FYI - For Your Innovation

The world of cryptocurrency and blockchain technology is a rapidly evolving sector that has grown tremendously in popularity in recent years. However, the original philosophy of crypto and blockchain has been altered by interests in capital gain and convenience, eroding the founding ethos of the technology. This was not acceptable to today’s guests, Arthur and Kathleen Breitman, who decided to build a blockchain technology that ensured the original spirit of the technology was preserved. Arthur and Kathleen are the creators of Tezos, a public blockchain that enables decentralized governance by allowing self-amendments. In today’s conversation, we dive into the underlying Tezos protocol and discover the various ways people are applying it. We learn what a rollup is, the different versions of rollups, and what data availability is as a concept. Hear about their approach to scaling, how scaling has changed from a research to an engineering problem, and why the Breitman’s believe gaming will catalyze the next wave of users of blockchain technology. “I started my journey by thinking: Bitcoin, it’s not an algorithm. It’s not a software. It’s a network. It’s consensus around a ledger.” — @ArthurB Key Points From This Episode: Background about our guests and what got them interested in crypto. The motivation for Arthur and Kathleen to build their own blockchain. How the narrative around cryptocurrencies has evolved and where Tezos fits in. How Arthur and Kathleen formed the idea of on-chain governance as a middle ground. An outline of the upsides and downsides to the on-chain governance approach. The shift in motivation and ethos of the average crypto-user. Past updates and the current state of the network. Whether scaling is achieved by upgrading the core or Layer 2. What data availability is as a concept and why it is essential. A breakdown of a rollup and the various approaches to scaling. What rollup approach the Tezos network uses to scale. The many ways people are using the Tezos network. How Arthur and Kathleen measure the growth and use of the Tezos network. What they think will cause more people to adopt the network in the future. Why venture capitalists have become interested in cryptocurrencies. Comparing the railroads of the 1900s with public blockchains that exist today. Ways in which capitalization of crypto and blockchain technology will be overcome. An outline of the future for Tezos and how the community is involved. Arthur and Kathleen’s take on the regulatory environment and how it’ll change in the future.

Today, Will Summerlin hosts a conversation with Manu Sharma, founder and CEO of Labelbox, a privately held data curation and artificial intelligence (AI) company. In the episode, Manu unpacks the role of AI in powering real-world solutions, discusses why he believes the AI paradigm shift is really all about data, and what motivates him to create a product suite to orchestrate AI activities. We also dive into the rapid AI driven transformations that enterprises are facing today, how they navigated solutions for data engines before Labelbox, and what the impact of unsupervised learning is on the need for labeling. You’ll hear why Manu believes AI is more accessible than ever before, and how John Deere is implementing artificial intelligence in their daily work. Additionally, you’ll hear about the role of the government, and about remote and in-person culture. “These computer systems are getting better and better. They are going to be able to abstract and generalize knowledge from their natural interactions humans have.” — @manuero Key Points From This Episode: How Labelbox tries to improve mission-critical AI systems across industries by building software products. Manu’s experience working in satellite imaging at Planet Labs before starting Labelbox. What it was like to see AI applications powering real-world solutions for the first time. Why the Manu believes the AI paradigm is really all about data. How the need to create a product suite to orchestrate AI activities motivated Manu to create Labelbox. The rapid AI driven transformations that enterprises using Labelbox experience today. How enterprises navigated solutions for data engines before Labelbox. How Tesla has built a data engine to create a closed loop system. What AI labeling actually is. The impact of unsupervised learning on the need for labeling. Three layers of AI capabilities. Why AI is accessible to everyone today. How AI powers John Deere’s tractors through See & Spray technology. The biggest challenge that AI adopters are facing today. Manu’s prediction for the rate of progress in AI technology. Government progress in AI and digital warfare. The importance of finding people who are on board with the values of the company. Why Labelbox has embraced remote culture. Working together in person and building a team culture at Labelbox.

On this episode of For Your Innovation, we showcase Episode 34 of our monthly video series, “In the Know,” from October 7, 2022. ARK CEO, CIO and Founder Cathie Wood, weighs in on M2 growth, inventory pile-ups, liability driven investing, commodity prices, and why we believe the Fed is making a mistake as they base policy on lagging economic indicators. She discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. To read our full open letter to the Fed, click here. To watch the video version of In The Know, click here.

Please note: as of 6/30/22, ARK’s clients own greater than 1% of the shares outstanding of Beam Therapeutics Inc. On today’s episode, ARK analyst Ali Urman hosts the inventors of the adenine base editor (ABE) and the cytosine base editor (CBE) Nicole Gaudelli and Alexis Komor, respectively. Nicole is the Senior Director and Head of Gene Editing Platform Technologies at Beam Therapeutics, and Alexis is an Assistant Professor of Chemistry and Biochemistry DNA damage and repair and Genome editing at the University of California, San Diego. Alexis and Nicole worked together to develop a pair of CRISPR base editors, capable of engineering precise single-base substitutions. In today’s conversation, Alexis and Nicole discuss their discovery of base editing, what base editing is, how they grew interested in the space and what the future applications of this discovery might be! Key Points From This Episode Alexis and Nicole on the discovery of base editing What exactly base editing is How Alexis and Nicole grew interested in base editing Alexis’ interest in directed evolution How CRISPR and antibiotics integrate What itwas like working with Dr. David Liu The potential disease curing applications of base editing Why Alexis decided to go into academia rather than corporate Why Nicole decided to go into industry instead of academia

On today’s episode, ARK analysts Max Friedrich and Will Summerlin are joined by co-founders and co-CEOs of Titan, an online investment management platform, Joe Percoco, and Clay Gardner. In this episode, we hear how these business partners met and founded their company, their mission, and vision, how they remove the ‘middleman,’ and more. We also discuss what Titan believes prevents investors from trying to build a distribution channel, and what information investors care about the most. Joe and Clay also share some new strategies they’ve launched on their app, and we delve into how they see their user experience evolving and what their biggest challenges have been thus far. This dynamic duo also tells us their entrepreneurial story, how their vision has changed, and they give out some advice to their younger selves. “I think the world needs to remove these barriers, as opposed to just making wealthy people richer.” — @virtualclay Key Points From This Episode: An introduction to today’s guests, Joe Percoco and Clay Gardner. How Joe and Clay met. How Joe and Clay founded Titan. Joe and Clay explain what Titan is and what their mission is. What is happening with asset classes today. What prevents institutional investors from trying to build a distribution channel with retail. How Titan tries to remove the ‘middleman.’ What information Titan believes investors care about the most. The new strategies launched by Titan and how investors can engage with them on the app. The details associated with Titan’s new interval funds. The feedback Titan has gotten up until this point. How Titan sees the user experience and the product mix evolving in the future. Joe and Clay’s entrepreneurial story and how their vision has changed over time. Joe and Clay share some advice for their younger selves. What Joe and Clay they look for in an ideal venture partner. The biggest challenges Titan is facing and what Joe and Clay are doing to overcome them.

