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, 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.

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 Precision Therapies. Precision therapies are patient-centric and target the root cause of disease, not symptoms. Designed using novel experimental and computational methods, precision therapies could develop faster and more cost-effectively than traditional therapies. Rapid advances in technologies like artificial intelligence (AI), DNA and RNA sequencing, CRISPR gene editing, and laboratory automation have spawned new therapies, enabling the treatment of diseases previously considered intractable. Increasingly, precision therapies are becoming multiomic, with mechanisms of action spanning DNA, RNA, proteins, and more. Based on ARK’s research, the enterprise value of companies focused on precision therapies could appreciate 29% at an annual rate from ~$500 billion in 2022 to ~$3 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.

Reducing complexity, increasing speed, enhancing the user interface, reducing costs, reducing waste, enhancing equality, and saving lives; this is the mission of Zipline. Today on the show, we are joined by Keller Rinaudo Cliffton, the co-founder of the company on a mission to provide the world with an autonomous drone logistics system that is incomparable to any other delivery service on the planet. Despite the enormous amount of skepticism they were up against, Keller and his team chose to turn science fiction into reality. Through delivering blood to hospitals in Rwanda, Zipline has been able to reduce the maternal mortality rate by 88%, and they have flown over 40 million miles for commercial purposes. In this episode, Keller talks about the variety of challenges that have made the Zipline mission far harder than they anticipated, their humble approach to product development, and what this groundbreaking business model means for the future of logistics and human kind. “Five and a half million kids lose their lives every year due to lack of access to basic medical products. A big part of that is logistics.” — @KellerRinaudo 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.

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 Logistics. 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. Watch the video version here.

Join us today for a conversation on the exciting progress and possibilities of genetics in pediatric care, with Dr. Caleb Bupp. Caleb is the Division Chief of Medical Genetics and Genomics at Spectrum Health and Helen DeVos Children’s Hospital, and we get to hear from him about his path into this role, and how he first discovered his passion for helping young ones. Our guest comments on the central themes of parental communication, cost reduction, and genetic exceptionalism before we delve into some of the most noteworthy points of progress in the pediatric field at the moment. We look at the Project Baby Bear and Project Baby Deer programs, and the important impact that the speed and timing of results can have on the care of kids, with Caleb explaining the societal norms and expectations around genetics and engagement with these datasets. He also raises some concerns about access to care and shares an inspiring success story from the last few years, so make sure to tune in to get it all. If you have a sick kid and you can do a test to figure out why they’re sick really fast, you give better care.” — Dr. Caleb Bupp 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. Dr. Bupp 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.

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 Molecular Diagnostics. Next-generation sequencing (NGS) costs have collapsed, making molecular diagnostic tests more feasible and turbocharging our understanding of tumor biology.[1] By leveraging artificial intelligence (AI), cancer diagnostics labs have created less invasive tests like liquid biopsies to supplement tissue biopsies.[2] 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. Wach the video version here.

The International Space Station (ISS) is the largest human-made object in low Earth orbit and serves as a unique platform for scientific research and technological development. It was first made operational in the year 2000 and acts as a symbol of international diplomacy, demonstrating how countries can work together to achieve a common goal, despite political or cultural differences. And as the ISS enters its third decade of operation, it nears the end of its planned operational life, which is set for 2028, at the earliest. Joining us today to discuss the ISS, its incredible achievements, and its future are two leading figures from Axiom Space, Chief Information Officer Amir Blachman, and Chief Astronaut Michael López-Alegría. In our conversation, we discuss the plan to retire ISS and Axiom Space’s role in transitioning to becoming a commercial space station. We learn about Ax-1, the first fully private astronaut trip to the ISS, led by Axiom Space, and what to expect from their second upcoming mission, Ax-2. Michael and Amir also provide insight into the founding of Axiom Space, the expert team that runs its operations, and the key factors that sets the company apart from its competitors. To learn more about Axiom Space, the history of the ISS, and the future of spaceflight, be sure to tune in today! “We’re facilitating the extension and invention of commerce in space through which we offer access to countries, institutions, industries and individuals that have ideas that fuel the human economy beyond earth.” – Amir Blachman 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.

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast.rnrnBig 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.rn rnWe 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.rnrnTo learn more, view u003ca href=u0022https://ark-invest.com/big-ideas-2023/u0022 rel=u0022noopeneru0022 target=u0022_blanku0022u003eBig Ideas 2023u003c/au003e.rnrnThis week’s Big Ideas Monday Mini Episode focuses on Orbital Aerospace. 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.rnrnIn the coming decade, satellite broadband and hypersonic flight could generate annual revenues of ~$84 billion and ~$270 billion, respectively.rnrnu003ca href=u0022https://ark-invest.com/big-ideas-2023/orbital-aerospace/u0022 rel=u0022noopeneru0022 target=u0022_blanku0022u003eWach the video version hereu003c/au003e.

Drug development is an extremely expensive endeavor, in large part because of the 96% failure rate of clinical drug trials. However, the new frontier of medicine has arrived, and Sean McClain and Joshua Meier (respectively the Founder/CEO and Chief Artificial Intelligence (AI) Officer of Absci) are leading the charge. Absci is a public company harnessing generative AI to create more effective medicines faster and less expensively. During this episode, Sean and Joshua explain how their pooled approach to antibody production works, why they focus so heavily on data, the metrics they use to evaluate their models, and why they are certain that personalized medicine is going to be a reality in the future. There are countless possible mashups of AI and drug discovery, and Absci attempts to bring an innovative approach to biologics to positively impact human health! “We’re not just developing AI within biologic drug discovery for the sake of it. We’re really wanting to utilize this to be able to discover new biology.” — @SeanRMcClain 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.

