus on may be one of Bitcoin’s most valuable current features 01:06:15 Obi’s recounting of Gridless, a Kenyan Bitcoin mining company that has transformed villages in Africa 01:10:00 Preston’s comparison of Bitcoin to Mitochondria 01:11:02 Conclusion, and final thoughts from Harry, Preston, Obi, Yassine, Jack and Cathie Show Notes: June ARK Invest Bitcoin Monthly – https://twitter.com/dpuellark/status/1676733038674190338 Money Matters Podcast with Jack Mallers and guest Jack Dorsey https://podcasts.apple.com/us/podcast/ep-1-jack-dorsey/id1695949365?i=1000619425244 Ai4ALL Hackathon – https://bolt.fun/tournaments/ai4all/overview To learn more about Bitcoin Park – bitcoinpark.com

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. This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by ARK Chief Futurist Brett Winton. Together they discuss the possibility of a Room Temperature Superconductor, what we are learning about ad spending from company earnings reports, and Sam Altman’s Worldcoin. Key Points From This Episode: Intro Potential Super Conductor Ad Spending Worldcoin

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Bitcoin. We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin has not skipped a beat. Its network fundamentals 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. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results.

On this episode of FYI, we explore the strategic launch of Meta’s Threads and their significant impact on brands with a keen focus on brand safety. We discuss how large brands tend to be risk-averse and how Twitter’s brand safety issues have made Meta’s Threads appealing for advertisers. We also explore the rise of TikTok as a platform for performance advertising, along with the advantages of Meta’s algorithm for performance advertising. We touch on the success and challenges of brand characters and the importance of authenticity in content. Additionally, we delve into the significance of organic content on TikTok before running ads, the role of social proof, and the rise of retail media and over-the-top (OTT) advertising. We analyze the impact of Threads on brand safety perceptions and the differing perspectives on Threads and Twitter. We also explore the recent announcements of creator funds by Snap and Meta and their implications. We delve into VaynerMedia’s role in digital advertising and their integrated creative and media approach. Finally, we discuss the excitement surrounding Roku’s partnership with Shopify in TV-generated commerce and the potential for targeted advertising based on collected data. Join us as we explore these timely and relevant topics with our guest, Jon Morgenstern. “It was strategic and very smart timing, at least in the perspective of brands, for Meta to launch threads when they did.” @JonMorgenstern Key Points From This Episode: Gary Vaynerchuk and VaynerMedia loves being early in social media Smart timing for Meta’s launch of threads. Brands value brand safety and may pull back due to risk on Twitter What Threads might offer advertisers Twitter strategically pressures Meta in creator monetization Twitter’s future lies in short video TikTok’s threads and comments generate engagement Creating successful brand characters is difficult TikTok drives organic engagement and social proof Roku’s news with Shopify play buzzes excitement Possible precedents for multiple players in Threads Evolving Instagram with new features and integration

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. This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by ARK Director of Investment Analysis. Together they discuss Tesla Earnings, Hollywood Strikes, and general AI Updates, including Meta’s Llama 2. Key Points From This Episode: Tesla Earnings Hollywood Strikes AI Updates

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Electric Vehicles. 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. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

When ARK CEO and CIO Cathie Wood was discussing Bitcoin and Digital Assets in general with her mentor and famed economist Dr. Arthur Laffer, he told her that it reminded him of an era before the Federal Reserve existed. This idea spurred Cathie to invite Dr. Laffer on the FYI podcast to further discuss the history of money in general and what Bitcoin’s role in the history of money might be. Alongside Cathie and Art, we are also pleased to welcome Ophelia Snyder, the Co-Founder and President of 21.co, a Cryptocurrency Exchange Traded Product (ETP) provider. In the discussion, Cathie, Art and Ophelia discuss the original idea of centralized money, the economic booms and busts of the past, the transparency of digital assets and much more. “And the more decentralized and transparent the ecosystem is, the better. The more secure.” @OpheliaBSnyder Key Points From This Episode: The United States early definition of a dollar The relatively novel concept of centralized money A world before the Federal Reserve (Fed) in 1913, and how the Fed changed money Economic booms and busts in history starting with The Great Depression How the real economy has changed in the US and globally What a new Gold-Standard in the world of Digital Assets look like Art argues for the necessity of a price rule Stable coins and some of their inherent challenges Bitcoin’s similarities to Gold The number of wallets that hold Bitcoin long term The potentially changing role of the SEC Why a more transparent and decentralized ecosystem may be beneficial Please note that 21.co and ARK are unaffiliated entities.