In this episode of For Your Innovation, we sit down with multi-hyphenate Kimbal Musk to talk about food justice, Big Green, and its latest branch, Big Green Decentralized Autonomous Organization (DAO). Billed as the first non-profit-led philanthropic DAO, this experiment is aiming to use the power of decentralization and automation to impact lives on the most basic level. Kimbal shares a little about why this work has him so excited and feels like the natural progression of the efforts he has been making in the past years, before we dive into the ethos behind Big Green, and how they are tackling the constant challenges that are associated with this kind of philanthropy. Our guest also unpacks the intricacies of fundraising, the impacts of the pandemic, and what transparent growth means to him. We get to look ahead to the future vision of the project, and Kimbal talks about the cyclical nature of growth seasons in all industries and how this compares to the projects for decentralized technology. “If nothing else comes of the DAO, the community itself is the most wonderful, beautiful thing I’ve ever seen in the non-profit space, and I’ve been working in this space for 12 years.” — @kimbal Key Points From This Episode The current work and projects that are getting Kimbal most excited. The three ways that Big Green approaches trying to change lives through growing food. Kimbal’s reflections on the challenges facing philanthropic work. How Big Green DAO aims to tackle some of the fundraising issues. The pivots and shifts that Big Green made in response to the conditions of the pandemic. The transparent growth of Big Green DAO and how automation makes vetting easier. Confronting concerns around the ability of donors to vote. Kimbal shares his aspirations for Big Green DAO in the near future. The evolution of Kimbal’s crypto philosophy and the cycles of bubbles. Early attitudes towards Big Green DAO, and the usefulness of branding it an ‘experiment.’ Where to learn more and get involved with this great project!

On today’s episode of the For Your Innovation podcast, our Chief Futurist Brett Winton interviews Bloomberg’s Eric Balchunas. Eric Balchunas is Senior ETF Analyst at Bloomberg Intelligence, where he leads the ETF and passive fund research and contributes to Bloomberg Opinion. He is a frequent speaker at industry events and conferences, as well as the co-creator of the Bloomberg podcast Trillions and Bloomberg TV’s ETF IQ. Eric is also the author of the recently released, The Bogle Effect, a book about how john bogle and vanguard turned wall street inside out and saved investors trillions. Brett and Eric discuss The Bogle Effect, and Vanguard’s John Bogle in detail, indexation in the investment management industry, passive vs. active investing[1], the media’s coverage of the investing world and much more. “What we try to tell people and is to go where the indexes aren’t…this industry like any other, you can see this with ETFs in particular, that’s where a lot of the innovation is seen.” – @EricBalchunas Key Points From This Episode: Eric Balchunas’ recent book; The Bogle Effect Indexing and how John Bogle brought indexing to Wall Street Eric explains risks of indexing for retail investors The size and scale of the passive fund market Eric’s views on risk within the active fund industry How exchange traded funds (ETFs) fit into the innovation of financial innovation How ETFs compare to index funds The media’s coverage of the investment management industry Eric’s stock ETFs and the risks they may pose to investors What the future might be for indexation and ETFs What Eric thinks is the primary function of investment advisors The potential of mass adoption of cryptocurrency based investment products

Today CEO and CIO Cathie Wood and Angie Dalton engage Caitlin Long, the CEO and Founder of the privately owned Custodia Bank, in an insightful conversation about her work and her particular take on the possibilities of crypto technologies in the current climate. Caitlin’s approach is one we do not hear about so often, and we get to explore how Custodia Bank is hoping to harness the powers of new technology and at the same time focus on proper regulation adherence and improving the dominant banking systems. We talk about the work that Caitlin is doing as a stepping stone and how we might get through this transitional period of integration, and Cathie and Angie get to ask our guest a number of very probing questions on what a truly modern payment ecosystem would look like. For Caitlin, it is a no-brainer to utilize this powerful, open, and cost effective technology to upgrade banking services. “Ultimately, what we’re trying to do is ensure that the on-off ramps are there and reliable so that legitimate businesses in this industry don’t lose their bank accounts.” — @CaitlinLong_ Key Points From This Episode: The significance of Wyoming to Caitlin’s work and the inspiration drawn from South Dakota. Caitlin paints a picture of the regulatory backdrop for her efforts to start a bank. Creating a bank in new infrastructure while integrating digital assets into the traditional banking system. Why access to the Federal Bank is necessary for this project. The likely impact of ‘open banking’ on the status quo and the incumbent powers. Exploring the idea of rehypothecation and Caitlin’s approach to lending and leverage. Recent lessons in transparency for policymakers. A little about Custodia Bank, its bank charter, and the problems they are aiming to solve. Adjusting the narrative around crypto and non-compliance with regulation. Comparing crypto with card networks and how the infrastructure might be replicated. Caitlin explans how Custodia Bank compares with Silvergate and Circle. Caitlin’s feelings about moving back to Wyoming!

The idea of artificial intelligence (AI) may appeal to many businesses for its cost-saving potential, but ARK believes in its ability to enable scaling reaches far beyond. Today, we are joined by the CEO of Scale AI, Alex Wang, to talk about the problem Scale was born out of, and its mission to enable every organization to utilize AI technology. In our conversation, we touch on everything from Scale’s origin story and its success in improving data set curation systems for machine learning algorithms, to the involvement of humans in the trajectory of AI systems. Alex breaks down the paradigm shift from human as author and editor to AI as author and human as editor, before explaining the market-enabling potential of AI. We discuss the geopolitical relevance of AI and what would could be required for any country to take the lead as an AI superpower. Listen in to find out more about the scaling potential of AI for businesses and the role Scale AI is playing to help make this possible for organizations all over the world! “If you solve the data problems and the data foundations of AI, that’s going to enable almost everyone in the world to be able to build great AI and transform their businesses.” — @alexandr_wang Key Points From This Episode: Introducing Alex Wang, CEO of Scale AI. What Scale AI does and who they serve. Alex shares the origin story of Scale AI. The exponential gains Scale has driven in the efficiency of data-producing systems for machine learning algorithms. The paradigm shift from human as author and editor to AI as author and human as editor, according to Alex. Alex’s prediction for the involvement of humans in the trajectory of AI systems. The market-enabling potential of AI. The notable rate of improvement in the AI field. The magnitude of scaling Scale AI enables for its customers. Alex’s view of the broader trend TikTok reflects, in terms of AI efficiency in a business context. The role AI could play in national security, and why Alex believes regulation is essential. The importance of AI from a geopolitical standpoint. The gulf of understanding between Silicon Valley and DC regarding AI, as told by Alex. Alex explains how Scale fulfills its mission to enable every organization with great AI technology. How Scale communicates the true value of AI to its customers. Examples of the use of AI in various industries. The challenges traditional companies face when it comes to embracing AI. What differentiates Scale from its competitors.

Today Frank Downing and Nick Grous are joined by current CEO of Polygon Studios, Ryan Wyatt! A lifelong gamer and technology enthusiast, Ryan shares his journey through these worlds as a user and then as a professional before we dive into Polygon and some of the foundational elements of what they are doing in the gaming and non-fungible token (NFT) space. Ryan talks about the Polygon protocol, and also how the company relates and compares to its peers and adjacent technologies. From there, the bulk of our conversation is spent unpacking what Polygon Studios is bringing to the table and how they are aiming to attract customers through their unique value offer. We also cover exciting avenues in the gaming world and weigh how much of this is going to the move into the Web3 domain. Ryan also comments more generally on the buy-in to decentralization, interoperability concerns, and his perspective on the realities of the metaverse. “We’re not really a studio. We’re not making any games in-house. We’re not creating any IP in-house. That’s very intentional, because I would never want to be at odds with any of the people that are building.” — @Fwiz Key Points From This Episode: Some background from Ryan on his journey through the world of gaming and media. Unpacking the Polygon protocol and how Polygon Studios fits into the ecosystem. Introducing Polygon’s role in the context of Ethereum and companies like Solana. The main products that Polygon is targeting as a means of attracting customers. Ryan shares some of the development happening at Polygon. The new toolset that is now available for game development. Possibilities for the future of the play-to-earn model and cosmetic purchase options. Considering mass adoption of Web3 and the current readiness for this. The spectrum of investment in the idea of decentralization. Interoperability arguments and Ryan’s thoughts about how best to tackle some of the issues. The transition that Ryan made from YouTube to Polygon and his reflections on the contrast. Ryan’s perspective on the potential of the metaverse.