The concept of the metaverse has been around for decades, but recent advances in technology and the growing popularity of virtual worlds and online gaming have led to renewed interest in the idea. To help us unpack the nuance of the metaverse is Yonatan Raz-Fridman, the CEO and Founder of Supersocial, a metaverse enterprise building immersive digital experiences. Supersocial aims to pioneer the future of digital interactions, where people can seamlessly merge reality with fantasy and connect in ways that transcend physical boundaries. In our conversation, we unpack the complexity of the metaverse and its potential to shake up traditional commerce. We dive into the behavior shift happening around the metaverse and whether it’ll be adopted by the current or next generation of users. Discover the opportunities Supersocial is creating and how virtual worlds can help businesses achieve brand recognition and create unforgettable branded experiences. We hear how virtual worlds are breaking down barriers within commerce, an example of a brand helping Supersocial innovate in the space, the power of user-generated content, and much more. Tune in to this enlightening episode as we unravel the potential of virtual worlds and the exciting future that lies ahead for individuals and businesses alike. “I think for this new generation, the virtual world is essentially not a mimic of real life. It’s a whole different frontier.” — @yonatanrf 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.

Scaling laws are as important to artificial intelligence (AI) as the law of gravity is in the world around us. AI is the empirical science of this decade, and Cerebras is a company dedicated to turning state-of-the-art research on large language models (LLMs) into open-source data that can be reproduced by developers across the world. In this episode, James Wang, an ARK alum and product marketing specialist at Cerebras, joins us for a discussion centered around the past and the future of LLM development and why the generative pre-trained transformer (GPT) innovation taking place in this field is like nothing that has ever come before it (and has seemingly limitless possibilities). He also explains the motivation behind Cerebras’ unique approach and the benefits that their architecture and models are providing to developers. “All great science is reproducible, and AI is the great empirical science of our decade, so we wanted to make sure it’s reproducible.” — @draecomino 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.

The gaming industry has seen massive innovations in the past two decades, from the rise of online gaming to the release of unprecedented virtual reality (VR) products. And in that time the industry has seen massive growth, going from an estimated $30 billion a year worldwide at the start of the twenty-first century, to generating an astounding $200 billion in 2022. Joining us today to discuss the business of gaming in 2023 is Angie Dalton, an advisor for ARK Invest and the CEO and Founder of Signum Growth Capital, and Joost van Dreunen, an academic, entrepreneur, and a well-known expert in the video game space. Tuning in you’ll hear a breakdown of how the gaming industry has developed over the past two decades, the ever-useful role of user-generated content in gaming, and how gaming studios are adapting to changes in the space. We take a look at how platforms and game engines like Roblox and Unity are making it easier than ever for users to generate content and how studios are leveraging amateur output to keep up with demand. Our conversation also covers how blockchain technology and Web3 could add value to the gaming space, the shifting relationship between gaming and other forms of entertainment, and the most promising use cases for VR and augmented reality (AR). To learn more about the fascinating business of gaming and upcoming developments in this space, be sure to tune in today! “When we’re trying to satiate the demand of three billion gamers worldwide, it’s a little bit impossible for conventional studios to create that much content.” — @joosterizer 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.

The rise of Web3, blockchain, and non-fungible tokens (NFTs) has disrupted many industries, including video gaming. To help us unpack the role of Web3 in the video game industry is John Linden, CEO of Mythical Games, a game tech studio pioneering digital asset ownership, scarcity, and secondary markets. Their team creates products to drive consumer adoption of distributed ledger tech. John has a deep love for video games and a curiosity for exploring the potential of blockchain technologies. In our conversation, we talk about his approach to revolutionizing the future of gaming by integrating blockchain technology, rethinking game economics, and the intersection of traditional gaming and crypto. Learn how the industry has shifted in recent years, the opportunities of the Web3 space, the power of digital assets, converging technologies and concepts, and the tug-of-war between centralization and decentralization within the gaming industry. We discuss the Metaverse and interoperability, and hear about the exciting collaborations that Mythical Games is working on. Tune in and discover the future of gaming with John Linden! “I think the next 10 years in gaming will be more transformative than the last 25 have been.” — @johnwastaken 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.

We are pleased to bring you the second edition of the ARK Crypto Brainstorm; a quarterly conversation between a rotating group of experts in the crypto space, The ARK Crypto Brainstorm is published through the For Your Innovation podcast channels and aims to be an informative and in-depth conversation on the current state of the ever-changing crypto landscape with experts offering diverse viewpoints. 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: 04:47 Paul and Cathie discuss the current state of the regulatory landscape surrounding cryptocurrencies 09:48 Lyn Alden provides a historical perspective on regulation 18:57 What Jeremy is hearing from his recent trips to Washington DC on crypto regulation 22:22 The potential for a Bitcoin ETF, and Grayscale’s relationship with the SEC 27:41 How the FTX collapse may have set the industry back in the eyes of the US government 34:38 Michael Sonenshein’s optimistic point of view on regulators idea of crypto 40:06 Caitlin’s view that regulators are unwilling to make progress in passing significant regulation in the next few years 49:36 Chris compares digital assets to water 50:13 Cathie and Yassine transition the conversation to the Regional Banking Crisis 58:35 Caitlin highlights the inherent illiquidity many banks currently have and what problems that might cause 1:04:56 Lyn offers her end game scenario if the Fed continues to be hawkish 1:13:22 Chris highlights the clear differences between the banking system and cryptocurrencies like Bitcoin and Ethereum 1:20:42 Coinbase’s latest product launches including Wallet and Base 1:24:20 How Bitcoin has responded to the recent regional bank crises 1:27:33 We go around the horn and ask: What would our guests like to see happen this year?

On March 17, 2023, Balaji Srinivasan wrote a tweet thread that started with a simple, shocking bet that the price of one Bitcoin would reach $1,000,000 in the next 90 days. Balaji is an American entrepreneur and investor. He was the co-founder of Counsyl, the former Chief Technology Officer of Coinbase, and former general partner at the venture capital firm Andreessen Horowitz. ARK CEO and CIO Cathie Wood agrees that the price of a Bitcoin could reach $1M, but ARK’s prediction on when this might happen is very different. In today’s episode, Cathie and Balaji discuss their current and future outlook on the United States and global economies, the cryptocurrency ecosystem and their reaction to the recent volatility surrounding the regional banking crisis. “The economy…It’s like altitude right, if your altitude is [up] here you can take a certain set of maneuvers, if your altitude is close to the ground you cannot take the same set of maneuvers.” – @balajis 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.