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. This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by ARK Crypto Lead Yassine Elmandjra. Together they discuss the SEC Ripple decision, the ongoing Threads and Twitter battle, and the economy of Space, including SpaceX. Key Points From This Episode: SEC and Ripple Twitter vs. Threads Space Economy Update

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Public Blockchains. 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. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular or cryptocurrency security. Past performance is not indicative of future results.

On today’s episode of FYI we will be featuring last week’s episode of In The Know, a monthly video series in which ARK CEO and CIO Cathie Wood discusses Fiscal Policy, Monetary Policy, Economic and Market Indicators and Innovation. On this specific episode, Cathie Wood, weighs in on artificial intelligence (AI), Bitcoin, Fed Policy, electric vehicles, the discrepancy between GDP and GDI, bankruptcies, and the German and Chinese economies. Watch the video version here. Key Points From This Episode: Lagging and leading market indicators Rising bankruptcies The Fed’s policy, as indicated by the latest Fed meeting minutes The discrepancy between Gross Domestic Product (GDP) and Gross Domestic Income (GDI) The potential for a hard economic landing Bitcoin, and a potential spot Bitcoin ETF An apparent increase in demand for Electric Vehicles The current state of the German and Chinese economies The Artificial Intelligence Revolution Glossary of Terms “Fed” refers to the U.S. Federal Reserve, the central banking system of the United States. Fed Funds Rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other depository institutions overnight on an uncollateralized basis. M2 is the U.S. Federal Reserve’s estimate of the total money supply including all of the cash people have on hand plus all of the money deposited in checking accounts, savings accounts, and other short-term saving vehicles such as certificates of deposit (CDs). Yield Curve is a graphical representation of the interest rates on debt for a range of maturities. It shows the yield an investor is expecting to earn if they lend their money for a given period of time. An inverted curve appears when long-term yields fall below short-term yields. An inverted yield curve occurs due to the perception of long-term investors that interest rates will decline in the future. A Basis Point is equal to 1/100th of a percentage point (100 basis points = 1%). Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. Nominal GDP is a measure of economic output that uses current prices and does not adjust for inflation. “CPI” refers to the Consumer Price Index, which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. Core CPI excludes food and energy. “Magnificent 7” is a term adopted by the financial industry to describe the top seven technology companies currently investing heavily in artificial intelligence (AI). The seven companies are Meta Platforms, Alphabet, Apple, Amazon, Microsoft, Nvidia and Tesla. The previously used “FAANGs” acronym, coined in 2017, described the top technology companies at the time and included Meta Platforms (f/k/a Facebook), Apple, Amazon, Netflix and Google (now trading under its parent company, Alphabet). “Mega-caps” refers to companies with market capitalizations in excess of $200 billion. Market capitalization refers to the total dollar market value of a company’s outstanding shares of stock. The S&P 500 is a stock market index tracking the stock performance of 500 of the largest companies listed on stock exchanges in the United States. The Nasdaq-100 is a stock market index made up of 101 equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange. “QQQs” refers to the Invesco QQQ Trust ETF which is a passive ETF that tracks the Nasdaq 100 Index and therefore is sometimes used as a proxy for the index in conversation.

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. 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.