Today, ARK analysts Frank Downing and Yassine Elmandjra and research associate David Puell join the For Your Innovation podcast to provide an update on the cryptocurrency market. Tuning in, you’ll hear all about what the last three months have meant for cryptocurrency, what led to Three Arrows filing for bankruptcy, where we are in the broader cost basis of the market, the state of the current decentralized finance (DeFi) infrastructure, and the biggest learnings from this turmoil. We also discuss how we believe all of this might play out for Ether, the path to recovery, the implications of the security regulation uncertainty of Coinbase, and the Tornado Cash incident. We even give you ARK’s market analysis of the broader price action featured in The Bitcoin Monthly! Be sure to subscribe to the Bitcoin Monthly, here. “There’s an interesting settling of the dust, where the size of every marginal fallout associated with Terra is diminishing.” — @yassineARK Key Points From This Episode: What the last three months have meant for cryptocurrency. What led to Three Arrows filing for bankruptcy. A market analysis of the broader price action that was featured in July’s edition of The Bitcoin Monthly. ARK’s view of where we are in the broader cost basis of the market. ARK’s conclusions from this turmoil and the state of the current DeFi infrastructure. How all of this might play out for Ether in the short and mid-term future. ARK’s metrics showing that the path to recovery could be well on its way. The recent security regulation and uncertainty around some of Coinbase’s listings. The Tornado Cash incident and its implications. Disclsoure Please note, companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so and/or may face political or legal attacks from competitors, industry groups, or local and national governments. ARK aims to educate investors and to size the potential opportunity of Disruptive Innovation, noting that risks and uncertainties may impact our projections and research models. Investors should use the content presented for informational purposes only, and be aware of market risk, disruptive innovation risk, regulatory risk, and risks related to Deep Learning, Digital Wallets, Battery Technology, Autonomous Technologies, Drones, DNA Sequencing, CRISPR, Robotics, 3D Printing, Bitcoin, Blockchain Technology, etc. Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency generally operates without central authority (such as a bank) and is not backed by any government. Cryptocurrency is not legal tender. Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. The market price of bitcoin and other cryptocurrencies have been subject to extreme fluctuations. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction. Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware, which may also affect the price of cryptocurrencies. Cryptocurrency Tax Risk. Many significant aspects of the U.S. federal income tax treatment of investments in bitcoin and other cryptocurrencies are uncertain and still evolving. The content of this presentation is for informational purposes only and is subject to change without notice. This presentation does not constitute, either explicitly or implicitly, any provision of services or products by ARK and investors are encouraged to consult counsel and/or other investment professionals as to whether a particular investment management service is suitable for their investment needs. All statements made regarding companies or securities are strictly beliefs and points of view held by ARK and are not endorsements by ARK of any company or security or recommendations by ARK to buy, sell or hold any security. Historical results are not indications of future results. Certain of the statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on ARK’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ

On this episode of FYI, we showcase our latest episode of In The Know, a monthly video series on which our CEO and CIO Cathie Wood discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. You can find the full In The Know video series at our video center here. Cathie also weighs in on the Inflation Reduction Act, productivity, inventory build-ups, the latest employment report, commodities, why we’re already in a recession, and more. She also touches on the Bitcoin Monthly, a Bitcoin “earnings report” that details relevant on-chain activity and showcases the openness, transparency, and accessibility of blockchain data. Please subscribe here to download The Bitcoin Monthly Report. Key Points From This Episode: Inflation Reduction Act Productivity inventory build-ups The latest employment report Why commodities can be a good market indicator Why we’re already in a recession The Bitcoin Monthly

As improbable as it may seem, the metaverse is well under construction, but not in the way it’s been communicated to us in the mainstream. Joining us today to reconstruct all we know about the metaverse and its potential is Herman Narula, the co-founder and CEO of the privately owned metaverse technology company, Improbable. Improbable isn’t necessarily taking a different approach, they’re trying to solve a completely different problem. In this episode, we hear how their aim and approach differ from those of other game developers and the relationship the company has with the traditional gaming sector. Herman describes both the business and discovery model of Improbable’s M2 platform and the extent to which interoperability could be possible. We delve into blockchains and their role in the metaverse, which should fair best in the realm, and how M2 interacts with blockchains. Furthermore, Improbable has partnered with Yuga Labs: “The NFT Company Taking Over the World,” and Herman describes the intention behind it and what the partnership involves, before breaking down how he defines and views NFTs (Non-Fungible Tokens). Tune in to hear Herman’s thoughts on augmented and virtual reality, why he believes presence is more important than immersion, and discover how Improbable is making value transfer possible! “To me, the metaverse is a collection of related experiences that specifically augment and enhance existing communities [and] real-world culture.” — @HermanNarula Key Points Form This Episode Herman Narula gives an overview of his metaverse tech company, Improbable. How Improbable interacts with game engines but exceeds their usual capabilities. How Improbable’s aim and approach differ from that of other game developers. The convergence of technologies required to solve the gaming problem identified by Improbable. The flexibility and complexity of the platform and the resulting challenges. Why Herman has chosen to make everything as modular as possible for users. The relationship Improbable has with the traditional gaming sector. The industries that are most interested in what the company has to offer. Herman defines the metaverse and explains how the term is being mishandled in the mainstream. The benefit of the metaverse and how it differs from a video game. The benefits of blockchain technology and its role in facilitating value transfer in the metaverse. Improbable’s partnership with Yuga Labs in the NFT space. The predicted time-horizon for the full-functioning of the metaverse. How interoperability works in the M2 context and how Improbable has created a common technical basis between worlds. The biggest hurdles Improbable is currently facing. The business model of the platform and how it differs from existing online platforms. Why Herman prefers to use a link-based discovery model. How the M2 network will operate and how it interacts with blockchains. Herman predicts which blockchains will be most successful in the metaverse. How Herman defines NFTs What makes the M2 platform so appealing, without the need for a network effect. Why Herman considers Improbable and M2 to be powerful in the metaverse space. AR and VR, and the difference between presence and immersion. What Herman’s book, Virtual Reality,