On this episode of For Your Innovation, we wanted to highlight last week’s special edition of “In the Know,” a monthly video series featuring ARK CEO/CIO, Cathie Wood. In this special episode, Cathie 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. “It’s not up to congress to allow or not allow crypto. It shouldn’t be.” – Dr. Art Laffer Episode Timestamps 1:45 – Intro 2:31 – Banking Crisis 35:30 – Crypto

Gene therapy is gaining momentum as a noteworthy adversary to cancer, and we are thrilled to be joined today by one of the pioneers of immune system-based treatments. Professor Waseem Qasim applies his craft at the UCL Great Ormond Street Institute of Child Health, which is notorious for being the largest concentration of children’s health research in Europe. Professor Qasim explains why he pursued a career in gene therapy, how three patients and technological advancements formed the basis of his groundbreaking treatments, what he thinks about autologous and allogeneic therapies, and what he has to say about his work being linked with a cure for cancer. We learn about the rapid advancement of medical technology, how accessible this technology is to disadvantaged communities, why pricing gene therapies is a slippery slope, and the factors that could lead to a cost reduction in Prof. Qasim’s treatments. To end, our guest shares advice on how to merge foundational research and practical applications, why the health industry needs to do more in supporting foundational research, and what Prof. Qasim thinks about the advent of artificial intelligence (AI) in medicine. “[Soon] there will be specific conditions and circumstances where these technologies will give you a deep clearance and a possible complete eradication [of cancer], where the problem just doesn’t come back.” — Waseem Qasim 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.

Please note: as of 2/28/23, ARK’s clients own greater than 1% of the shares outstanding of Drafkings Inc. 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. “DraftKings doesn’t play in the super speculative space like that. We’re not a startup that can just bet the house on one little venture. We only want to do rational things.” — @mattkalish 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.

Robotics are both deeply tied to artificial intelligence (AI) and machine learning (ML), and also somewhat distinct in their practicality and material application. Built Robotics is a great example of this duality, and in today’s conversation with the CEO and Co-Founder of the company, Noah Ready-Campbell, we hear about how the company is positioning itself in relation to current construction industry needs and also for the wave of possibilities in the near future. Noah talks about the process of transition to autonomy, comparing other related sectors such as transportation, the strong bonds Built Robotics has created with the burgeoning solar power space, and also his belief in the capability of automation to aid us in constructing a better world. We discuss the refining of machine learning models, safety and security at Built Robotics, the need for supervision, and other sectors that the company might move into in the future. So to hear it all from Noah in this insightful chat, make sure to join us. “The thing that I think determines scaling a success for us is less about the technology barriers and more about how do we make something that’s easy and efficient for the customer.” — Noah Ready-Campbell 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.

Urban air modality is coming to life a lot faster than we may expect, and joining us today is the CEO of Volocopter, Dirk Hoke, to discuss their new Electric Vertical Take-Off and Landing (eVTOL) vehicle service launching in 2024. Tuning in, you’ll hear all about how Dirk joined Volocopter, the different aviation authorization bodies and why they’re important, the aviation safety regulations in testing new aircraft, mistakes companies are making, and the global regulators’ reaction to new technology. Dirk talks us through how Volocopter is designed, why it is designed the way it is, and how it will change urban air modality over the next decade. You’ll also hear about the hurdles they are facing, their hopes for their launch, and the cost of these models. Autonomy is not a technological issue but is rather an issue of certification and public support and in this episode, Dirk highlights the importance of recognizing that air taxi travel is going to happen much sooner than we think. Tune in now to hear about this exciting innovation. “Our systems can be applied to any city in a very short-term manner, once we have demonstrated that we are safe and low level on the noise side.” — @HokeDirk 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.

On today’s episode of FYI, we will highlight another segment from Big Ideas 2023; Technological Convergence. To watch Chief Futurist Brett Winton walk through his section, click here. To download the full Big Ideas 2023, click here. “Future historians could look back on this business cycle and say we can’t believe that all of these technologies were hitting critical stages of inflection at the same time.” – @wintonARK 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.

Today, Tasha Keeney sits down with Simon Barnett to talk about ARK’s valuation of Exact Sciences and to share our outlook about the company’s trajectory in the next five years. Exact Sciences is the cancer testing company that has brought to market both Cologuard and Oncotype. This conversation covers the prominence and acceptance of these two testing franchises, Exact Sciences’ product leadership, Exact’s recent performance in the market, the models that ARK has developed for gauging the company’s outlook, and the areas of risk that investors should be aware of. One of the main focuses of today’s chat is what Exact Sciences’ progress symbolizes in terms of the future of the cancer treatment field, with Simon making an argument for why he sees them holding onto their market-leading position for the foreseeable future. We also spend some time at the end of the episode considering what this means for healthcare and individual wellbeing in general, so make sure to catch it all in this episode of For Your Innovation! Please refer to the Exact Sciences valuation article for a more comprehensive explanation of ARK’s model, including its risks and limitations. “Cancer care is something that is totally divorced from interest rate changes or consumer sentiment. It’s something that’s very predictable, and it’s something that’s very important.” — @sbarnettARK 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.

On today’s episode of FYI, we will be featuring last week’s episode of In The Know, a monthly video series on which ARK CEO and CIO Cathie Wood discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. On this specific episode, Cathie weighs in on M2 growth, interest rates, inflation, auto sales, and bitcoin. Additionally, she highlights ARK’s Big Ideas 2023. “We’ve grown up in a linear world really the last 50 years, and if were right that we’re entering into an exponential growth world, then real GDP growth should kick up here.” – @CathieDWood The Big Ideas highlighted in this year’s report include: Technological Convergence Artificial Intelligence Digital Consumers Digital Wallets Public Blockchains Bitcoin Smart Contract Networks Precision Therapies Molecular Diagnostics Electric Vehicles Autonomous Ride-Hail Autonomous Logistics Robotics and 3D Printing Orbital Aerospace Watch February’s Episode of In The Know. Download the full Big Ideas 2023.

