Imagine never having to hunt the internet for the lowest price on an item again! This week, Autonomous Technology and Robotics Director of Research Sam Korus and Associate Portfolio Manager Nick Grous discuss the evolving landscape of digital wallets and purchasing agents, focusing on Klarna's recent developments.

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.

Key Points From This Episode:

• Klarna is evolving from buy now, pay later to digital wallets.
• The introduction of purchasing agents could disrupt traditional marketplaces.
• Digital wallets may become a winner-take-most market.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

Twitter: https://twitter.com/public

In this episode of FYI, Brett Winton, ARK Invest’s Chief Futurist, and CEO/CIO Cathie Wood, engage in a discussion with Seungyeon (SY) Kim, the CEO of Toss Securities. SY shares his journey from working at global tech giants like Google and TikTok to leading Toss Securities, a company often dubbed the "Robinhood of Korea." The conversation explores the unique approach Toss Securities takes by integrating social media features into its trading platform, fostering community engagement among investors. They also discuss the retail investing landscape in Korea, the potential global expansion of Toss Securities, and the intersection of social media, finance, and AI in reshaping the future of trading.

"In a couple of years time, I don't think we might need apps or mobile phones to trade stocks." - SY Kim

Key Points From This Episode:

• SY’s career journey from Google and TikTok to becoming the CEO of Toss Securities.
• The unique social media features integrated into Toss Securities' platform.
• Comparisons between Toss Securities and Robinhood, and the distinct approach SY’s team takes.
• The impact of social engagement on trading volumes within the Toss platform.
• The potential role of AI in the future of trading and investing.
• The growing interest of Korean investors in U.S. equities, driven by market trends and cultural factors.
• The importance of innovation in both the tech and financial sectors and its implications for the future.
• The regulatory environment in Korea and how it supports innovation in financial services.
• Toss Securities' ambitions for international expansion, particularly in the U.S. market.
• The relationship between crypto market trends and the growth of retail investing in Korea.

Are we entering a no-code future? This week, Autonomous Technology and Robotics Director of Research Sam Korus and Associate Portfolio Manager Nick Grous are joined by Next Generation Internet Director of Research Frank Downing to discuss Sakana AI, a project by an AI research lab in Japan that aims to automate the scientific method. The team has created a system that can generate research ideas, write code for experiments, and produce academic papers. While the system shows promise, it has limitations and is better at tasks it was trained on. The conversation also touches on the future of coding, the potential for a no-code future, and the importance of communication skills in working with AI.

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.

Key Points From This Episode:

• Sakana AI is a project that aims to automate the scientific method by generating research ideas, writing code for experiments, and producing academic papers.
• The system shows promise in accelerating the research process and generating new ideas, but it has limitations and is better at tasks it was trained on.
• The future of coding may involve higher levels of abstraction, with AI systems generating code based on human language prompts.
• There is a potential shift towards a no-code future, where people can get what they need from AI systems through simple text prompts.
• Effective communication skills will become increasingly important in working with AI systems, as they rely on clear instructions and prompts.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

Twitter: https://twitter.com/public

Step into the realm of Magic Leap, a company focused on the augmented reality (AR) universe. On today’s episode, the advanced headset, Magic Leap 1, is examined in detail, comparing its performance to other devices on the market. Then we discuss the hurdles the company has encountered in creating appealing content for consumers. Listeners are invited to join in on the discussion about the advancements incorporated into their newest model, the Magic Leap 2, and how it’s being adopted by enterprise customers spanning diverse industries. The applications of wearable technology in the realms of training and healthcare are explored, uncovering how Magic Leap is pioneering revolution in these domains. Join Andrew, Nicholas, and Daniel as the future of augmented reality and the opportunities it presents are investigated.

• Introduction to Magic Leap 1 and its performance compared to HoloLens
• Feedback from enterprise customers for improvements
• Highlights of Magic Leap 2: lighter, smaller, bigger field of view
• Prescription lenses and Dynamic Dimming for better image clarity
• Software updates for enterprise integration
• Positive feedback for Magic Leap 2
• Benefits of wearable technology in training for industrial and manufacturing scenarios
• Increased engagement and retention of employees using wearable technology
• 3D visualization and guided assistance in healthcare for accuracy and safety
• Remote assistance in the public sector for machinery repairs
• Potential impact of wearable technology in healthcare delivery
• Magic Leap’s support for developers and partnerships with major companies
• Focus on advancing technology and providing a performative platform for AR
• Applications of Magic Leap technology in architecture, construction, retail, automotive, and manufacturing sectors
• Comparison with pass-through virtual reality (VR) devices and the revenue potential of the enterprise market
• Magic Leap’s roadmap for device improvements and strong partnerships
• Current market position and the belief that AR can deliver immediate value

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

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

1. ESPN BET
2. AI’s Impact on Global Warming

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast.