E-commerce is taking the world by storm and today, we are joined by the President of Bukalapak, Teddy Oetomo, to find out how they’re revolutionizing the market in Indonesia. Bukalapak is a publicly traded Indonesian e-commerce company operating as a platform for both online and offline services for smaller retailers. The company partners with mom-and-pop kiosks to make its services easily accessible to customers in a cash-dominant society while enabling these small businesses to increase their revenue. In our conversation with Teddy, we learn more about Bukalapak and the Indonesian e-commerce market, and how the country’s unique socio-economic factors have lent to Bukalapak’s unique e-commerce strategy. We find out how the Indonesian market differs from other markets, and the various customer journeys available with Bukalapak. Teddy fills us in on Bukalapak’s acquisition strategy, financial services, and future plans. Tune in to find out about the nuances of the ever-expanding Indonesian e-commerce market and the versatile approach Bukalapak has adopted to meet the country’s needs. “You need practically a different strategy to tackle this market compared to [the] more commonly adopted global strategy.” — Teddy Oetomo Key Points From This Episode: Teddy Oetomo’s career background and his current role as President of Bukalapak. Indonesia’s recent history in terms of digitization. The socio-economic factors lending to Bukalapak’s unique e-commerce strategy in Indonesia. How the Indonesian market differs from other markets around the world. The nuanced e-commerce customer journey in Indonesia. The role of mom and pop kiosks in Bukalapak’s business model. Bukalapak’s acquisition strategy. The financial services Bukalapak offers, and is working towards. The typical financial services setup for convenience stores in Indonesia. The room for growth Teddy has identified in the financial services sector. The role of Bukalapak as the bridge to financial inclusion and digital transformation. The landscape of social media in Indonesia. Why Bukalapak is avoiding a single-channel strategy. The monetization capabilities of gaming and game items. The greatest challenges Teddy faces as he strives to reach the company’s goals.

Please note: as of 3/31/22, ARK’s clients own greater than 1% of the shares outstanding of Roku Inc. We believe there’s a major shift taking place in the TV ecosystem in terms of people moving from linear (cable) TV to connected (streaming) platforms and it’s only going one direction. The advertising world hasn’t quite caught up; In Roku’s first quarter earnings call, CEO Anthony Wood reiterated that US audiences spend 46% of their TV time on streaming while advertisers spend only 18% of their TV ad budgets on streaming.[1] We believe there is an enormous investment opportunity here, and in today’s episode we are going to be talking about why we believe Roku, the only purpose-built operating system for TVs today, is positioned to be a prime beneficiary of the shift from linear to connected TV. Tune in today to hear our predictions for the next five years, the factors required for our thesis to crystalize, exciting developments taking place at Roku, and more! You can read the full Roku valuation blog here. “The way that we think about Roku in this new digital TV ecosystem is as the new cable box.” — @GrousARK Key Points From This Episode: An overview of what Roku is. How the TV ecosystem has shifted. The drop that we expect to see in the number of households using cable/broadcast (linear TV) in the US in the next five years. The number of households that we expect to be using connected TV (streaming) in the coming years. The mismatch between advertising dollars spent and engagement in the streaming space. A comparison between the amount of advertising dollars spent on connected TV and linear TV. How we predict global and US advertising spending will change in the next few years. Three key variables that our assumptions about Roku’s future depend on. How we expect Roku’s daily hour stream per account metrics to change by 2026. Roku’s approaches to driving revenue dollars. Live sports; what we believe to be the linchpin holding the linear TV advertising space together. The growth that we expect to see in global digital advertising spending by 2026. Why we think connected TV targeting can improve but linear TV targeting cannot. Our calculations of Roku’s gross platform monetization rate. Benefits of the Roku Pay offering (that we are monitoring very closely). DISCLOSURE The forecasted performance and price estimates herein are subject to revision by ARK and provided solely as a guide to current expectations. There can be no expectation that the specific security will achieve such performance or that there will be a return of capital. Past performance is not indicative of future results. FORECASTED PERFORMANCE RESULTS ARE HYPOTHETICAL AND HIGHLY SPECULATIVE, AND PRESENT MANY RISKS AND LIMITATIONS. The recipient should not consider these estimated prices alone in making an investment decision. While ARK believes that there is a sound basis for the forecasts presented, no representations are made as to their accuracy, and there can be no assurance that such forecasts or returns will be achieved by the specific security. The recipient is urged to use extreme caution when considering the forecasted performance, as it is inherently subjective and reflects ARK’s inherent bias toward higher expected returns. Any higher returns should be viewed as a measure of the relative risk of such investments, with higher forecasted performance generally reflecting greater risk. There is no guarantee that any results will align with the forecasted performance, and they might not be predictive. Some or all results may be substantially lower than projected results and, as with any investment, it is possible that you could lose money. FORECASTED performance results (single security model simulation forecasts) have many inherent limitations. A recipient account might or might not hold this single security, and the account performance will be affected in proportion to its holding size and the amount of price fluctuation over time. No representation is being made that any client account will or is likely to achieve profits or losses tied to a security in the security model forecasts. In fact, there could be significant differences between these forecasted performance results and the actual results realized. Forecasted performance has not been achieved by the security, and like all modeled, projected or hypothetical performance, it is important to note that there are multiple versions of a model, and ARK has a conflict of interest in that we have an incentive to show you the best performing results. These forecasts rely on models, which calculate hypothetical performance. Several of the limitations of hypothetical performance models include: 1) reliance on a variety of data obtained from sources that are believed to be reliable, but might be incorrect, inaccurate or incomplete and ARK does not guarantee the accuracy or completeness of any information obtained from any third party, 2) potential inclusion of inherent model creation biases,

Please note: as of 3/31/22, ARK’s clients own greater than 1% of the shares outstanding of Mynaric. Mynaric CEO Bulent Atlan began his career as one of the first employees at the then newly-established SpaceX in 2004, having graduated from Stanford University and following completion of his studies at the Technical University of Munich. At SpaceX, he was essential in growing the company’s avionics department from seven people to over 200 and was as Vice-President responsible for the avionics of the Falcon rockets as well as the Dragon capsule. Bulent is now the CEO of Mynaric and Investment Partner at Alpine Space Ventures. Publicly owned, Mynaric produces the optical fiber for the skies and enables as a pioneer of laser communication extremely fast and secure wireless data transmission between aircraft, drones and satellites. On today’s episode, ARK Associate Portfolio Manager Sam Korus and Director of Research Brett Winton talk to Bulent about space laser communication, drone to drone communication, Mynaric’s partnership with the military and much more! Key Points From This Episode: Bulent Atlan’s introduction to the space industry and working at SpaceX Bulent’s road to becoming the CEO of Mynaric How a satellite system works without optical communication The opportunity to operate in countries with significant firewalls The precision of laser communication Drone to drone communication The role software plays in the performance of Mynaric’s systems The potential cost decline trajectory of orbital communications How much power is required to communicate with space laser technology Mynaric’s partnerships with Northrup Grumman and L3Harris

On this episode of FYI, we showcase our latest episode of In The Know, a monthly video series on which our CEO and CIO Cathie Wood discusses fiscal policy, monetary policy, market signals, economic indicators, and innovation. You can find the full In The Know video series at our video center: https://ark-invest.com/videos/ Today, Cathie highlights our latest initiative: The Bitcoin Monthly, an “earnings report” that details relevant on-chain activity and showcases the openness, transparency, and accessibility of blockchain data. Please subscribe here to download The Bitcoin Monthly Report: https://ark-invest.com/lp-bitcoin-monthly/ Cathie also weighs in on the Fed, inflation, deflation, yield curves, interest rates, gold and copper prices, the crypto markets, and more. Key Points From This Episode: An overview on our latest content initiative, the Bitcoin Monthly. Cathie’s views on the Fed, inflation and deflation. A closer look at yield curves and interest rates. Cathie’s view on commodity prices like gold and copper. What the current monetary and fiscal policy might mean for markets. What Cathie believes is happening in the cryptocurrency market.