Video games have grown massively over time, commanding more and more leisure time for people all around the world. As video game popularity has grown, so has the use cases and popularity of blockchain technology and these two worlds are beginning to merge more frequently with blockchain based platforms for video games. To help us unpack this nuanced subject is Justin Hulog, Chief Studio Officer at Immutable X, a non-fungible token (NFT) minting and trading platform for video game developers. Justin has a wealth of experience as a general manager, operations leader, and people strategist, and mainly focuses on the intersection of strategy and organization to solve problems. In our conversation, we talk about how Immutable X started, the different sides of the business, details about his role, and what the company provides developers. We then delve into designing sustainable in-game economies, how to potentially leverage blockchain technologies, the idea of cost versus utility, and how to sustain a game’s user base. Hear about the different taxonomies of the space, balancing the business side and the developer side, the play-to-earn era, the silver lining of the recent crypto bear market, and much more. Tune in to discover how blockchain technology could be revolutionizing the video game industry! “Quality game loops and good game loops, so, actually good games, is something that the market wants to see now.” – @BathalaX 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.

ARK Client Portfolio Manager Ren Leggi and Chief Futurist Brett Winton discuss why ARK believes investors should consider an allocation to disruptive innovation in 2023 in today’s episode of FYI. Ren and Brett discuss the potential size of the disruptive innovation opportunity, why ARK focuses exclusively on investing in innovation and what some of the major breakthroughs were in 2022 that the market might have missed while focusing closely on macroeconomic headwinds like interest rates and inflation. Ren explains why investors shouldn’t think of volatility negatively, and Brett answers the question: “Why should investors hold innovation strategies through downturns in the market?” “Volatility is a sign of how early we are. Volatility feels bad on the downside, but it feels great on the upside.” – wintonARK Key Points From This Episode: Everything Brett’s role entails as Chief Futurist as ARK What the size and scale might be for the disruptive innovation opportunity Why ARK focuses exclusively on investing in disruptive innovation Why Brett believes ChatGPT was a major breakthrough Some of the major breakthroughs the market might have missed in 2022 Our belief that the market might be too focused on macroeconomic headwinds What Brett would tell investors concerned about the inherent volatility in innovation Making the case for an allocation to disruptive innovation in an investor’s portfolio Why the broad-based benchmarks might be short innovation The importance of maintain a long-term investment time horizon when investing in innovation What innovation is happening in the private equity markets Why ARK never changes its investment philosophy even in market turmoil Answering the question: “Why should investors hold innovation strategies through downturns in the equity markets?” Why investors should not try to “time” the market Ren explains why volatility should not be considered a bad word Companies seem to be holding elevated levels of cash on their balance sheets

There are many speculations about the future of artificial intelligence (AI), and in this episode, we hear the opinions and predictions of a player in the inner folds of the AI space. Naveen Rao is the CEO and Co-Founder of the machine learning (ML) training platform, MosaicML, and the former CEO and Co-Founder of Nervana Systems. Naveen shares insight into the thesis behind Mosaic and the practical applications of Large Language Models (LLMs), as well as the Generative Pre-trained Transformer-2 (GPT-2) to GPT-3 transition and the challenge of training models with the constraint of data limits. He predicts the evolution of AI models in terms of quantity, size, and function, and the future of computers in general. If you’re curious as to whether it makes sense to build smaller models or own your own model, this episode is for you. Tune in to hear Naveen’s opinions on the impact of AI on the economy, the danger of centralizing resources, what constitutes sentience, and much more. “What we’re doing at Mosaic is building tools to enable more people to have access to these technologies. When it’s all centralized in one or two or three players, that creates a huge power dynamic.” — @NaveenGRao Key Points From This Episode: Naveen Rao’s educational background and interest in synthetic intelligence. What led him to start his first AI company, Nervana Systems. The thesis behind MosaicML. What MosaicML offers customers. What Naveen considers to be 2022’s most exciting breakthrough in AI. The innovation of ChatGPT. The GPT-2 to GPT-3 transition. The challenge of training models with the constraint of data limits. Naveen explains the concept of synthetic data. He predicts the evolution of AI models in terms of quantity, size, and function. Why it makes sense to build smaller models and own your own model where possible. Data as a moat component. Practical applications of LLMs. Naveen’s opinion on whether AI will disrupt the economy or increase Gross Domestic Product (GDP). The danger of the centralization of resources. How MosaicML is making trading more efficient given the limits AI is facing. The efficiency improvements MosaicML customers are seeking out. Naveen’s prediction for the rate of cost decline. The history of the computer password. The future of computers. The question of what constitutes sentience. Naveen recounts the acquisition process of selling Nervana Systems to Intel. How the innovator’s dilemma will play out among competitors in the AI space. Naveen’s advice for his past self.

It is officially the golden age of TV: no matter how and what you want to watch, there is a platform for you to find it. Nick Grous, Associate Portfolio Manager at ARK, is here to comment on the ongoing wars between Netflix, Disney +, Hulu, Amazon Prime, and other streaming platforms. It seems it is back to the basics for many of these platforms: a change in their digital approaches highlights adaptations in the advertising world. Nick looks at Netflix, the poster child subscription-based platform, and its struggle with users sharing passwords, and, how advertising may be used to mitigate losses. Nick explores the impacts of the pandemic, how the streaming platforms individually deal with competition, global advertising opportunities, advertising proficiencies, and so much more! Plus, you will hear why Nick thinks that Connected TV (CTV) could be the way of the future! “In terms of competition, Netflix doesn’t just compete against HBO Max or YouTube, they compete against all leisure activity.” — @GrousARK Key Points From This Episode: The subscription-based format of Netflix. When the “streaming wars” began. How Netflix managed continuous growth, despite speculation and doubts. How streaming platforms are managing the ‘COVID hangover’. Ad-supported video-on-demand (AVOD) versus subscription video-on-demand (SVOD). Why Nick thinks Netflix will start AVOD. How consumers approach and react to the advertising in their streaming services. Advertiser’s approach to changes in the market. The over-the-top (OTT) and Connected TV (CTV) advertising landscape. Nick discusses Roku TV: a streaming media player. Short-term turbulence versus long-term struggles in the streaming sphere. The impact of the 2008 and 2009 recessions on advertising platforms. Why cable and broadcasting are being left in the past. Nick’s five-year predictions. Nick’s show recommendations and his opinions on streaming pricing.