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Artificial Intelligence. 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. Watch the video version here. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

On this episode of FYI, our hosts and special guest Dr. Ann Marie Sastry dive into the intersection of artificial intelligence (AI) and education. They discuss the importance of engagement in education, the role of technology and generative AI, and the need to inspire learners in new ways. Dr. Sastry shares her experience founding two companies, Amesite and Sakti3, and her passion for innovating education. The conversation covers personalized teaching and how AI can help people leverage their strengths, the shift in gaming towards creator platforms, and the need for education to compete with other forms of entertainment. The speakers also share personal experiences with technology-integrated education and the importance of social media in engaging younger generations. Don’t miss this fascinating discussion about the future of education and AI’s role in it. “The average sixth grader will have a job that does not exist yet.” — @annmariesastry 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.

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Digital Consumers. 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. Watch the video version here. *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. Sources: ARK Investment Management LLC, 2023. Altruda, C. 2022; Roblox, data as of 12/30/22; S&P Global Market Intelligence, data as of 01/25/23. The World Bank, data as of 12/30/22; Insider Intelligence, data as of 01/02/23; S&P Global Market Intelligence, data as of 01/25/23; Perez, S. 2022; Statista, data as of 01/25/23. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

Immunotherapy has the potential to cure cancer. Today we are joined by a leading figure in cancer studies and research and one who has helped shape the immunotherapy landscape, Dr. Patrick Hwu. The internationally recognized Dr. Hwu previously applied his trade at the National Cancer Institute and is now the President and CEO of one of America’s leading cancer hospitals, the Moffitt Cancer Center. We tap into Dr. Hwu’s wealth of knowledge and experience as he explains what immunotherapy is, its benefits, and how it differs from other cancer treatments. We explore the recent advancements in immunotherapy and what the future of this treatment looks like, why the time to market for new technologies and therapies needs to improve and how the FDA fits in, how to get the right treatments to the right patients at the right time, and how Dr. Hwu and his team are impressing the industry with the way they use math, data aggregation, and large language models (LLMs) to problem-solve. We end with some heartfelt stories of triumph from Dr. Hwu’s career, the hand he’s played in building Florida’s formidable biotech ecosystem, and his words of inspiration for future scientists and a message of hope for families who are currently fighting through treatment. We have to, as a society, continue to shrink that time between the lab idea, the clinical trial, and the FDA approval for drugs that can really save lives.” — @PatrickHwuMD 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.

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on 3D Printing and Robotics. 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. Watch the video version here. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

According to Dr. Arthur Laffer, since 1913, when the United States first imposed the income tax via constitutional amendment, the top rate of that tax has determined the fate of the American economy. When the top rate has been high, as in the late 1910s, the 1930s, 1940s, 1950s, and 1970s, the response of those with money and capital has been to curtail real economic activity in favor of protecting assets and income streams. Huge declines have come to the economy in these circumstances. 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. “Low rate broad-based flat tax, spending restraint, sound money, minimal regulations, and free trade, and then get the hell out of the way and let markets solve it.” — Arthur Laffer 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.

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. 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. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Digital Wallets. 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. Watch the video version here. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

We are very excited to be joined today by one of the world’s leaders in scientific and biological research, Dr. Jonathan Weissman. After a breakdown of Jonathan’s professional background, we dive into CRISPR and how the genetic engineering tool can be used for drug development, disease discovery, and as a therapeutic treatment of its own. You’ll learn how our guest is using CRISPR in his lab and some of the solutions that he and his team have come up with for protein misfolding. Jonathan explains how his work has evolved beyond cancer, why he’s a fan of ex vivo lung perfusions (EVLPs), what needs to be done to bring new therapies and technologies to market quicker, and why he believes that there is no better time to be a young scientist than right now! “It’s an incredibly exciting time. Our fundamental understanding of biology, of who we are and where we came from is changing dramatically.” — Dr. Jonathan Weissman 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.