Please note: as of 3/31/22, ARK’s clients own greater than 1% of the shares outstanding of Zoom Video Communications. Read our full valuation article here. According to ARK’s open-source research and model, Zoom’s share price could approach $1,500, compounding at a 76 percent annual growth rate in 2026. In today’s episode, Will Summerlin and Andrew Kim talk through their thesis for Zoom, as well as their open-source Zoom model that’s available on GitHub. They cover the type of top-down research that we do at ARK, as well as some of the research that they have done for Zoom. Tuning in, you’ll hear their bottoms-up analysis of Zoom as Will and Andrew dig into the modes that they believe Zoom has, as well as the competitive dynamics they think are going to play out in the communication software space. They also talk through their model and key drivers and, finally, close out with the overall AI opportunity that ARK sees playing out over the next decade and how they believe Zoom can capture some of that opportunity. For all this and more, make sure not to miss today’s conversation! “We think Zoom is in a really unique position to benefit from this trend towards AI productivity. Generally speaking, meetings have a lot of room to improve when it comes to productivity. We think AI can be part of the solution.” Key Points on this Episode: The type of top-down research we do at ARK. Understanding the opportunity for communication software in the context of hybrid work. Why we believe Zoom is in a unique position to benefit from the trend towards AI productivity. Our bottoms-up analysis of Zoom’s people, management, and culture; product leadership; execution; and barriers to entry. Zoom’s infrastructure, enterprise readiness, AI data advantages, and third-party ecosystem. The four drivers that we attribute the most important to in our Zoom model. Unpacking the manual and Monte Carlo models of our Zoom Valuation Model on GitHub. Our bull and base forecasts for Zoom’s top-line growth. How we see Zoom capturing AI opportunity thanks to declining deep learning training costs, among other factors. The interesting role AI could play in making Zoom meetings more productive. We encourage you to download the model, put in your own assumptions, play around with it, and provide us with your feedback on Twitter! DISCLOSURE The forecasted performance and price estimates herein are subject to revision by ARK and provided solely as a guide to current expectations. There can be no expectation that the specific security will achieve such performance or that there will be a return of capital. Past performance is not indicative of future results. FORECASTED PERFORMANCE RESULTS ARE HYPOTHETICAL AND HIGHLY SPECULATIVE, AND PRESENT MANY RISKS AND LIMITATIONS. The recipient should not consider these estimated prices alone in making an investment decision. While ARK believes that there is a sound basis for the forecasts presented, no representations are made as to their accuracy, and there can be no assurance that such forecasts or returns will be achieved by the specific security. The recipient is urged to use extreme caution when considering the forecasted performance, as it is inherently subjective and reflects ARK’s inherent bias toward higher expected returns. Any higher returns should be viewed as a measure of the relative risk of such investments, with higher forecasted performance generally reflecting greater risk. There is no guarantee that any results will align with the forecasted performance, and they might not be predictive. Some or all results may be substantially lower than projected results and, as with any investment, it is possible that you could lose money. FORECASTED performance results (single security model simulation forecasts) have many inherent limitations. A recipient account might or might not hold this single security, and the account performance will be affected in proportion to its holding size and the amount of price fluctuation over time. No representation is being made that any client account will or is likely to achieve profits or losses tied to a security in the security model forecasts. In fact, there could be significant differences between these forecasted performance results and the actual results realized. Forecasted performance has not been achieved by the security, and like all modeled, projected or hypothetical performance, it is important to note that there are multiple versions of a model, and ARK has a conflict of interest in that we have an incentive to show you the best performing results. These forecasts rely on models, which calculate hypothetical performance. Several of the limitations of hypothetical performance models include: 1) reliance on a variety of data obtained from sources that are believed to be reliable, but might be incorrect, inaccurate or incomplete and ARK does not guarantee the accuracy or completeness of any information obtained from any third party, 2) potential inclusion

Today’s guest believes strongly that healthcare needs blockchain and blockchain needs healthcare. In this episode, Dr. Alex Cahana returns to the show to discuss how blockchain can be the impetus for societal change in the healthcare industry. Dr. Cahana is a medical doctor, an ambassador to the UN for blockchain, and a theme developer for ARK Invest. He is on a mission to “block change healthcare and healthify the crypto space”. In our discussion, Dr. Cahana explains how he has seen the world change over the past two years in terms of healthcare and blockchain technology. He talks about why healthcare needs blockchain, the benefits and vast potential of tokenizing health data, and his three steps to addressing the current problems in healthcare with decentralization. Dr. Cahana also sheds light on his work in Sub-Saharan Africa and why the general adoption of crypto across Africa is much higher than of the rest of the world, as well as what it means for El Salvador to be the first country that has adopted Bitcoin as legal tender, before discussing the difference between “lean and obese” economies and the adoption of blockchain. To find out where Dr. Cahana sees healthcare, blockchain, and the world at large going in the next two to five years, as well as the three things that he’s most excited about in the near future, don’t miss this episode! “This financial freedom, which I think a lot of people here in the United States don’t have, is going to unleash something that perhaps central governments are not interested in it be[ing] unleashed.” — Alex Cahana Key Points From This Episode: An introduction to today’s guest Dr. Alex Cahana and his career in healthcare and blockchain. How Dr. Cahana has seen the world change over the past two years in terms of healthcare and blockchain technology. Why healthcare needs blockchain and why just rebuilding the existing technology system on centralized infrastructure isn’t enough. Why Dr. Cahana believes that the real benefits of blockchain to healthcare can be found in the idea of tokenization. Thoughts on how we can tokenize health data in a privacy preserving manner. The problem of data ownership. The three steps to addressing the current problems in healthcare with decentralization starting with: educating people and making them aware that their data is their own. Step two: addressing the problems that each stakeholder is experiencing in healthcare now. Step three: deriving sustainable business models from this and how this will look very different in each market. How the Global Blockchain Business Council is ‘healthifying’ the crypto space. Insight into Dr. Cahana’s work in Sub-Saharan Africa and what he learned from the way Africa dealt with COVID. Why general crypto adoption across Africa is much higher than that of the rest of the world, according to Dr. Cahana. The difference between “lean and obese” economies and how this relates to a nation’s willingness to adopt blockchain. What it means for El Salvador to be the first country that has adopted Bitcoin as legal tender. How Latin America’s adoption of blockchain differs from that of Africa. Dr. Cahana’s thoughts on how leaders need to transition from being omnipresent leaders to facilitators and educators as the world transitions from Web 2.0 to Web 3.0. Predictions on whether or not global bodies like the IMF and the UN will continue to be resistant to the adoption of Bitcoin as legal tender. Where Dr. Cahana sees healthcare, blockchain, and the world at large going in the next two to five years, and the three things that he’s most excited about.