On this episode of the For Your Innovation podcast, we feature a special year-end episode of “In the Know” with ARK CEO/CIO, Cathie Wood. In the episode she answers investor questions ranging in topics including general market conditions, inflation, deflation, corporate earnings, interest rates, disruptive innovation, ARK’s investment process, supply-chain, and the outlook for 2023. As always, she discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. Specific questions Cathie addresses during the episode: Please share your thoughts on the 2022 market. What is your market outlook for 2023 including the impact of innovation? Given ARK’s strategies have fallen >70% from their peak in February 2021, why don’t you turn defensive as most managers would do? You have been buying more Tesla and other stocks during the downturn. However, the stocks that you have increased your purchases have fallen further, and the overall decline in performance has accelerated. With interest rates and prices fluctuating so widely, will an investment focus on innovation work? Investors appear hesitant to invest now for long-term growth, given the supply chain disruptions and the expected economic downturn due to rising interest rates. Why do you believe that now is a once-in-a-century investment opportunity? To watch the video version of In The Know, click here.

As the year comes to an end, we would like to thank everyone who listened to the FYI — For Your Innovation podcast. In this final episode of 2022, we compiled some of our most interesting podcast episodes for you. Please enjoy this summary and tune back in when we return in 2023. 1. Space, Business, and the Business of Space with Jared Isaacman from Shift4 Payments (Ep. 127) Chief Futurist Brett Winton and Autonomous and Robotics Director of Research Sam Korus interview Shift4 Payments CEO and Chairman Jared Isaacman. Brett, Sam and Jared discussed the Polaris Dawn mission, Jared’s passion for spaceflight to further human space exploration, and some of the tangible philosophies that he took from SpaceX. (Listen to the full episode) 2. The Future of Web3 Games and Digital Ownership with Polygon Studios CEO Ryan Wyatt (Ep. 146) Next Generation Internet Director of Research Frank Downing and Associate Portfolio Manager Nick Grous sit down with Polygon Studios CEO Ryan Wyatt to unpack The Future of Web3 Games and Digital Ownership. Ryan also comments more generally on the buy-in to decentralization, interoperability concerns, and his perspective on the realities of the metaverse. (Listen to the full episode) 3. Personalizing Private Wealth with Titan CEOs Joe Percoco and Clay Gardner (Ep. 151) Analysts Max Friedrich and William Summerlin talk to Titan co-Founders and co-CEOs Joe Percoco and Clay Gardner about their mission to personalize private wealth. In that episode, you’ll hear how Joe and Clay met and founded their online investment platform, their mission and vision, how they remove the ‘middleman’ in hedge-fund-like investing and more. (Listen to the full episode) 4. Breaking Down Biotech Innovations with Dr. Bob Langer (Ep. 156) Analyst Ali Urman and ARK advisor Dr. Charlie Roberts are joined by MIT professor, chemical engineer, scientist, inventor, and investor Dr. Bob Langer. Dr. Langer has over 1,400 granted or pending patents, has been cited 374,000 times and counting, and was a co-founder of Moderna. In the episode, Ali, Dr. Langer and Dr. Roberts discuss emerging biotechnologies, the potential of artificial intelligence (AI) in healthcare and potential time-to-market accelerators for new therapies and vaccines. (Listen to the full episode) 5. Innovation is the Ultimate Leveler with Steve Case (Ep. 164) Steve is one of America’s most renowned entrepreneurs as a co-founder of America Online (AOL). Currently, Steve serves as chairman and CEO of Revolution LLC, which focuses on investing in the next generation of founders, especially in the 47 states outside of California, New York and Massachusetts. In the episode, Steve and our CEO Cathie Wood discuss why he thinks entrepreneurs are vital, the value of research toward innovation, why Steve thinks you should be optimistic for the future of America. (Listen to the full episode) “Check out the FYI – For Your Innovation Podcast ‘Best of 2022’. Because investing in innovation starts with understanding it. #FYIpodcast”

We are pleased to introduce the ARK Crypto Brainstorm; a quarterly conversation between a rotating group of experts in the crypto space, The ARK Crypto Brainstorm will be published through the For Your Innovation podcast channels and aims to be an informative and in-depth conversation on the current state of the ever-changing crypto landscape with experts offering diverse viewpoints. In the first episode of the ARK Crypto Brainstorm, ARK Cryptocurrency Analyst Yassine Elmandjra and Chief Futurist Brett Winton hosted five leaders in the crypto space including: Alex Gladstein CSO, Human Rights Foundation Alex Gladstein is Chief Strategy Officer at the Human Rights Foundation. He has also served as Vice President of Strategy for the Oslo Freedom Forum since its inception in 2009. In his work, Alex has connected hundreds of dissidents and civil society groups with business leaders, technologists, journalists, philanthropists, policymakers, and artists to promote free and open societies. Chris Burniske Partner, Placeholder Chris Burniske is the Partner at Placeholder VC, a venture capital firm that invests in decentralized networks and web3 services. Chris is also the author of Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond, and he formerly led Crypto research at ARK. Dhruv Bansal Co-Founder and CSO, Unchained Capital Dhruv Bansal is the Co-Founder and CSO at Unchained Capital, a bitcoin native financial services company offering collaborative custody multisignature vaults and loans for bitcoin holders. Prior to Unchained Capital, Dhruv was the co-Founder and CSO at Infochimps, a cloud service that streamlines building and managing complex big data environments and distills analytics. Eric Wall Crypto Blogger Eric Wall is a Stockholm-based software engineer and cryptocurrency trader. He works at a financial IT infrastructure provider as a blockchain and cryptocurrency domain expert and holds a M.Sc.Eng. in Information and Communication Engineering Technologies from the Faculty of Engineering (LTH), Lund University, where he specialized in blockchain technology. Nic Carter Founding Partner, Castle Island Ventures Nic Carter is a founding partner at Castle Island Ventures, a venture capital firm focused exclusively on public blockchains. Before founding Castle Island, Nic worked for Fidelity as their first cryptoasset analyst, where he devised research perspectives on public blockchains. He is the cofounder of Coin Metrics. He holds a degree in philosophy from the University of St Andrews and an MSc Finance and Investment from the University of Edinburgh. Key Points From This Episode: Potential sources for additional fallout in the cryptocurrency market Why might Binance’s auditor have quit Binance’s current situation generally, and what might the company’s future look like Game theory on calling out crypto scams What the future could be for Tether How US Treasury assets could be instrumentalized Would a potential collapse of Tether be positive for Bitcoin? How crypto regulation plays a role in the long-term How Fidelity can impact Bitcoin What the future might hold for the decentralized finance (DeFi) industry Bitcoin’s relative strength among a variety of other crypto crashes The prospects for Bitcoin’s price movement in the near term General thoughts on the collapse of FTX Is Solana dead or can it come back into favor? How the NFT ecosystem compares to the rest of the Ethereum ecosystem What are some optimistic viewpoints in crypto despite considerable recent volatility How government policy and regulation could shape the crypto market

