Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast. Big Ideas is meant to enlighten investors on the long-term impact of innovation. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow. We believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change. To learn more, view Big Ideas 2023. This week’s Big Ideas Monday Mini Episode focuses on Molecular Diagnostics. Next-generation sequencing (NGS) costs have collapsed, making molecular diagnostic tests more feasible and turbocharging our understanding of tumor biology.[1] By leveraging artificial intelligence (AI), cancer diagnostics labs have created less invasive tests like liquid biopsies to supplement tissue biopsies.[2] As proof of clinical utility accumulates, ARK estimates that the total addressable market (TAM) for molecular cancer diagnostic tests in the US is ~$95 billion, its revenue increasing more than 20% annually during the next five to ten years, from ~$5 billion in 2022 to $24 billion in 2030. Moreover, the collective enterprise value of molecular cancer testing companies should expand at a similar rate from ~$30 billion in 2022 to $145 billion in 2030. Wach the video version here.

The International Space Station (ISS) is the largest human-made object in low Earth orbit and serves as a unique platform for scientific research and technological development. It was first made operational in the year 2000 and acts as a symbol of international diplomacy, demonstrating how countries can work together to achieve a common goal, despite political or cultural differences. And as the ISS enters its third decade of operation, it nears the end of its planned operational life, which is set for 2028, at the earliest. Joining us today to discuss the ISS, its incredible achievements, and its future are two leading figures from Axiom Space, Chief Information Officer Amir Blachman, and Chief Astronaut Michael López-Alegría. In our conversation, we discuss the plan to retire ISS and Axiom Space’s role in transitioning to becoming a commercial space station. We learn about Ax-1, the first fully private astronaut trip to the ISS, led by Axiom Space, and what to expect from their second upcoming mission, Ax-2. Michael and Amir also provide insight into the founding of Axiom Space, the expert team that runs its operations, and the key factors that sets the company apart from its competitors. To learn more about Axiom Space, the history of the ISS, and the future of spaceflight, be sure to tune in today! “We’re facilitating the extension and invention of commerce in space through which we offer access to countries, institutions, industries and individuals that have ideas that fuel the human economy beyond earth.” – Amir Blachman Key Points From This Episode: Introducing today’s guests, Amir Blachman and Michael López-Alegría. An overview of the International Space Station (ISS) and its functions. The ISS’s importance as a lab and as a symbol of diplomacy. Why the ISS will eventually need to be replaced and how it should be done. Axiom Space’s goal to build the world’s first commercial space station. A breakdown of how Axiom Space plans to accomplish this. How things have changed at the ISS in the past two decades. Examples of how the ISS has benefited humanity. Axiom Space’s role in transitioning the ISS into becoming a commercial space station. The origins of Axiom Space and how they were chosen to be the partner for this project. A rundown of Axiom Space’s business model for their commercial space station. Some of the innovative ways that countries and companies are using the ISS. Insights into Axiom Space’s user base and why they fly with them to the ISS. The details of Ax-2, Axiom Space’s second upcoming mission to the ISS. An overview of Ax-1, the first fully private astronaut trip to the ISS. Takeaways from Ax-1 and how they conducted research. How Ax-1 helped Space Axiom grow as a company. Some of the research that will be conducted on the Ax-2 space mission. Michael’s thoughts on the future of space travel for everyday people. Insight into the factors that have helped make Axiom Space so successful in this field. Hear Michael’s predictions of when we’ll see the first human on Mars.

Welcome to the Big Ideas Monday Miniseries, brought to you by the For Your Innovation Podcast.rnrnBig Ideas is meant to enlighten investors on the long-term impact of innovation. This annual research report seeks to highlight the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow.rn rnWe believe that innovation is taking off now, corroborating our original research and boosting our confidence that ARK’s strategies are on the right side of change.rnrnTo learn more, view u003ca href=u0022https://ark-invest.com/big-ideas-2023/u0022 rel=u0022noopeneru0022 target=u0022_blanku0022u003eBig Ideas 2023u003c/au003e.rnrnThis week’s Big Ideas Monday Mini Episode focuses on Orbital Aerospace. Aerospace costs are declining, thanks to advancements in deep learning, mobile connectivity, sensors, 3D printing, and robotics. As a result, satellite launches and rocket landings are proliferating.rnrnIn the coming decade, satellite broadband and hypersonic flight could generate annual revenues of ~$84 billion and ~$270 billion, respectively.rnrnu003ca href=u0022https://ark-invest.com/big-ideas-2023/orbital-aerospace/u0022 rel=u0022noopeneru0022 target=u0022_blanku0022u003eWach the video version hereu003c/au003e.