Big Ideas is meant to enlighten investors on the long-term impact of innovation. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.

We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change.

To learn more, view Big Ideas 2023.

This week’s Big Ideas Monday Mini Episode focuses on Smart Contract Networks.

In the aftermath of catastrophic failures of centralized crypto intermediaries last year, automated self-executing contracts on decentralized public blockchains offer the alternative of transparent and non-custodial financial services.

Decentralization is proving more critical to maintaining the original value proposition of public blockchain infrastructure.

According to ARK’s research, as the value of tokenized financial assets grows onchain, decentralized applications and the smart contract networks that power them could generate $450 billion in annual revenue and reach $5.3 trillion in market value by 2030.

Watch the video version here.

Hosts Andrew Kim and Nicholas Grous venture into the world of artificial intelligence (AI) in the gaming sector with Marc Whitten, the President of Create at Unity. They discuss AI’s role in creating vivid, immersive 3D experiences. Marc gives them a behind-the-scenes look at the complexities and opportunities involved in deploying AI for content creation in games. They also explore Unity’s mission to make game design accessible to all. The conversation doesn’t stop at gaming; they also cast a wider look at how real-time 3D technology is making waves across various industries. So join Andrew, Nicholas, and Marc on this insightful journey where they blend technology, creativity, and gaming into a captivating exploration.

• Mark Whitten’s background and role as President of Create at Unity
• Gaming industry competitiveness and use of AI
• AI targeting specific players and improving ad monetization
• Focus on building and maintaining gaming communities
• AI at Runtime for immersive and dynamic game worlds
• Non-player character (NPCs) having meaningful conversations and shaping game experiences
• Implications and challenges of generative AI in game development
• Unity’s use of AI tools and collaboration with Apple
• Apple’s approach to spatial computing and Vision OS
• Orchestration of AI techniques through Muse platform
• Solving content creation crisis in the industry
• Productivity gains and increased number of creators with AI tools
• Challenges and benefits of using neural network-based features in games
• Cintus platform for local model execution and improved performance
• Designing games for different platforms and input methods
• Real-time and 3D technology in non-gaming industries
• Unity’s goal of expanding applications and accessibility of tools
• AI’s role in content creation across various industries
• Unity’s focus on real-time and 3D technology in different sectors
• Partnerships with various platforms and potential for creativity

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

This week, Associate Portfolio Manager Nick Grous and Director of Research, Autonomous Tech & Robotics Sam Korus are joined by ARK Research Associate, David Puell. Together they discuss ARK’s Bitcoin Monthly Report and crypto outlook, the hunt for AI computing, what CoreWeave is doing to secure more GPUs, and more.

1. Intro
2. Crypto Outlook
3. The Hunt for AI Computing and CoreWeave
4. Audience Q&A

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast.

Big Ideas is meant to enlighten investors on the long-term impact of innovation. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.

We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change.

To learn more, view Big Ideas 2023.

This week’s Big Ideas Monday Mini Episode focuses on Autonomous Ride Hail.

Today, autonomous ride-hail services delight riders across ~15 cities internationally* and should scale into widespread commercial adoption within the next ten years.

Autonomous technology should reduce the cost of mobility to ~12% the average cost of human-driven ride-hail service today.

ARK’s research suggests that global autonomous ride-hail platforms will create $14 trillion in enterprise value, based on $4 trillion in revenue during the next five years.

Watch the video version here.

*This number includes both commercial and non-commercial services operating at the end of 2022. Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints.

Guests on this month’s Bitcoin Brainstorm include:

Preston Pysh – Show Host and Co-Founder, The Investor’s Podcast Network and Advisor, Ego Death Capital

