ARK Invest

In this month’s “In The Know,” Cathie connects the Industrial Revolution to today’s technology revolution. She explains why the yield curve was inverted more than 60% of the time before the Depression and could invert again, what Fed (Federal Reserve) Chairman Kevin Warsh's Jackson Hole speech reveals about which inflation gauge actually matters, and why Abu Dhabi leaving Organization of the Petroleum Exporting Countries (OPEC) could send oil back toward $30. Plus: a 162,000 payroll surprise and Bitcoin finally breaking out against gold.

This paper is the first in a two-part series that outlines the origins of LayerZero, the cross-chain messaging protocol now connecting most of the multi-chain world, and its impending launch of Zero, an effort to rebuild the Layer 1 stack from first principles.

For 30 years, the standard of care for sickle cell disease was a drug that managed symptoms without touching the underlying genetic defect. In December 2023, the Food And Drug Administration (FDA) approved a functional cure. CASGEVY, built by CRISPR Therapeutics and commercialized with Vertex Pharmaceuticals, has treated less than 0.1% of its 60,000 eligible patients. ARK's bottoms-up model sees roughly $5 billion in cumulative revenue through 2029, versus Wall Street consensus of $1 to 2 billion.

Tesla can produce more vehicles in a day than Waymo has in its entire fleet. Tasha Keeney explains why that scale advantage, plus billions of miles of fleet data, makes Tesla a leader in a robotaxi market ARK believes could reach $30 trillion in enterprise value by 2030.

In this month's "In The Know," Cathie explains why inference costs collapsing 99.99% per year set the stage for an entrepreneurial explosion, why the United Arab Emirates (UAE) pumping a record 4.1 million barrels per day suggests oil prices have peaked, and why Truflation's 1.5% core inflation reading, far below the official numbers, means the Federal Reserve (Fed) will not tighten. Plus: the yield curve is behaving the way it did during the Industrial Revolution, and Bitcoin is finding its legs against gold.

What happens when a trading app becomes your bank, your broker, and your retirement account all at once? Nick Grous joins ARK's Stock Story to explain how Robinhood's Gold subscription, now at 4.2 million subscribers, is driving that shift, and why ARK sees attachment rates more than doubling by 2031.

AMD had nearly zero server CPU market share in 2017. By Q1 2026, they controlled 46% of server CPU revenue. Frank Downing, ARK's Director of Research, AI and Cloud, breaks down why AMD is now running the same playbook against NVIDIA in AI accelerators.

The cost of starting a business has declined in three distinct waves. First was the shift from offline to online commerce, which eliminated geography as a constraint. Second was the emergence of companies like Shopify, which bundled payments, logistics, and capital into a unified commerce platform, giving small merchants the operational infrastructure previously available only to large retailers. The third is artificial intelligence (AI), which is compressing the cost, labor, and expertise necessary to run a company. Described in more depth below, each wave has been democratizing entrepreneurship. Combined, they are rewriting the economics of entrepreneurship.

In this month's "In The Know”, Cathie Wood breaks down Kevin Warsh’s five task forces to overhaul the Fed, from quieting the daily chatter of Fed governors to cross-checking distorted government statistics against private data. She explains why Trueflation’s real-time reading of 1.75% headline inflation, less than half the official 4.2% CPI, suggests the 10-year Treasury yield could break down, and why the yield curve is behaving the way it did during the Industrial Revolution: sniffing out deflation.

Today’s humanoid robot capability certainly seems limited relative to its potential. According to our research, humanoid systems could prove transformational for the modern workforce as they expand automation into labor-constrained sectors such as logistics, manufacturing, healthcare, and services. In 2028, humanoids could reach a level of operational performance comparable to that of today’s robotaxis.