He is one of America’s most renowned and accomplished entrepreneurs and helped make the internet what it is today. Steve Case’s entrepreneurial journey began in 1985 when he co-founded America Online (AOL), the largest internet-access subscription service company in the United States. He stepped down as CEO of AOL in 2000 after negotiating the largest merger in business history. He has an immense passion and appreciation for business, helping start several companies since leaving AOL. Steve has also helped shape government policy regarding issues relating to entrepreneurship and supports legislation that catalyzes startup ecosystems. One of his exploits is Revolution, where he serves as the Chairman and CEO. Revolution is a company focused on investing in the next generation of founders and helping startups grow. In our conversation, we talk broadly about innovation in America, his book Rise of the Rest, and the power of government policy. Learn about his professional background and journey at AOL, his achievements after leaving AOL, and why innovation is fundamental for the future of America. We also unpack the current thinking around government policy concerning crypto and tech, how he thinks the government will handle it, and what policy reforms to expect in the future. Hear about his company Revolution and how the company is helping drive and support entrepreneurial spirit in the country. We also discuss why he thinks entrepreneurs are vital, the value of research toward innovation, why Steve thinks you should be optimistic for the future of America, and much more. “Following the money is one way to make investments, but following the talent is probably the better way in the venture capital world.” — @SteveCase Key Points From This Episode: A brief background about Steve’s professional career journey at AOL. Whether the market bust of 2020 was caused by the collapse of tech stocks. Find out why the business model of AOL was daring in the early days. How Steve got involved in helping shape government tech policies. His opinion regarding government policy in the tech sector. Whether government policy will encourage innovation within tech and crypto. Learn how innovation can be the greatest leveler of opportunity and success. We discuss Revolution and his motivation for starting the company. Discover details about his book and the insight it provides readers. Steve outlines some of the companies in the Revolution growth portfolio. We unpack the shift toward passive investing that has occurred in recent years. Steve shares what he thinks will be the long-term trend in investment of capital. We discuss and compare private and public markets. Reasons for the brain drain and the concentration of capital in a handful of cities. The innovation that is happening around the country and why this is good. Learn about an interesting new application to help you invest properly. Where the biggest inefficiencies are concerning the various stages of venture capital. Differences in terms of companies needing assistance concerning fixed assets. Hear why you should be positive for the future of business in America.

From The Great Depression and the two World Wars to now COVID and the escalation of the War in Ukraine, the world has had its fair share of economic downturns. However, the way we recover from it seems different now than it was in the early 1900s. Here with us today to discuss the differences and similarities of past, present, and future recessions is Wharton Professor and esteemed economist, Jeremy Siegel. Jeremy shares his thoughts on the Monitor hypothesis, the potential severity of a recession, and how current technological advancements make an increase in productivity highly likely. We learn what the Federal Reserve could be doing better amidst the negative money growth we are currently experiencing before Jeremy gives us his take on digital currencies and why crypto may be a three-part revolution. “I do think, as I look back, because of my studies with Milton Friedman, that the principal cause of the Great Depression was the failure of the Fed to prevent the total collapse of the banking system.” — Professor Jeremy Siegel Key Points From This Episode: Welcoming today’s guest, Wharton Professor and decorated economist, Jeremy Siegel. A look at Jeremy’s professional background. Jeremy’s thoughts on the Monitor hypothesis. What Jeremey thinks the severity of the an upcoming recession could be. How too much labor and inventory could compound a recession. Why innovation and automation may lead to a big increase in productivity in the near future. How Jeremy thinks today’s economic climate compares to the Smoot-Hawley act and others. Whether inflation can drop below zero, mimicking post-disaster periods of old. What the Federal Reserve could do to bring back money growth. A closer look at the negative money growth America is currently experiencing. Why Jeremy believes it’s no longer necessary to squeeze the economy to death to regain parity. Why increasing productivity should be our top priority. Whether a productivity rise is inevitable due to ever-changing technological advancements. Jeremy’s take on digital currencies. Cryptocurrency as a possible three-part revolution.