Jack Mallers – CEO and Founder, Strike

Obi Nwosu – CEO and Co-Founder, Fedi

Rod Roudi – Co-Founder, Bitcoin Park

Harry Sudock – Chief Strategy Officer, GRIID and Partner, Bitcoin Park

Cathie Wood – CEO, CIO and Founder, ARK Invest

Yassine Elmandjra – Crypto Lead, ARK Invest

• 00:00 Intro to the Bitcoin Brainstorm and Bitcoin Park in Nashville
• 4:30 Our panel discusses Jack Dorsey’s thoughts on Bitcoin as the currency of the internet
• 8:30 Dr. Art Laffer’s discovery and interest in Bitcoin
• 10:30 How Bitcoin can potentially benefit communities like those in Kenya
• 19:00 What countries are moving the fastest to adopt Bitcoin as a currency and how does the global south view Bitcoin generally
• 26:20 Jack’s thoughts on the modern day monetary policy and why it may be destroying the middle class
• 28:31 Why Bitcoin might be too volatile for many people living in poverty, but crypto solutions like stablecoins could be a better option
• 30:35 Potential routes of scalability for Bitcoin, including the potential for a third layer, beyond Lightning
• 35:20 Comparing Visa’s network to the Lightning network and the argument that Bitcoin does not have a scaling problem
• 39:26 How Jack Dorsey and Block are working to grow the Lightning network
• 44:39 The cooperation that exists within the Bitcoin ecosystem and why
• 49:10 Bitcoin’s role in enabling businesses to reach more people globally
• 54:38 The comparison of Lightning channels to traditional fiat channels
• 56:30 Why Bitcoin might be the most inclusive currency
• 01:00:49 How Bitcoin could be unlocking a new customer that was otherwise unwilling to bank, similar to how Robinhood unlocked a new investor base with lower barriers to entry
• 01:03:42 The ability to focus on markets that other people are unable to focus on may be one of Bitcoin’s most valuable current features
• 01:06:15 Obi’s recounting of Gridless, a Kenyan Bitcoin mining company that has transformed villages in Africa
• 01:10:00 Preston’s comparison of Bitcoin to Mitochondria
• 01:11:02 Conclusion, and final thoughts from Harry, Preston, Obi, Yassine, Jack and Cathie

Show Notes:

• June ARK Invest Bitcoin Monthly – https://twitter.com/dpuellark/status/1676733038674190338
• Money Matters Podcast with Jack Mallers and guest Jack Dorsey https://podcasts.apple.com/us/podcast/ep-1-jack-dorsey/id1695949365?i=1000619425244
• Ai4ALL Hackathon – https://bolt.fun/tournaments/ai4all/overview To learn more about Bitcoin Park – bitcoinpark.com

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

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

1. Intro
2. Potential Super Conductor
3. Ad Spending
4. Worldcoin

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast.

Big Ideas is meant to enlighten investors on the long-term impact of innovation. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.

We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change.

To learn more, view Big Ideas 2023.

This week’s Big Ideas Monday Mini Episode focuses on Bitcoin.

We believe Bitcoin’s long-term opportunity is strengthening. Despite a turbulent year, Bitcoin has not skipped a beat. Its network fundamentals have strengthened and its holder base has become more long-term focused.

Contagion caused by centralized counterparties has elevated Bitcoin’s value propositions: decentralization, auditability, and transparency.

The price of one bitcoin could exceed $1 million in the next decade.

Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results.

On this episode of FYI, we explore the strategic launch of Meta’s Threads and their significant impact on brands with a keen focus on brand safety. We discuss how large brands tend to be risk-averse and how Twitter’s brand safety issues have made Meta’s Threads appealing for advertisers. We also explore the rise of TikTok as a platform for performance advertising, along with the advantages of Meta’s algorithm for performance advertising. We touch on the success and challenges of brand characters and the importance of authenticity in content. Additionally, we delve into the significance of organic content on TikTok before running ads, the role of social proof, and the rise of retail media and over-the-top (OTT) advertising. We analyze the impact of Threads on brand safety perceptions and the differing perspectives on Threads and Twitter. We also explore the recent announcements of creator funds by Snap and Meta and their implications. We delve into VaynerMedia’s role in digital advertising and their integrated creative and media approach. Finally, we discuss the excitement surrounding Roku’s partnership with Shopify in TV-generated commerce and the potential for targeted advertising based on collected data. Join us as we explore these timely and relevant topics with our guest, Jon Morgenstern.

• Gary Vaynerchuk and VaynerMedia loves being early in social media
• Smart timing for Meta’s launch of threads. Brands value brand safety and may pull back due to risk on Twitter
• What Threads might offer advertisers
• Twitter strategically pressures Meta in creator monetization
• Twitter’s future lies in short video
• TikTok’s threads and comments generate engagement
• Creating successful brand characters is difficult
• TikTok drives organic engagement and social proof
• Roku’s news with Shopify play buzzes excitement
• Possible precedents for multiple players in Threads
• Evolving Instagram with new features and integration

On this episode of FYI, ARK’s Chief Futurist Brett Winton and Venture Capital Research Associate Chase Prather welcome Ilya Strebulaev, author of "The Venture Mindset" and a professor at Stanford University. With over 20 years of experience teaching private equity principles and venture capital, Ilya shares invaluable insights from his book. The conversation covers the unique decision-making approaches of venture capitalists, the importance of embracing uncertainty, and practical applications of the venture mindset for corporate leaders and investors. 

"Conviction beats consensus every single time in the venture capital environment." - Ilya Strebulaev 

• Introduction of Ilya Strebulaev and his background.
• Discussion on the importance of a venture mindset in decision-making.
• The concept of "agree to disagree" and its significance in venture capital.
• Examples of successful and unsuccessful corporate venture investments.
• The role of charisma and resilience in identifying great founders.
• Differences between corporate venture funds and traditional VC firms.
• The impact of leadership and long-term incentives on corporate innovation.
• The necessity of dynamic decision-making in uncertain environments.
• The future of artificial intelligence (AI) in venture capital and its limitations.
• The importance of structured decision-making processes in organizations.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com.

Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

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

1. Tesla Earnings
2. Hollywood Strikes
3. AI Updates

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast.

Big Ideas is meant to enlighten investors on the long-term impact of innovation. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.

We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change.

To learn more, view Big Ideas 2023.

This week’s Big Ideas Monday Mini Episode focuses on Electric Vehicles.

Investors once questioned whether the future was electric. Demand for EVs has scaled despite a pause in cost declines caused by commodity price shocks. Now investors doubt whether or not the growth will be exponential.

The debate around electric vehicles has shifted from demand to supply. Based on Wright’s Law, ARK forecasts that EV prices will decline and sales will increase more than 7-fold, or 50% at an annual rate, from roughly 7.8 million in 2022 to 60 million units in 2027.

The biggest downside risks to our forecast are supply constraints that could continue to impact pricing and the speed at which traditional automakers transition to electric vehicles.

Sources: ARK Investment Management LLC, 2023. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.

When ARK CEO and CIO Cathie Wood was discussing Bitcoin and Digital Assets in general with her mentor and famed economist Dr. Arthur Laffer, he told her that it reminded him of an era before the Federal Reserve existed. This idea spurred Cathie to invite Dr. Laffer on the FYI podcast to further discuss the history of money in general and what Bitcoin’s role in the history of money might be. Alongside Cathie and Art, we are also pleased to welcome Ophelia Snyder, the Co-Founder and President of 21.co, a Cryptocurrency Exchange Traded Product (ETP) provider. In the discussion, Cathie, Art and Ophelia discuss the original idea of centralized money, the economic booms and busts of the past, the transparency of digital assets and much more.

• The United States early definition of a dollar
• The relatively novel concept of centralized money
• A world before the Federal Reserve (Fed) in 1913, and how the Fed changed money
• Economic booms and busts in history starting with The Great Depression
• How the real economy has changed in the US and globally
• What a new Gold-Standard in the world of Digital Assets look like
• Art argues for the necessity of a price rule
• Stable coins and some of their inherent challenges
• Bitcoin’s similarities to Gold
• The number of wallets that hold Bitcoin long term
• The potentially changing role of the SEC
• Why a more transparent and decentralized ecosystem may be beneficial

Please note that 21.co and ARK are unaffiliated entities.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com.

Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

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

• 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.

• 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.

• 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.

Is nuclear on the rise? This week, Autonomous Technology and Robotics Director of Research Sam Korus and Associate Portfolio Manager Nick Grous are joined by ARK Research Associate Lorenzo Valente to discuss Jump Crypto and electricity cost declines

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.

Key Points From This Episode:

• Is crypto unwinding?
• The economics of nuclear energy

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

Twitter: https://twitter.com/public

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.

• 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.

• 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!

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.

• 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.

• 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.

On this episode of FYI, ARK’s Chief Futurist Brett Winton, and Chief Investment Strategist Charlie Roberts sit down with artificial intelligence (Al) luminary Andrew Ng to explore the deployment of artificial intelligence and the evolution of AI education. Andrew shares insights from his extensive career, including his work with Google Brain, Baidu, Coursera, and his current AI fund. We analyze the transformative potential of AI, especially in how large corporations can harness it, the progression toward agentic systems, and the contentious topic of open-source AI. This episode provides a comprehensive overview of AI's current status and future trajectory, offering invaluable insights for technology enthusiasts.

"For the last 10-15 years, there have constantly been a small number of voices saying AI is hitting a wall. I think that a lot of statements to that effect were all over and over proven to be wrong. I think we're so far from hitting a wall." -Andrew Ng 

- Andrew Ng's significant contributions to AI and education through various platforms

- Insights into the deployment challenges and future potentials of AI in business

- The role of agentic systems in advancing AI applications

- The impact of open source on innovation and the AI industry

- Distribution and data generation in AI's effectiveness

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!

• 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!

• 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.

• 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.

• 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!

• 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!

• 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.

• 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.

• 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.

• 1:45 – Intro
• 2:31 – Banking Crisis
• 35:30 – Crypto

What is going on with the markets? This week, Autonomous Technology and Robotics Director of Research Sam Korus and Associate Portfolio Manager Nick Grous are joined by ARK CEO/CIO Cathie Wood and ARK Chief Futurist Brett Winton to discuss the recent market volatility and possible macroeconomic causes.

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.

Key Points From This Episode:

• Cathie Wood and Brett Winton analyze the global stock market sell-off

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

Twitter: https://twitter.com/public

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.

• 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.

• 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 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.