Cathie Wood: Bitcoin is still in a bull market bottoming phase, and innovative assets are being "collectively mispriced"

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ARK Invest founder Cathie Wood pointed out in an interview with "The Rollup" that the current market pricing for innovative assets is extremely inefficient. With the convergence of AI and technology, alongside Fed rate cut expectations, Bitcoin and digital assets are facing long-term opportunities. (Context: Cathie Wood states "AI is not a bubble": It is replicating the wealth explosion moment of the internet) (Background: ARK's Cathie Wood: The market is bottoming out, and the Fed will enter a "deflationary boom" in the second half of the year) Market volatility and low sentiment—is disruptive innovation being collectively "wrongly killed"? ARK Invest founder, CEO, and CIO Cathie Wood emphasized in the latest podcast: The current market pricing for innovative assets may be "unprecedentedly inefficient," with valuations far lower than during the dot-com bubble, and true long-term opportunities are being masked by investor fear. In this conversation, Cathie Wood reviewed ARK's early experience in allocating to Bitcoin starting in 2015, recounting how Bitcoin moved from a mocked fringe asset to institutional allocation. At the same time, she analyzed the rise of stablecoins, the shift in attitude of BlackRock founder Larry Fink, the entry of traditional finance, the prospects of DeFi and RWA tokenization, and anticipated deep medical development in fields like blockchain and electronic development. Host (Robbie/Andy): You proposed five major innovation platforms, which derived fifteen technologies, and now these technologies are converging. Before diving into digital assets and public chains, could you provide an overall perspective on how you view disruptive innovation? Cathie Wood: Certainly. Everything presenting itself today had its seeds planted early in my career, back in the 80s and 90s. The tech and telecom bubble appeared in the late 90s simply because investors blindly poured capital into any project related to .com or the internet. Unfortunately, the technology at the time was not fully ready, and the costs were too high. When AWS appeared in 2006, I remember trying to explain what cloud computing was to investors and consultants. To them, it was an extremely foreign concept. The real major breakthrough for AI also had to wait many years: - 2012: Breakthroughs in deep learning; - 2017: The Transformer architecture appeared, which actually led us to ChatGPT and natural language programming. So, the problem back then was: too much capital chasing too few opportunities too early. We experienced the bubble burst. Today, the situation is the exact opposite. Now, the five major innovation platforms have reached a stage where they can be truly applied on a large scale. They involve fifteen different technologies, and these technologies are integrating with each other. Yet, investors are extremely fearful. As a fund manager, I would rather work in today's environment than during the tech and telecom bubble. That time was too crazy. Many people may find it hard to believe, but I argue that today's valuations are far lower than during the bubble period. More importantly, the technology is ready, and costs are falling at an astonishing rate. This means these technologies will be used by more and more industries and more and more people. Cathie Wood: Yes. I founded ARK in 2014 because after the tech and telecom bubble burst, especially after the 2008-2009 global financial crisis, institutional investors became extremely risk-averse. Risk aversion in the retail world was not as strong, but it was extremely evident on the institutional side. At the same time, I saw the entire asset management industry moving toward passive management, which also drove the prosperity of ETFs. Even in the active management space, fund managers increasingly rely on benchmark indices. When they screen for investment ideas, they often use the benchmark as a guide. We don't do that. We screen for investment ideas based on our research, especially original research. Therefore, we focus on: - Five major innovation platforms; - Fifteen key technologies; - And the convergence between these technologies. I argue that the research system itself must be reorganized. Traditional financial industry research is usually divided by: industry, sector, and sub-sector. Many companies have five consumer analysts and five medical analysts. But we argue that if you want to grasp innovation correctly and efficiently, you must organize research teams around those fifteen technologies. The reason is simple: these technologies cross industry boundaries and span different sectors. You must start from the technology itself, rather than limiting responsibility to industry silos. Cathie Wood: I argue that technological convergence is indeed confusing. Tesla is a great example. Most research heads assign Tesla to automotive analysts. But it should at least be assigned to tech analysts. More accurately, it should be researched collaboratively by analysts from three technical directions: - Robotics analysts; - Energy storage analysts; - AI

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