Drug development is an extremely expensive endeavor, in large part because of the 96% failure rate of clinical drug trials. However, the new frontier of medicine has arrived, and Sean McClain and Joshua Meier (respectively the Founder/CEO and Chief Artificial Intelligence (AI) Officer of Absci) are leading the charge. Absci is a public company harnessing generative AI to create more effective medicines faster and less expensively. During this episode, Sean and Joshua explain how their pooled approach to antibody production works, why they focus so heavily on data, the metrics they use to evaluate their models, and why they are certain that personalized medicine is going to be a reality in the future. There are countless possible mashups of AI and drug discovery, and Absci attempts to bring an innovative approach to biologics to positively impact human health! “We’re not just developing AI within biologic drug discovery for the sake of it. We’re really wanting to utilize this to be able to discover new biology.” — @SeanRMcClain Key Points From This Episode: Sean’s original idea behind the founding of Absci and how it has evolved into what it is today. How Absci is making the process of drug creation much more efficient. The career path that led Josh to Absci. How antibodies are currently produced. The most important aspects to consider when developing an antibody. A high-level overview of how Absci generates data. The number of AI-generated designs that Absci can validate in any given week. Metrics that Absci uses to evaluate their models. What humanization is in the context of antibody design. Understanding Absci’s naturalness model. A common problem in the AI field. The potential for collaboration with Big Pharma. How the models Absci is developing can be applied in different contexts. Sean and Joshua’s thoughts on what the future of medicine is going to look like. How AI is likely to change the way we approach scientific and technological developments.

The concept of the metaverse has been around for decades, but recent advances in technology and the growing popularity of virtual worlds and online gaming have led to renewed interest in the idea. To help us unpack the nuance of the metaverse is Yonatan Raz-Fridman, the CEO and Founder of Supersocial, a metaverse enterprise building immersive digital experiences. Supersocial aims to pioneer the future of digital interactions, where people can seamlessly merge reality with fantasy and connect in ways that transcend physical boundaries. In our conversation, we unpack the complexity of the metaverse and its potential to shake up traditional commerce. We dive into the behavior shift happening around the metaverse and whether it’ll be adopted by the current or next generation of users. Discover the opportunities Supersocial is creating and how virtual worlds can help businesses achieve brand recognition and create unforgettable branded experiences. We hear how virtual worlds are breaking down barriers within commerce, an example of a brand helping Supersocial innovate in the space, the power of user-generated content, and much more. Tune in to this enlightening episode as we unravel the potential of virtual worlds and the exciting future that lies ahead for individuals and businesses alike. “I think for this new generation, the virtual world is essentially not a mimic of real life. It’s a whole different frontier.” — @yonatanrf Key Points From This Episode: Background about Yon and why he decided to start Supersocial. How Supersocial is different from a traditional gaming studio. We discuss the future of virtual worlds and the ways video games will evolve. The opportunities for innovation that Unreal Engine 5 provides. An overview of the challenges associated with building virtual worlds. Yon unpacks the behavior shift regarding the metaverse. Whether the metaverse will be adopted by the current or next generation of users. Why Minecraft has only been viewed as a video game and not as a platform. Find out how virtual worlds can help brand recognition and branded experiences. Bringing virtual worlds and traditional commerce together. Hear an example of a brand that is leveraging the virtual space. Ways customer relationship management is being redefined. Discover the possibilities of the metaverse facilitating e-commerce virtually and physically.

Scaling laws are as important to artificial intelligence (AI) as the law of gravity is in the world around us. AI is the empirical science of this decade, and Cerebras is a company dedicated to turning state-of-the-art research on large language models (LLMs) into open-source data that can be reproduced by developers across the world. In this episode, James Wang, an ARK alum and product marketing specialist at Cerebras, joins us for a discussion centered around the past and the future of LLM development and why the generative pre-trained transformer (GPT) innovation taking place in this field is like nothing that has ever come before it (and has seemingly limitless possibilities). He also explains the motivation behind Cerebras’ unique approach and the benefits that their architecture and models are providing to developers. “All great science is reproducible, and AI is the great empirical science of our decade, so we wanted to make sure it’s reproducible.” — @draecomino Key Points From This Episode: Why Cerebras attracted James. James explains the concept of wafer-scale computing and why it is so advantageous in the AI space. A historical overview of large language model (LLM) development. What James believes to be the most significant natural law that has been discovered in this century. Why Cerebras wants to get state-of-the-art LLM data into the hands of as many people as possible. The Cerebras GPT law. Looking towards the future of LLMs. Standard practice when it comes to training an LLM (and the problems that developers have been battling for years). The potential advantage of Cerebras CS2 chips and computers. Understanding the concept of disaggregated architecture. How the Cerebras approach differs from the approach taken by other companies (NVIDIA and Dojo, for example). Cerebras offerings that are available to be used by the public. The current GPU cloud shortage (and why this adds to the appeal of Cerebras software). Why the progress being made in the GPT space is incomparable to developments that have come before it. Potential directions that the world could be heading in as a result of AI developments (and why James is optimistic about it all). The AI use case that is keeping James up at night.

