November 2025 mARKet Update Webinar Summary

In ARK’s November mARKet Update Webinar, the team explored major themes shaping market dynamics and innovation strategies. From liquidity conditions and macro risks to new AI applications, crypto developments, and gene editing breakthroughs, this webinar brought clarity to a rapidly evolving investment landscape. Below is a summary of the team’s responses to investor-submitted questions. For further insights, please view the full November mARKet Update Webinar here.

Are We In An AI Bubble?

Cathie Wood, CEO and CIO, answered this head-on: ARK believes we are in the first inning of an AI-driven technology revolution. Unlike the tech bubble of the early 2000s, today’s infrastructure is in place, costs have dropped, and real use cases are expanding. While enterprise adoption may take time due to restructuring complexity, consumers are already realizing significant productivity gains from AI tools. Cathie expects global real GDP growth to accelerate to 7–8% over time—driven by transformational technologies.

How Are We Capturing AI In The ARK Next Generation Internet ETF (ARKW)?

Frank Downing, Director of Research, AI and Cloud, described ARKW’s comprehensive exposure to the AI value chain—from semiconductors (AMD), to hyperscale cloud platforms (Amazon and Google), to platform-as-a-service leaders (Palantir, Cloudflare, and Datadog). While ARKW avoids most end-user software applications, it includes AI-powered convergence plays like Tesla and Shopify, which integrate AI into product and service delivery.

How Are We Capturing AI In The ARK Fintech Innovation ETF (ARKF)?

Nicholas Grous, Director of Research, Consumer Internet and Fintech, outlined how ARKF is positioned for the rise of agentic commerce and advertising. He noted that Shopify, ARKF’s top holding, is using Anthropic’s Model Context Protocol (MCP) to enable intelligent AI shopping agents. Amazon’s Rufus AI is already expected to drive $10 billion in incremental sales. By 2030, ARK expects over 25% of global e-commerce to be agent-facilitated, and for agentic advertising to command over 50% of the $1 trillion digital ad market.

How Are We Capturing AI In The ARK Genomic Revolution ETF (ARKG)?

Shea Wihlborg, Research Analyst, Multiomics, shared that across ARKG, companies are using AI to accelerate drug discovery (Recursion, AbSci), diagnostics (Karius Life Sciences), and real-time clinical decision-making (Tempus AI). AI is also embedded in devices like Butterfly Network’s handheld ultrasound, showcasing how AI is transforming every link in the healthcare value chain.

How Are We Capturing AI In The ARK Autonomous Tech. And Robotics ETF (ARKQ)?

Tasha Keeney, Director of Investment Analysis & Institutional Strategies, explained that ARKQ centers on embodied AI applications, such as autonomous vehicles (Tesla), collaborative robotics (Teradyne), and enabling technologies like nuclear energy and batteries (BWX Technologies). She emphasized that these technologies represent a critical interface between software and the physical world.

How Are We Capturing AI In The Space Exploration And Innovation ETF (ARKX)?

Tasha continued by highlighting ARKX’s focus on aerospace and defense AI applications. The fund includes companies like Kratos and L3Harris for defense tech, Rocket Lab for satellite deployment, and other companies that enable real-time AI deployment across space and aerial platforms.

Bloomberg Recently Published An Article Highlighting A Growing Conversation Among Institutional Asset Allocators About Shifting From Traditional Strategic Asset Allocation Toward A Total Portfolio Approach. Can You Briefly Explain What This Means And How ARK’s Products Are Positioned To Earn An Allocation Within This New Framework?

Brett Winton, Chief Futurist, explained that under the total portfolio approach, allocators prioritize return-maximizing opportunities regardless of traditional style boxes. ARK’s portfolios offer high active share, low benchmark overlap, long-duration growth exposure, and idiosyncratic opportunities like Tesla's robotaxi potential. Cathie added that allocators may soon realize their private markets exposure—particularly in software as a service (SaaS)—is vulnerable to disruption from AI.

When And Why Do You Think Tesla Will Surpass Uber As A Ride Hail Leader?

Tasha explained that Tesla could already be cost-competitive with Uber in human-driven ride-hail. But once its robotaxi platform launches, Tesla’s vertically integrated model and autonomous software could deliver ride-hail services at a fraction of current costs. Her research suggests that a fleet of 140,000 Tesla robotaxis could match Uber’s US ride-hail mileage, and Tesla is already producing over 400,000 eligible vehicles per quarter.

