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

Please note: as of 3/31/22, ARK’s clients own greater than 1% of the shares outstanding of Zoom Video Communications. Read our full valuation article here. According to ARK’s open-source research and model, Zoom’s share price could approach $1,500, compounding at a 76 percent annual growth rate in 2026. In today’s episode, Will Summerlin and Andrew Kim talk through their thesis for Zoom, as well as their open-source Zoom model that’s available on GitHub. They cover the type of top-down research that we do at ARK, as well as some of the research that they have done for Zoom. Tuning in, you’ll hear their bottoms-up analysis of Zoom as Will and Andrew dig into the modes that they believe Zoom has, as well as the competitive dynamics they think are going to play out in the communication software space. They also talk through their model and key drivers and, finally, close out with the overall AI opportunity that ARK sees playing out over the next decade and how they believe Zoom can capture some of that opportunity. For all this and more, make sure not to miss today’s conversation! “We think Zoom is in a really unique position to benefit from this trend towards AI productivity. Generally speaking, meetings have a lot of room to improve when it comes to productivity. We think AI can be part of the solution.” Key Points on this Episode: The type of top-down research we do at ARK. Understanding the opportunity for communication software in the context of hybrid work. Why we believe Zoom is in a unique position to benefit from the trend towards AI productivity. Our bottoms-up analysis of Zoom’s people, management, and culture; product leadership; execution; and barriers to entry. Zoom’s infrastructure, enterprise readiness, AI data advantages, and third-party ecosystem. The four drivers that we attribute the most important to in our Zoom model. Unpacking the manual and Monte Carlo models of our Zoom Valuation Model on GitHub. Our bull and base forecasts for Zoom’s top-line growth. How we see Zoom capturing AI opportunity thanks to declining deep learning training costs, among other factors. The interesting role AI could play in making Zoom meetings more productive. We encourage you to download the model, put in your own assumptions, play around with it, and provide us with your feedback on Twitter! DISCLOSURE The forecasted performance and price estimates herein are subject to revision by ARK and provided solely as a guide to current expectations. There can be no expectation that the specific security will achieve such performance or that there will be a return of capital. Past performance is not indicative of future results. FORECASTED PERFORMANCE RESULTS ARE HYPOTHETICAL AND HIGHLY SPECULATIVE, AND PRESENT MANY RISKS AND LIMITATIONS. The recipient should not consider these estimated prices alone in making an investment decision. While ARK believes that there is a sound basis for the forecasts presented, no representations are made as to their accuracy, and there can be no assurance that such forecasts or returns will be achieved by the specific security. The recipient is urged to use extreme caution when considering the forecasted performance, as it is inherently subjective and reflects ARK’s inherent bias toward higher expected returns. Any higher returns should be viewed as a measure of the relative risk of such investments, with higher forecasted performance generally reflecting greater risk. There is no guarantee that any results will align with the forecasted performance, and they might not be predictive. Some or all results may be substantially lower than projected results and, as with any investment, it is possible that you could lose money. FORECASTED performance results (single security model simulation forecasts) have many inherent limitations. A recipient account might or might not hold this single security, and the account performance will be affected in proportion to its holding size and the amount of price fluctuation over time. No representation is being made that any client account will or is likely to achieve profits or losses tied to a security in the security model forecasts. In fact, there could be significant differences between these forecasted performance results and the actual results realized. Forecasted performance has not been achieved by the security, and like all modeled, projected or hypothetical performance, it is important to note that there are multiple versions of a model, and ARK has a conflict of interest in that we have an incentive to show you the best performing results. These forecasts rely on models, which calculate hypothetical performance. Several of the limitations of hypothetical performance models include: 1) reliance on a variety of data obtained from sources that are believed to be reliable, but might be incorrect, inaccurate or incomplete and ARK does not guarantee the accuracy or completeness of any information obtained from any third party, 2) potential inclusion of inherent model creation biases, data discrepancies and/or calculation errors that could cause actual results to differ materially from those projected, 3) NO reflection of the impact that material economic and market factors might have had on investment decisions that would have been in actual portfolios being managed at the time and do not involve market risk, and 4) NO guarantee of future investment results. The forecasted results rely on assumptions, forecasts, estimates, modeling, algorithms and other data input by ARK, some of which relies on third-parties, that could be or prove over time to be incorrect, inaccurate or incomplete. The forecasted returns are based on a variety of criteria and assumptions, which might vary substantially, and involve significant elements of subjective judgment and analysis that reflect our own expectations and biases, which might prove invalid or change without notice. It is possible that other foreseeable events that were not taken into account could occur. The forecasted performance results contained herein represent the application of the simulation models as currently in effect on the date first written above, and there can be no assurance that the models will remain the same in the future or that an application of the current models in the future will produce similar results because the relevant market and economic conditions that prevailed during the performance period will not necessarily occur. The results will not be updated as the models change, or any information upon which they rely changes. There are numerous other factors related to the markets in general or to the public equity security specifically that cannot be fully accounted for in the preparation of forecasted performance results, all of which can adversely affect actual results. For these reasons, forecasted performance results will differ, and could differ significantly from actual results. FORECASTED PERFORMANCE RESULTS ARE SUBJECT TO REVISION AND PRESENTED FOR ILLUSTRATIVE PURPOSES ONLY. While ARK’s current assessment of the subject company may be positive, please note that it might be necessary for ARK to liquidate or reduce position sizes prior to the company attaining any forecasted valuation pricing due to a variety of conditions including, but not limited to, client specific guidelines, changing market conditions, investor activity, fundamental changes in the company’s business model and competitive landscape, headline risk, and government/regulatory activity. Additionally, ARK does not have investment banking, consulting, or any type of fee-paying relationship with the subject company.

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

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

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

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

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

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

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

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