The gaming industry has seen massive innovations in the past two decades, from the rise of online gaming to the release of unprecedented virtual reality (VR) products. And in that time the industry has seen massive growth, going from an estimated $30 billion a year worldwide at the start of the twenty-first century, to generating an astounding $200 billion in 2022. Joining us today to discuss the business of gaming in 2023 is Angie Dalton, an advisor for ARK Invest and the CEO and Founder of Signum Growth Capital, and Joost van Dreunen, an academic, entrepreneur, and a well-known expert in the video game space. Tuning in you’ll hear a breakdown of how the gaming industry has developed over the past two decades, the ever-useful role of user-generated content in gaming, and how gaming studios are adapting to changes in the space. We take a look at how platforms and game engines like Roblox and Unity are making it easier than ever for users to generate content and how studios are leveraging amateur output to keep up with demand. Our conversation also covers how blockchain technology and Web3 could add value to the gaming space, the shifting relationship between gaming and other forms of entertainment, and the most promising use cases for VR and augmented reality (AR). To learn more about the fascinating business of gaming and upcoming developments in this space, be sure to tune in today! “When we’re trying to satiate the demand of three billion gamers worldwide, it’s a little bit impossible for conventional studios to create that much content.” — @joosterizer Key Points From This Episode: Introducing today’s guests, Angie Dalton and Joost van Dreunen. Joost’s expertise in gaming and his work as an academic, advisor, and entrepreneur. How the gaming sector has grown and developed globally over the last two decades. The history of user-generated content in gaming. Why so much innovative gameplay comes from user-generated content. How studios are leveraging user-generated content to keep up with demand. The concept of forever games and how studios are shifting their models to build community and keep users engaged. An overview of the elements driving the rising trend in user-generated content. The shifting relationship between gaming and traditional entertainment, like television. Why AAA games take so long to develop and Joost’s predictions for a more iterative release model. Joost and Angie’s top takeaways from the latest Game Developers Conference (GDC). How blockchain technology and Web3 could add value to the gaming space. The drawbacks of the play-to-earn model in Web3 games. Joost’s reservations when it comes to blockchain and Web3 applications in gaming. Key problems in the gaming industry concerning the recognition of labor. Navigating issues of copyright when it comes to user-generated content. The concept of an open metaverse, interoperable virtual worlds, and how likely these scenarios are. Our thoughts on Apple’s upcoming move to enter the VR space. The strong case for enterprise applications when it comes to AR and VR. Find out about Joost’s new venture Aldora.io and what they are currently working on.

The rise of Web3, blockchain, and non-fungible tokens (NFTs) has disrupted many industries, including video gaming. To help us unpack the role of Web3 in the video game industry is John Linden, CEO of Mythical Games, a game tech studio pioneering digital asset ownership, scarcity, and secondary markets. Their team creates products to drive consumer adoption of distributed ledger tech. John has a deep love for video games and a curiosity for exploring the potential of blockchain technologies. In our conversation, we talk about his approach to revolutionizing the future of gaming by integrating blockchain technology, rethinking game economics, and the intersection of traditional gaming and crypto. Learn how the industry has shifted in recent years, the opportunities of the Web3 space, the power of digital assets, converging technologies and concepts, and the tug-of-war between centralization and decentralization within the gaming industry. We discuss the Metaverse and interoperability, and hear about the exciting collaborations that Mythical Games is working on. Tune in and discover the future of gaming with John Linden! “I think the next 10 years in gaming will be more transformative than the last 25 have been.” — @johnwastaken Key Points From This Episode: Background about John and a brief history of Mythical Games. How Mythical Games’ approach to game development differs from the traditional approach. John shares his views on play-to-earn video games, and why the concept was not widely adopted. The foundation of a good blockchain game and the role of digital assets. Learn how Mythical Games is leveraging blockchain technology to disrupt the gaming industry. Overview of the challenges game developers face in the Web3 space. What makes Web3 video games different, and why blockchain is made for gaming. Learn what is needed to build a successful open Metaverse for consumers. Whether interoperability is a necessary component of the Metaverse. He explains the road map for Mythical Games and how the concepts will not be limited to the video game industry. Ways in which the Web3 space will be beneficial for streamers and influencers. Hear about the exciting collaboration between the NFL and Mythical Games.