Please note: as of 3/31/22, ARK’s clients own greater than 1% of the shares outstanding of Velo3D. ARK expects 3D printing to revolutionize manufacturing by collapsing the time between design and production, reducing costs, and providing greater design complexity, accuracy and customization. We believe 3D printing can enable digital inventory and distributed manufacturing, adding flexibility to supply chains. On today’s episode, ARK Research Analyst Tasha Keeney and Research Associate Pierce Jamieson interview Benny Buller, founder and CEO of Velo3D, a leader in end-to-end 3D printing space. Benny observed the additive manufacturing (AM) industry with fresh eyes and no prior manufacturing experience. In doing so, he observed a fundamental flaw limiting the speed of AM adoption: Engineers not only had to learn a new manufacturing process (AM), but they also had to learn a new design process (DfAM). He built Velo3D from the ground up, solving for this root challenge, enabling design to inform manufacturing not the other way around. Key Points in this Episode: The origin story of 3D Printing and why Benny started Velo3D. What determines a part’s usability with internal supports. What software Velo3D uses in the manufacturing process. The current repeatability of 3D printing and the overall importance of repeatability. The design process for additive manufacturing. Design freedom that 3D printing allows when manufacturing parts. What is driving growth in the additive manufacturing industry today. The future of material science and 3D printing. How machine learning and advanced optimization is affecting 3D printing. How 3D printing is driving the future of innovation.

In the world of aerospace, our wildest imaginings are steadily becoming a reality. Joining us today to discuss the future of air traffic, autonomous flight, and the phenomenon of Hamburger Helper being delivered to your door via drone, is aviator, entrepreneur, and investor, Cyrus Sigari. Cyrus has an impressive track record in the field of aviation and is currently the Co-founder and Managing Partner of UP Partners, a privately-owned company that builds and invest in technologies that help move people and goods. In this episode, we discuss the undeniable crossover between military and civilian applications of aviation technology, the challenges the FAA faces when it comes to certifying revolutionary technologies, and what exciting drone-related developments we could see in the next five years! Cyrus fills us in on China’s interesting aviation model, speculates on which areas the US could improve, and explains why focusing on transporting things, rather than humans, could free up the innovation process. Tune in to find out what’s going on in the aviation world, what might be some future possibilities, and what to consider as an early-stage investor in aerospace technologies! “As you democratize access to mobility, quality of life goes up and economies just do better.” — Cyrus Sigari Key Points from this Episode Cyrus Sigari’s background and involvement in the field of aviation. How Eclipse Aviation started the Very Light Jet (VLJ) Revolution. The historical risk of investing in disruptive innovation in aerospace, and why that risk is steadily decreasing. The challenge of the FAA to certify multiple new systems and technologies. Which countries Cyrus believes are leading progress in aerospace. China’s interesting aviation model. What makes aerospace one of the most important industries in the world. Why ARK is interested in autonomous flying vehicles. The undeniable crossover between military and civilian applications of technology. Examples of geopolitical conflict creating technologies with civilian applications. How civilian technologies are now bleeding into the military. How the development of adaptable commercial applications of technology could improve a country’s ability to be militarily competitive. Impressive autonomous flight technologies and their social and regulatory obstacles. Walmart’s revolutionary drone delivery service. Three noteworthy drone delivery companies: DroneUp, Zipline, and Wing. How focusing on moving things via air, rather than people, lessens the barrier to innovation. What to consider as an early-stage investor in aerospace technologies. Cyrus predicts that the US will be operating drones beyond the line of sight within five years. The shocking statistic of people who have flown in an aircraft. What Cyrus is most excited about in aerospace today!

When you’re in the middle of a crisis like the COVID-19 pandemic, getting timely test results is imperative. Unfortunately, laboratory testing does not scale well due to its centralized testing infrastructure. It also requires sample transportation, complicated equipment, and technical expertise, all of which lead to high costs and time delays that are incompatible with problems that require immediate answers. Today on the show, we talk with Khalid Alam, Founder and CEO of Stemloop, a privately-held company that is currently focused on developing cell-free biosensors to solve challenges in biomanufacturing, environmental monitoring, and human health. Tuning in, you’ll learn more about Khalid’s career, how he became interested in biochemistry and biotech, and how Stemloop’s cell-free biosensors will monitor and fortify water supplies around the world. We discuss how the biotech space has evolved over the past few decades, why doing projects at scale is so beneficial, and how the cost of DNA sequencing has plummeted in recent years. Khalid also delves into the crisis that the US is currently experiencing with lead in their water supply, the challenges of solving this problem, and the rapid tests that Stemloop is building for household taps. Today’s episode offers an exciting look into the world of testing and is full of important insights on advancements in biotech. Tune in to hear it all! “Two and a half years ago, when I was pitching Stemloop, I would tell people that laboratory testing doesn’t scale. I think they understood that superficially, but they didn’t necessarily empathize with it deeply.” — @BioChemPHD Key Points from this Episode An overview of Khalid’s career journey in biotech and biochemistry. How Khalid defines synthetic biology. Advancements in the biotech space over the past few decades. The value of doing biotech projects at a massive scale. How high-scale parallelization caused DNA sequencing to become more affordable. Aptamers: what they are, how they work, and why they’re useful. A breakdown of the FASTAptameR 2.0 toolkit. Exciting developments related to fluorescence activating RNAs. Global issues around water quality and how synthetic biology can address it. The benefits and challenges of analytical testing. Why getting a test result quickly is imperative. How the COVID-19 pandemic introduced testing issues to a broader audience. An overview of a lateral flow test and why it’s so valuable. Advantages of a cell-free approach and the cell-free biosensors that Stemloop is developing. How these will monitor and fortify water supplies around the world. How Khalid has transformed computational ideas and adapted them to the physical space. The methods they used to winnow down the application space. How the US is dealing with lead in their drinking water; challenges and possible solutions. How to get involved with Stemloop.

Saman Farid believes that robots are a means to an end and while their importance is derived from the output they create, many companies are focused solely on the hardware itself. In this episode, we are joined by Saman Farid, the CEO of Formic which is a privately held Robotics as a Service (RaaS) company that focuses on the output rather than the hardware. He sheds light on the concept of Robotics as a Service and what this really means. On today’s episode, you’ll hear about the barriers to robot adoption in manufacturing, the development of technologies that make it possible to use industrial robots in a collaborative way, the challenges of implementation in this field, and how the declining costs of hardware are opening up more opportunities in this sector. You’ll also learn more about why Saman believes that in the future, companies will either be building new robots, or operating them and generating value from them, but not both. To hear what excites Saman the most about the advancement of robotics in the next five years and why he believes that robots are not stealing jobs but creating more, listen now! I think eventually we’ll get to the point where every robot by default is collaborative, and not just collaborative between robots and humans, but more importantly, collaborative between robots and other robots.” — @samanfarid Key Points from this Episode Saman Farid’s thoughts on the concept of Robotics as a Service and what this really means. Thoughts on how innovative technologies tend to take hold during tumultuous times and how the pandemic is driving adoption. The labor shortage and supply chain challenges and how Formic is trying to formulate ideas to address these issues. The barriers to robot adoption in manufacturing. The types of tasks that Formic has had the most success in automating and those that still need work. The dynamic Saman sees in the use of collaborative robots versus more traditional caged-off industrial robots. The development of technologies that make it possible to use industrial robots in a collaborative way. The challenges of implementation and training in the development of this field. Business alignment challenges between companies that build robots and those that do Robotics as a Service. Saman’s prediction that the differentiation between the hardware vendors of robots is decreasing and specialization is increasing. Thoughts on the declining costs for the hardware of robotics and the opportunities that this opens up in manufacturing. Saman’s answer to the common question “Are robots stealing and destroying jobs?” What excites him the most about the advancement of robotics in the next five years.