Programming has transitioned from machine code to punch cards, from assembly to high-level languages, and from C to dynamic languages, then to Python. Now, we are heading into the next frontier with artificial intelligence (AI) technology, and today’s guest, Amjad Masad, is one of the leaders designing the future of software engineering. During this episode, Amjad explains how the challenges he came up against during his early days as a programmer inspired him to make programming more accessible and how he is turning that dream into a reality through his privately-held company, Replit. Among other things, you’ll hear why Replit might appeal to both novice and highly experienced programmers, their “code as data” approach, the exponential growth that the company has experienced since its founding in 2016, and why Amjad believes that in the coming years, a single software developer might have the same productivity level as a 100 software developers today! “Our mission is to power the next generation of software development and rebuild something that is collaborative by default, instance ubiquitous and AI-powered.” — @amasad Key Points From This Episode: Amjad Masad, the co-founder and CEO of Replit, shares what the company does and the vision that drives them. The problem with the programming world that inspired Amjad to found Replit. What the Replit prototype was like in its infancy. Amjad’s breakthrough that went viral. The early years of Amjad’s career. How Replit has grown since its founding in 2016. Value that Replit aims to provide to beginner and senior programmers. Where the idea of using code as data originated. How Replit acquired its name. Impacts of the Transformer revolution. How Transformers are programmed. Amjad explains what his Ghostwriter program does. Valuable lessons Amjad learned from The Mythical Man-Month. Software engineering’s latest “silver bullet.” What Amjad sees as the role of software engineers in the future. A high-level overview of the history of programming and the developments that Amjad expects to see in the coming years. Factors that might make Replit stand out from its competitors. What Amjad wishes he knew from day one of building Replit.

MyWallSt is built on a simple mission: to get the world investing successfully. During today’s discussion, co-founder Emmet Savage shares a wealth of insights from his investment journey, which began in the early 90s. Listeners will become privy to six golden rules Emmet has learned the hard way during his career, plenty of which can be applied far beyond financial decision-making. Hear the origin story of his app, Learn by MyWallSt, and how it has begun to make a meaningful impact on people’s lives. Hear about how Emmet has built the algorithm behind Horizon, another product by MyWallSt, and find out how he summarizes his long-term vision for the business. We discuss what you can learn from stock investing which extends beyond what you may expect, and Emmet weighs in on the role of AI and Robo-Adviser in changing the landscape today. Tune in to hear all this and much more. “We’re motivated by a simple mission: to get the world investing successfully.” — @emmetsavage Key Points From This Episode: Welcome to Emmet Savage, co-founder of MyWallSt. Emmet’s history with investing in Irish and US markets. MyWallSt’s origins and their opportunity to disrupt stock market education and investing. John and Emmet’s simple mission at MyWallSt: to get the world investing successfully. Emmet’s first experiences of investing during the .com boom. The first share Emmet invested in with his father was in the early 90s. How ‘nothing beats free’ has become a rough rule of the internet. Six golden rules Emmet learned the hard way when the .com bubble burst. The conjoined rules of thinking long-term and not borrowing. Why diversification is critical to success. Buying what you believe in for your best success. What it means to “invest what you can, when you can.” Two reasons people choose not to invest. The origin story behind the app, Learn by MyWallSt. How Learn by MyWallSt was built with the rewards of short bursts of learning in mind. The story of Michelle, who upskilled herself on the bus, leading to investment success. What MyWallSt’s $1000 a year service, Horizon, works to do. The long-term vision behind Emmet’s work at MyWallSt. Similarities between the bursting of the .com bubble and the current climate. Understanding that a part of your brain lights up when you bet on something. The double-edged sword of human temperament. What you can learn from stock investing beyond the obvious. Emmet’s advice to keep your nerve when everyone else is panicking. Why the customization of messaging is so important: we remember feelings. The fact that AI and Robo-Adviser may overtake us eventually. What happens the moment a magic formula is released.

Today’s guest Chip Walter is a Navy veteran and Managing Director of Marlinspike Partners, a company working to solve the technological needs in space, cybersecurity, and artificial intelligence (AI) through investment. Tune in to hear about Chip’s background in the Navy, how he ended up at Marlinspike, and his experience flying a P-3 plane. We discuss the roles of the Prime contractors in defense and intelligence, the process of trying to sell weapons to the Department of Defense, and a common mistake startups should to avoid. The timeline of the growth of space technology is increasing at a rapid rate. In this episode, Chip tells us why he feels the USA needs to match the presence of other dominant countries in space in order to defend itself before he explains how cyber fits into war-fighting as the fifth domain. “The big players in the in the defense industrial base [need to] play with the smaller players and be responsible [for] bringing them along and allowing them to use their innovative cycle” — Chip Walter Key Points From This Episode: A brief introduction of today’s guest, Chip Walter, and all about his background. What Chip thinks the US needs to do to improve defense and intelligence and maintain its position. What it’s like to try to sell to the Department of Defense or the intelligence community. What small companies in this industry should be aiming for. Why startups should be careful of trying to do too much. What Chip sees happening in space in terms of defense and investment at Marlinspike. Why presence in space is essential to achieve military dominance. Why cyber is the fifth domain of war-fighting. How AI fits into war-fighting. Chip tells us about his days flying the P-3 plane.

Here at ARK, the number one question we hear is: has innovation bottomed? Steven Vannelli is seeing signs that innovation may have hit the bottom and that there might be a significant turning point ahead. Steven is Founder and CEO of Knowledge Leaders Capital and Chief Investment Officer of the Knowledge Leaders Funds. There, he oversees investment strategy, asset allocation, and security selection, and leads development on the firm’s analysis of intangible capital, studying how it affects corporate profitability and wealth creation. According to Steven’s most recent Quarterly Strategy Report, global innovation appears to have bottomed, and in this episode, he breaks down what he means. We take a deep dive into the stats that suggest that innovation could be relatively undervalued from a historical perspective. “[Intangible assets aren’t] all necessarily hardcore ones and zeros, bits and bytes. A lot of it is investments that companies make into their people or make into their processes.” — Steven Vannelli Key Points From This Episode: The motivation behind Knowledge Leaders and their unique focus on intangible assets. Indications that innovation as a factor bottomed earlier in 2022, according to Steven. Defining intangible assets and some examples that illustrate their value. Understanding the relationship between present intellectual property and future earnings. A look at the first quintile of the S&P 500 and what it means for innovation. Where research and development spenders in the S&P 500 are concentrated. Steven shares his view on how companies can benefit from capitalizing on R&D. Indices that Steven uses as proxies for innovation. The Bloomberg R&D Leaders Index versus the Goldman Sachs Non-profitable Tech Index. A look at financial leverage based on reported data. The potential merits of comparing the 2000s boom and bust cycle with innovation today. Potential ramifications of the tech race between the U.S. and China. How geopolitical risk can slow innovation.