We are pleased to bring you the second edition of the ARK Crypto Brainstorm; a quarterly conversation between a rotating group of experts in the crypto space, The ARK Crypto Brainstorm is published through the For Your Innovation podcast channels and aims to be an informative and in-depth conversation on the current state of the ever-changing crypto landscape with experts offering diverse viewpoints.   In the second edition of the ARK Crypto Brainstorm, ARK Crypto Lead Yassine Elmandjra and ARK CEO and CIO Cathie Wood hosted 7 leaders in the crypto space including: Lyn Alden, macroeconomic investor with expertise in Bitcoin, is leading the conversation on the regional banking crisis and the Fed’s decision-making amidst continued macro uncertainty. Jeremy Allaire, CEO of Circle, the largest regulated stablecoin issuer, has successfully navigated the banking crisis while demonstrating a commitment to openness and transparency. Paul Grewal, Chief Legal Officer at Coinbase, is at the forefront of advocating for greater regulatory clarity in the US and emphasizes the importance of creating an environment for crypto to flourish. Caitlin Long, CEO and Founder of Custodia, is dedicated to building a regulatory compliant bridge between the traditional US financial system and cryptoassets. Angie Dalton, CEO of Signum Capital, has built a strong relationship with US regulators, working with startups and protocols to outline a regulatory compliant path for operating in the US. Chris Burniske, a partner at Placeholder Ventures, has highlighted the resilience of crypto fundamentals and why this is a compelling time to be an investor despite the uncertainty. Michael Sonnenshein, CEO of Grayscale, is trailblazing the path to a US Bitcoin ETF approval, questioning some of the assumptions made by the SEC in its decision-making. Key Points From This Episode: 04:47 Paul and Cathie discuss the current state of the regulatory landscape surrounding cryptocurrencies 09:48 Lyn Alden provides a historical perspective on regulation 18:57 What Jeremy is hearing from his recent trips to Washington DC on crypto regulation 22:22 The potential for a Bitcoin ETF, and Grayscale’s relationship with the SEC 27:41 How the FTX collapse may have set the industry back in the eyes of the US government 34:38 Michael Sonenshein’s optimistic point of view on regulators idea of crypto 40:06 Caitlin’s view that regulators are unwilling to make progress in passing significant regulation in the next few years 49:36 Chris compares digital assets to water 50:13 Cathie and Yassine transition the conversation to the Regional Banking Crisis 58:35 Caitlin highlights the inherent illiquidity many banks currently have and what problems that might cause 1:04:56 Lyn offers her end game scenario if the Fed continues to be hawkish 1:13:22 Chris highlights the clear differences between the banking system and cryptocurrencies like Bitcoin and Ethereum 1:20:42 Coinbase’s latest product launches including Wallet and Base 1:24:20 How Bitcoin has responded to the recent regional bank crises 1:27:33 We go around the horn and ask: What would our guests like to see happen this year?

On March 17, 2023, Balaji Srinivasan wrote a tweet thread that started with a simple, shocking bet that the price of one Bitcoin would reach $1,000,000 in the next 90 days. Balaji is an American entrepreneur and investor. He was the co-founder of Counsyl, the former Chief Technology Officer of Coinbase, and former general partner at the venture capital firm Andreessen Horowitz. ARK CEO and CIO Cathie Wood agrees that the price of a Bitcoin could reach $1M, but ARK’s prediction on when this might happen is very different. In today’s episode, Cathie and Balaji discuss their current and future outlook on the United States and global economies, the cryptocurrency ecosystem and their reaction to the recent volatility surrounding the regional banking crisis.   “The economy…It’s like altitude right, if your altitude is [up] here you can take a certain set of maneuvers, if your altitude is close to the ground you cannot take the same set of maneuvers.” – @balajis Key Points From This Episode: An introduction to Balaji and his prediction that Bitcoin could reach $1M in the next 90 days Cathie sets up her initial argument that we are in a deflationary environment What we can learn from Argentina; when it was printing money while simultaneously raising interest rate Balaji argues that there are only three true currency pairs in the world today Balaji’s belief that there is a desire to exit the American financial system and that the financial system itself is inherently hard to predict Cathie shares her thesis that that the velocity of money is starting to flatten The potential for a “hard landing” in the economy How the recent regional banking crisis effects Cathie and Balaji’s predictions on inflation Balaji compares the Federal Reserve (Fed) Funds rate to Bitcoin’s issuance schedule How the 1980s compare to today in terms of inflation and interest rates Cathie provides a brief history on the guiding force behind Fed policy What could potentially happen to the use cases of Bitcoin should it rapidly increase in value Balaji’s belief that the world is running backwards in time but that the outcome will be different Why consumers have started to move money away from banks and instead have focused their attention on trying to earn yield on their money Why today’s economic events could be considered black swan events Balaji states that we may not have a widespread bank crisis, but instead we could specifically have a central bank crisis The potential that the Fed could be looking at the wrong indicators How the very existence of Bitcoin might defeat Keynsian economists theories at their core Why deflation might be a good thing for Blockchain technology Why Balaji believes states should continue to support cryptocurrencies “Fiat currency”, as referred to in this podcast, means traditional, government-issued currency, such as the US dollar.