In this week’s episode, we are featuring another segment from our Big Ideas Summit 2022. Click here to view the entire presentation, including the section referenced in this episode. In this segment, Brett Winton, ARK’s Director of Research, discusses how our five innovation platforms of artificial intelligence, robotics, blockchain technology, energy storage, and DNA sequencing are converging, and what impact this convergence might have on how quickly each platform evolves in the future. On today’s episode, you’ll hear the composite forecast of the 14 technologies that ARK focuses on and the aggregate market cap appreciation that ARK anticipates accruing across each. Brett offers his take on the future of Robotaxis, reusable rockets, genomics, public blockchain, and digital wallets, among other things. To hear ARK’s predictions on what will be some of the most economically productivity-generating innovations of all time, tune in today! “If half of market cap is going to be attributed to innovation then from allocation perspective, you’re better off being in front of that wave than waiting for it to occur.” — @wintonARK Key Points from this Episode An introduction to how the innovation platforms of artificial intelligence, robotics, blockchain technology, energy storage, and DNA sequencing are converging. Some necessary disclosures and the difference between volatility and risk. The composite forecast of the 14 technologies that ARK focuses on and the aggregate market cap appreciation that they anticipate accruing across each. Why it may be important to be in front of the wave of innovation from an allocation perspective when it comes to market cap. Why Brett believes that these five technology platforms are expected to accrue over $200 trillion in value over ten years and how they derive these values. ARK’s visualization of how the asset value accrual will break down. How each technology platform fits into this breakdown. Why ARK believes that autonomous mobility and Robotaxi are going to be the most economically productivity-generating innovations of all time. What ARK foresees in robotics, reusable rockets, and genomics. Public blockchain and why ARK sees this as three concurrent revolutions that have all been catalyzed by the introduction of Bitcoin into the world. The future of digital wallets. What differentiates ARK analysts from other research teams.

Dr. Agnieszka Czechowicz is driven by her passion for making an impact and changing the way that care is provided. Throughout her career she has taken science and translated it into medicines, many of which are having helping patients. Agnieszka has worked with a wide range of companies, from those that do gene editing to those that focus on hearing and balance disorders. However, her main area of research is in the field of hematopoietic stem cells. In today’s episode, Agnieszka explains the importance of these cells, and the benefits of the hematopoietic stem cells transplants. Agnieszka’s interest in transplant medicine began at a young age, and her passion for the field continues to grow year after year. Tune in today to hear about how Agnieska is contributing to the transformation of the medical field! “We showed that your own stem cells compete for space with the transplanted stem cells in a hematopoietic stem cell transplantation process.” — @aneeshka Key Points from this Episode An overview of Dr. Agnieszka Czechowicz’s incredible career. Where Agnieszka’s interest in transplant medicine originated. What keeps Agnieszka motivated, despite the challenges of being a physician scientist. The power of hematopoietic stem cells. An explanation of the two bone marrow failure syndromes that Agnieszka specializes in. Discoveries that Agnieszka made many years ago when conducting research into hematopoietic stem cell transplantation. Problems with the genotoxic conditioning that is used prior to bone marrow and hematopoietic stem cell transplants. The mission of Magenta Therapeutics, of which Agnieszka is a co-founder. Feedback on progress that Magenta Therapeutics is making. The potentially transformative power of agent CD117 ADC. How agents developed by Magenta Therapeutics can be used in gene editing and gene therapy. Agnieszka’s involvement with Jasper Therapeutics, and the therapy that they are currently working on. Interventions that Agnieszka believes will cause a profound reduction in graft versus host diseases. Work that Agnieszka has done for Third Rock Ventures. Some of bluebird bio’s achievements and setbacks. Agnieszka’s involvement with Editas, Decibel Therapeutics, and Beam Therapeutics (and where the name Beam came from). Ex vivo versus in vivo manipulation techniques. What drives Agnieskza to do the work that she does. Agnieszka’s passion for women’s health.

The world is currently experiencing a multitude of historic events, from a global pandemic to the confounding invasion of Ukraine, to an ever-increasing rise in climate-related disasters. Here to help us unravel the influence of these events, as well as broader geopolitical trends on innovation, is a critically acclaimed author and geopolitical analyst, Peter Zeihan. His latest book The End of the World is Just the Beginning: Mapping the Collapse of Globalization looks into the wave of deglobalization the world is currently experiencing and what this means for the future of energy, finance, manufacturing, and innovation as we move through the coming decades. Today, you’ll hear an overview of Peter’s geopolitical worldview, how he expects deglobalization to affect innovation in the US and abroad, as well as some of the challenges facing green tech and its applications. We also delve into how authoritative governments can limit connection in the modern world, why nuclear power is a necessary part of our global future, as well as the merits and shortcomings of a decentralized currency like Bitcoin. Key Points from this Episode Get to know today’s guest Peter Zeihan, Geopolitical Strategist and author. Introducing Peter’s latest book The End of the World is Just the Beginning. An overview of deglobalization and depopulation in the context of the last century. Peter’s thesis of the macroeconomic and technological impact of the end of deglobalization. The types of terrain where autonomous electric trucks will have the biggest impact. The countries expected to benefit most from autonomous electric trucks in their supply chain management. The three technological revolutions that shifted society’s relationship to its economy and geographic positioning. Peter’s expectations around deindustrialization in the next two decades. Examples of how authoritative governments can limit global connection with the outside world. The challenges of sourcing more raw materials for green energy. How green tech is affected by geopolitics. Why nuclear power is crucial for the future of global energy. Peter’s views on Bitcoin and its shortcomings.

Today on the show we discuss our Tesla Valuation model and how we came to our 2026 price target for a Tesla share. You will hear from three analysts on how they constructed the valuation, their methodology, and what they project for 2026. Tasha Keeney shares her thoughts on why electric is the future of autonomous technology, Will Summerlin unpacks the potential opportunities for AI within foundational models, and Sam Korus explains why batteries are the single biggest cost component in Tesla’s vehicles. We also cover the results of the Monte Carlo analysis, with an overview of how it functions, and delve into the five key inputs that are the main drivers of this model. Today’s conversation offers insights into our dynamic valuation model! Read the full valuation blog here. “One of the biggest potential markets that we see in AI is autonomous driving and we think that all vehicles in the future, all passenger cars will be electric.” — @TashaARK Key Points from this Episode Introducing our latest Tesla Valuation model and 2026 price target. An overview of our top-down and bottom-up research methodology. A breakdown of Wright’s law and why it applies to battery production. The potential opportunities for AI within foundational models. Our views on why the future of autonomous driving cars is electric. How autonomous driving cars are expected to lower the cost of driving. The Monte Carlo analysis and the role it’s played in this valuation’s methodology. The five key inputs that are the main drivers of this model. How to access the valuation model on Github. Why the launch year and time of adoption is the single biggest driver for this model. Information on how to reach out to us for questions and queries on our model. DISCLOSURE The forecasted performance and price estimates herein are subject to revision by ARK and provided solely as a guide to current expectations. There can be no expectation that the specific security will achieve such performance or that there will be a return of capital. Past performance is not indicative of future results. FORECASTED PERFORMANCE RESULTS ARE HYPOTHETICAL AND HIGHLY SPECULATIVE, AND PRESENT MANY RISKS AND LIMITATIONS. The recipient should not consider these estimated prices alone in making an investment decision. While ARK believes that there is a sound basis for the forecasts presented, no representations are made as to their accuracy, and there can be no assurance that such forecasts or returns will be achieved by the specific security. The recipient is urged to use extreme caution when considering the forecasted performance, as it is inherently subjective and reflects ARK’s inherent bias toward higher expected returns. Any higher returns should be viewed as a measure of the relative risk of such investments, with higher forecasted performance generally reflecting greater risk. There is no guarantee that any results will align with the forecasted performance, and they might not be predictive. Some or all results may be substantially lower than projected results and, as with any investment, it is possible that you could lose money. FORECASTED performance results (single security model simulation forecasts) have many inherent limitations. A recipient account might or might not hold this single security, and the account performance will be affected in proportion to its holding size and the amount of price fluctuation over time. No representation is being made that any client account will or is likely to achieve profits or losses tied to a security in the security model forecasts. In fact, there could be significant differences between these forecasted performance results and the actual results realized. Forecasted performance has not been achieved by the security, and like all modeled, projected or hypothetical performance, it is important to note that there are multiple versions of a model, and ARK has a conflict of interest in that we have an incentive to show you the best performing results. These forecasts rely on models, which calculate hypothetical performance. Several of the limitations of hypothetical performance models include: 1) reliance on a variety of data obtained from sources that are believed to be reliable, but might be incorrect, inaccurate or incomplete and ARK does not guarantee the accuracy or completeness of any information obtained from any third party, 2) potential inclusion of inherent model creation biases, data discrepancies and/or calculation errors that could cause actual results to differ materially from those projected, 3) NO reflection of the impact that material economic and market factors might have had on investment decisions that would have been in actual portfolios being managed at the time and do not involve market risk, and 4) NO guarantee of future investment results. The forecasted results rely on assumptions, forecasts, estimates, modeling, algorithms and other data input by ARK, some of which relies on third-parties, that could be