With steadily increasing technological advancements and a new way of living with the global pandemic, Data as a service (DaaS) has become a very attractive business model. Taking full advantage of the growing internet is today’s guest, CEO of privately held SafeGraph and the host of The World of DaaS podcast, Auren Hoffman. To paraphrase our guest, SafeGraph sells data about physical places, they sell a collection of facts. Auren’s background as a software engineer launched him into the world of tech, and he explains why he believes DaaS is so important in today’s world. We learn that SafeGraph prioritizes data over analytics, why trading datamay be / appears to be better for business than selling it, and why value and accuracy could be / he believes, etc more important than data quantity. Software tools are leading to both market concentration and fragmentation, and we see how software’s evolution to be more text-prompt-based can be great for the everyday consumer. Auren is also an angel investor and he tells us what he prefers investing in and why he finds the current market so fascinating. Before discussing the slippery slope of universal standards, our guest shares why podcasting brings him joy and why being able to switch between platforms and systems is becoming a major selling point. Auren is encouraged by the competitive nature of the data space and he explains why traditional banks have a tough battle to deal with. “The most important thing in data is that it’s true because you’re just selling facts. Hopefully, you have a lot of facts. Hopefully, those facts are facts people want.” — @auren Key Points From This Episode: Introducing today’s guest, DaaS expert and serial entrepreneur, Auren Hoffman. Auren’s business background and how he got into tech. What SafeGraph does as a business. The definition of a “data as a service” (DaaS) company and why it matters in today’s world. How dealing in data is simply working with facts. Whether Auren has been tempted to add analytics to his data-focused business. How Auren feels about the ever-increasing capabilities of data software tools. How his business’s data class differs from the others that prioritize analytics. Data-direct monetization and why it’s a bad idea for businesses to adopt the trend. Why Auren believes trading data is more beneficial than selling it. The difficulties of being in the data business. Why Auren’s company needs to provide both the facts and the interpolation between them. According to Auren, how data quantity is not enough and why value and accuracy also matter. The tipping points within data accuracy. SafeGraph’s prototypical customer. How Auren bills his clients and why he thinks more people are able to use modern data software. Whether software tools are leading to market concentration, fragmentation, or both. How Auren’s customers are implementing the data they receive from him. Why data software is evolving to be more text-prompt-based. How SafeGraph is competing with Google, just like everybody else. What Auren is investing in and what he finds interesting about the current marketplace. How he approaches the problem of customer acquisition within SafeGraph. Why Auren, as a CEO, is running a podcast. How to navigate systems that have become resistant to changes in processed data. The slippery slope of universal standards, and why Auren believes they are still important. What Auren thinks about the competitive nature of the current data space. The displacement of customer-sticking in banking.

When his six-year-old daughter was diagnosed with acute lymphoblastic leukemia, Tom Whitehead was determined to do whatever it took to save her life. In 2012, Emily Whitehead became the first patient enrolled in a clinical trial of a new immunotherapy treatment known as CAR T, which would ultimately turn her immune system into a powerful weapon against cancer. A decade later, this cancer treatment is now widely used and has gone on to save hundreds of lives. Today, in this special double episode of For Your Innovation, you’ll not only hear from Tom Whitehead as he shares the details of their miraculous story, recounting the innovative research, faith, and support that got them through the most difficult time of their lives, but you’ll also gain additional insight into CAR T therapy from biologist and infectious disease physician, Dr. Alexander Marson. Dr, Marson is a Professor at UCSF and the Director of the Gladstone-UCSF Institute of Genomic Immunology. His lab focuses on adapting CRISPR genome editing techniques to human immune cells in order to understand the genetic programs controlling immune cell function and to manipulate T cells to generate cell-based therapies for a wide range of diseases, including cancer. For a fascinating look at the patient/family/caregiver experience of cancer immunotherapy, intersected with that of a scientist who works on these novel and innovative therapies every day, listen to today’s episode! “T-cells are a central cell type that we can engage in a number of different ways to start orchestrating responses to treat cancer.” — @MarsonLab Key Points From This Episode:

Today’s guest is MIT professor, chemical engineer, scientist, inventor, and investor Dr. Bob Langer. Dr. Langer has over 1,400 granted or pending patents and has been cited 374,000 times (and counting)! As a co-founder of Moderna, he has great insights into the potential of mRNA to treat diseases of various descriptions. Joining us to pick this extraordinary mind is clinically trained entrepreneur, Dr. Charlie Roberts. In this conversation, we discuss emerging biotechnologies, the potential of artificial intelligence (AI) in this space, as well as what might be attributed to the current downturn of the market. Dr. Langer lists potential time-to-market accelerators for new therapies and vaccines and shares his advice for those looking to make an impact from an academic and/or entrepreneurial standpoint. Tune in to hear more about the innovations Dr. Langer has been involved in over the years, and what we can look forward to in the future! “I don’t see much limit in terms of what messenger RNA can be used to treat.” — Dr. Bob Langer Key Points From This Episode: Dr. Bob Langer highlights his favorite patent. Dr. Langer’s career achievements. Some factors impacting the current biotech market downturn. The correlation between magic and science. What mRNA is and why it’s an ideal candidate for treating disease. The personalized cancer vaccines Merck and Moderna are currently developing. Under what circumstances mRNA isn’t the solution. The emerging biotechnologies Dr. Langer is most excited about. The applications of organs on a chip. The potential of AI in the biotech space. Potential time-to-market accelerators for new therapies and vaccines. How to make an impact in the academic and entrepreneurial biotech spaces. The importance of understanding intellectual property. The team aspect of innovation. Dr. Langer’s tales of perseverance. Strategies for enforcing IPs. Dr. Langer’s delivery expertise. How he’s balanced his work and family life over the years.