What Are Your Recent Thoughts On Solana And Why Has Price Lagged?

Lorenzo Valente, Director of Research, Digital Assets, affirmed ARK’s long-term confidence in Solana. He attributed the recent underperformance to a mix of factors: broad crypto market corrections, whale-driven selling, fundamental revenue declines, and increasing competition from Ethereum Layer 2s (L2s) (Base, Robinhood’s L2, Monad, etc.). He also noted rising competition in Solana’s core use case—trading—from Hyperliquid. However, Solana still maintains one of the strongest developer communities and fastest shipping cycles in crypto.

Cathie, Can You Expand On Your Bitcoin Price Target Update?

Cathie and David Puell, Research Trading Analyst / Associate Portfolio Manager, Digital Assets, explained ARK’s revised Bitcoin price model. Emerging market use cases, originally a core component of the model, are now dominated by stablecoins. As a result, ARK reduced its assumption for Bitcoin as an emerging market “safe haven”. That said, the significant increase in gold’s market cap somewhat offsets that revision. 

In The Gene Therapy Space, Several ARKG Portfolio Companies Recently Reported New Data. Can You Please Summarize How The Results Compare With The Current Standard Of Care?

Shea highlighted two major updates:

CRISPR Therapeutics: In-vivo gene-editing targeting ANGPTL3 reduced triglycerides by 55% and LDL cholesterol by 49%, even in patients who are already taking statins. This one-time gene-editing treatment could replace decades of lipid-lowering therapies.

Intellia Therapeutics: For hereditary angioedema (HAE), 97% of treated patients were completely attack-free after a single dose. Current standard of care requires biweekly injections and results in breakthrough attacks. If validated in phase 3, this could redefine HAE treatment entirely.

Conclusion

As we head into year-end, we remain committed to identifying the companies and platforms best positioned to benefit from the convergence of AI, crypto, genomics, robotics, and beyond. We thank our clients and partners for their continued trust and engagement. 

Make sure to check out our In The Know video series for deeper insights about inflation, innovation, and macroeconomic developments.

Important Information

Investors should carefully consider the investment objectives and risks as well as charges and expenses of an ARK Fund before investing. This and other information are contained in the ARK Funds’ prospectuses and summary prospectuses, which may be obtained by clicking here. The prospectus and summary prospectus should be read carefully before investing. 

An investment in an ARK Fund is subject to risks and you can lose money on your investment in an ARK Fund. There can be no assurance that the ARK Funds will achieve their investment objectives. The ARK Funds’ portfolios are more volatile than broad market averages. The ARK Funds also have specific risks, which are described in their respective prospectuses. 

The information provided in this material is for informational purposes only and should not be used as the basis for any investment decision and is subject to change without notice. It does not constitute, either explicitly or implicitly, any provision of services or products by ARK, and investors should determine for themselves whether a particular investment management service is suitable for their investment needs. All statements made regarding companies or securities are strictly beliefs and points of view held by ARK and are not endorsements by ARK of any company or security or recommendations by ARK to buy, sell or hold any security. Historical results are not indications of future results. 

Certain of the statements contained in this material may be statements of future expectations and other forward-looking statements that are based on ARK's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. ARK assumes no obligation to update any forward-looking information. ARK and its clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers that are discussed. Certain information was obtained from sources that ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party.

Digital assets, often referred to as cryptocurrencies, such as bitcoin and ether are relatively new investments, which have unique and substantial risks and which may be more volatile than other types of investments. ARK strongly encourages any investor considering an investment in any digital asset to consult with a financial professional before investing. All statements made regarding digital assets are strictly beliefs and points of view held by ARK and are not recommendations by ARK to buy, sell or hold any digital asset. Historical results are not indications of future results.

A Layer 2 solution is a separate protocol built on top of a main blockchain (Layer 1) to increase transaction speed and reduce costs.

Active share is a measure of how different a portfolio's holdings are from its benchmark index, calculated by summing the absolute difference between the weight of each holding in the portfolio and the weight of that same holding in the benchmark, and then dividing by two.

Duration is a measure of a bond's sensitivity to changes in interest rates. It represents the weighted average time to maturity of a bond's cash flows, expressed in years.

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