Long before the concepts of the Metaverse and cryptocurrency became widely understood, Second Life was already a thriving virtual metropolis running off its own monetary system. In today’s episode, we have the pleasure of hearing from its inventor, Philip Rosedale, about how technology has evolved since he founded Second Life, and how he hopes it is going to continue to evolve in the future. Angie Dalton also joins in on the conversation to share her perspective on what is going on in the virtual world. Our conversation covers everything from avatars to the uncanny valley to the potential of the Metaverse to eliminate loneliness, so don’t miss this one! “Second Life was this experiment to build one single, large, virtual world that everybody was in together and that had land and would allow people to build things together in any way they wanted to.” — @philiprosedale Key Points from this Episode Philip’s two main interests that catalyzed the founding of Second Life. Technological changes that took place in the late ’90’s, which were the final push that Philip needed to found Second Life in 1999. What the early years of founding Second Life looked like. The goal of Second Life, and what makes it unique. Philip shares some statistics which give an indication of the size of Second Life today. Characteristics built into the Second Life currency that allowed it to work as well as it has. Reasons that Second Life didn’t run into many regulatory issues when they were starting out. Angie’s thoughts on how to democratize crypto inside games. Facets of the Metaverse that Philip is particularly interested in seeing the evolution of. The problem that Philip and his team at High Fidelity have developed technology to solve. What Philip believes one of the main goals of technological advancements should be. A sad truth about our online connections. Some of the pros and cons of trustless economies. Why allowing for the ability to trade virtually is essential to the success of the Metaverse. The next step that is required to take the Metaverse to the next level. Philip explains the concept of the ‘uncanny valley’. Changes that Philip expects to see in virtual worlds in the next 5 years. What Angie is most excited about in the virtual reality space.

The FinTech industry has had its fair share of young entrepreneurs, but few are quite as interesting as Jared Isaacman, a New Jersey native and high school dropout who founded his first startup when he was just 16. Today, Jared is the CEO and Chairman of Shift4 Payments, a publicly held leading provider of integrated payment processing and technology solutions, and a cofounder of Draken International, which provides mission-critical commercial military flight services to the US Department of Defense. While others reach for the sky, Jared aspires to infinity and beyond as a commercial astronaut, with his personally funded Inspiration4 venture becoming the first all-civilian mission to space when it launched in September 2021. Inspiration4 doubles as a worldwide charity campaign, calling attention to the mission of St. Jude Children’s Research Hospital, for which Jared has raised over $240 million. In today’s episode, you’ll learn more about the upcoming Polaris Dawn mission, which is set to launch in the fourth quarter of 2022. Listen in as Jared shares his passion for spaceflight to further human space exploration, some of the tangible philosophies that he took from SpaceX, and the additional business models he believes could arise from reusable rocket ships, as well as his recommended reads and more! Every single thing that SpaceX builds along the way can be monetized and opens up new [business] opportunities.” — @rookisaacman Key Points from this Episode An introduction to Jared Isaacman: entrepreneur, philanthropist, and civilian astronaut. When his journey into aerospace began and the timeline from pipe dream to space mission. The important role that philanthropy played in the Inspiration4 mission. Three tangible philosophies that Jared took from SpaceX and implemented at Shift4. Insight into Starlink and how the Polaris Program fits into their objectives. Intrinsic motivations for the Polaris Dawn mission and the private investment dollars that make it possible. Polaris’ responsibilities, including testing the spacesuits manufactured by SpaceX. The interest that the Polaris Dawn mission has garnered from the public. Speculating on the additional business models that could arise from reusable rockets. Justifying the investment it would take to get to Mars and the many social and psychological issues that would need to be resolved beforehand. Why Jared says the least enjoyable part of the Inspiration4 mission was coming home. How a multi-talented entrepreneur like Jared juggles his numerous responsibilities. The flexibility (and scrutiny) he experienced as a public company CEO going to space. Find out how Shift4’s employee base responded to going public. Jared’s perspective on the strategic landscape in the payment space, given the crosscurrents that are occurring. Why he believes FinTech business owners go to space: pure fascination, not pure capital. An appreciation for checklists and being procedurally driven, both in business and in life. Recommended reads, including the SpaceX story, Liftoff, and Mercury Rising. Jared shares one of his ‘white whales’; a challenge he is still seeking to overcome.

Emily Fassi stumbled across the field of genetic counseling when she was trying to figure out what she could do with her biology degree. Today, she is the Lead Genetic Counselor for the St. Luke’s Health System, specializing in hereditary cancer predisposition. Since genetic counseling came into existence as a profession, it has evolved an enormous amount, and continues to change at a rapid rate. In this episode, Emily explains what her role as a genetic counselor entails, why this work is so important, where the main limitations lie, and what she hopes the field will look like in the future. Emily’s passion for the genetic counseling realm is palpable, and this episode is full of fascinating information about a relatively little-known field which will intrigue medical and non-medical professionals alike! “Our genetic testing capabilities are changing so quickly that it is literally a full-time job just to keep up with the changes in the genetic testing space.” — @EmilyFassi Key Points from this Episode Emily explains what her work as a genetic counselor entails. How the genetics and medical fields complement one another. Continuous evolution that is taking place in the field of genetics. How Emily found out about genetic counseling, and what drew her to the field. Levels of detail that genetic counselors are able to provide their patients with, in comparison to physicians. Emily’s experience working in the pediatric and rare disease counseling realm, and how this contrasts to the oncology genetic counseling realm she is now working in. The process of deciding which genetics tests to do on a patient. Germline versus somatic mutations, and the increasing frequency of paired testing. Limitations of the guidelines around who should have genetic testing. Comparing polygenic and monogenic testing, and why Emily is excited about the former. Changes that Emily hopes to see take place in the genetic counseling field in the future. Some of the factors that lead to preventable cancers not being picked up early enough.