Q1 Update Webinar Summary

In ARK Invest’s Q1 Quarterly Update Webinar, CEO and CIO Cathie Wood and members of the ARK Investment Team discussed macroeconomic dynamics, portfolio positioning, and updates across several key holdings and themes. The conversation addressed timely questions submitted by investors, including the potential implications of US tariffs, recent volatility in innovation stocks, progress in autonomous technology and genomic medicine, and the evolving digital asset landscape. Below is a summary of the key insights discussed during the webinar. For additional insights, please view the full Q1 Quarterly Update Webinar here.

Can you provide your up-to-date thoughts on the US tariff situation and the state of the economy?

CEO and CIO Cathie Wood shared that while rising tariff uncertainty has introduced near-term volatility, ARK views these developments as potentially part of a broader negotiation strategy. She noted that President Trump appears motivated to sustain economic growth and a strong equity market, which could limit the scope or duration of restrictive trade policies. Wood added that US economic data continue to suggest the tail end of a rolling recession, and that ARK anticipates a productivity-driven recovery as innovation solutions gain traction in an environment marked by slowing government and high-end consumer spending.

What will ARK’s strategy be in an environment where tariffs are upheld? What about if tariffs are reduced or removed altogether?

In an environment where tariffs are upheld, ARK intends to consolidate its strategies into the highest-conviction names, particularly those with the potential to benefit from supply-chain reconfiguration or domestic production tailwinds. Conversely, if tariffs are lowered or removed, ARK expects a positive revaluation of innovation-based equities, especially those exposed to global markets. Cathie Wood emphasized that innovation platforms often perform well during periods of policy easing, given their sensitivity to long-duration growth expectations.

With stock prices volatile, what opportunities are you finding in the market?

Cathie Wood noted that, based on ARK’s internal research, innovation strategies appear historically undervalued relative to their growth potential. The firm sees parallels to prior periods of dislocation, such as late 2022 and early 2023, when market sentiment diverged from fundamental progress. Chief Futurist Brett Winton emphasized multiomics and precision health as areas where near-term volatility belies long-term opportunity. Frank Downing also highlighted digital assets, where recent equity drawdowns contrast with accelerating institutional and retail adoption.

Can you provide an update on the Casgevy rollout?

Casgevy, a CRISPR-based gene-editing therapy approved for sickle cell disease and beta thalassemia, is progressing through early stages of commercialization. Brett Winton explained that logistical requirements—such as authorized treatment centers and insurance coordination—have created onboarding challenges, but ARK expects momentum to build. With roughly 60,000 patients globally eligible for treatment and a $2 million price point per course, ARK believes Casgevy’s revenue potential is significant. CRISPR Therapeutics receives 40% of revenue under its partnership with Vertex Pharmaceuticals, and ARK views current valuations as highly inefficient given the long-term opportunity.

What are your updated thoughts on UiPath?

Frank Downing, Director of Research, Next Generation Internet, shared that, while ARK continues to believe in UiPath’s long-term potential, the company is navigating a challenging transition. UiPath is evolving its product architecture toward AI agents while reorienting its sales force for more technically sophisticated customer relationships. Downing noted execution headwinds tied to a slowdown in government contracts and increased competition in enterprise automation. ARK has reduced its exposure to UiPath across multiple strategies while continuing to monitor its progress.

What are your thoughts on bitcoin as a risk-off asset amidst tariffs?

David Puell, Research Trading Analyst and Digital Assets Associate Portfolio Manager, noted that bitcoin has shown relative resilience amid recent market volatility. While broader equities corrected, bitcoin maintained structural strength after having absorbed earlier drawdowns and. Puell highlighted that long-term holders have remained steady and that on-chain data do not indicate excessive leverage or speculation. From a technical and macro perspective, ARK continues to view bitcoin as a non-sovereign, rules-based monetary asset with long-term potential.

What are some altcoins ARK finds interesting, those beyond bitcoin, ether, and Solana?

Lorenzo Valente, Director of Digital Assets, discussed several protocols that ARK finds promising across decentralized finance, real-world asset tokenization, and scaling infrastructure. He mentioned Uniswap and Orca as strong examples of decentralized exchanges, as well as Aave in the lending space and Lido and Jito in staking. Valente also noted that MakerDAO and Aave are advancing tokenized asset platforms and that infrastructure projects like Monad and Celestia are improving execution speed and scalability across the Ethereum ecosystem.

How confident is ARK that Tesla will hit its autonomy goals?

ARK Research Analyst Daniel Maguire reaffirmed ARK’s high conviction in Tesla’s autonomy roadmap. ARK expects Tesla to launch a commercial robotaxi service in Austin by mid-year, followed by expansion into California. Daniel highlighted Tesla’s unmatched data scale—collecting 10 million miles per day—and vertically-integrated manufacturing advantage as core differentiators. According to Daniel, ARK estimates that Tesla’s cost per robotaxi mile could be 30–40% lower than its competitors, thanks to its camera-only architecture and efficient fleet design, and that Tesla’s autonomy milestones will materially shift investor perception, the majority of the company’s enterprise value potentially driven by its robotaxi platform by 2029.

When are batteries going to scale down on price for residential purchase and use?

Sam Korus, Director of Research, Autonomous Technology and Robotics, explained that battery costs have already declined substantially, particularly in China, where prices have reached $50–$60 per kWh. Utility-scale deployments, such as Tesla’s Megapack, are scaling quickly, while residential adoption will depend on local electricity pricing and grid incentives. In Korus's view, the technology is ready and cost-competitive in many markets, with further scale likely to drive additional price reductions and accessibility over time.

Conclusion

The April webinar reflected ARK’s continued focus on identifying and investing in companies and technologies at the forefront of innovation. As volatility presents challenges and opportunities, ARK remains committed to research-driven conviction and positioning portfolios to benefit from long-term technological convergence. 

Tune into our In The Know video series for deeper insights about deflation, innovation, and macroeconomic developments.

Important Information

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.

Bitcoin is a relatively new asset class, and the market for bitcoin is subject to rapid changes and uncertainty. Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments. Bitcoin is subject to unique and substantial risks, including significant price volatility and lack of liquidity, and theft. 

Bitcoin is subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for bitcoin, and other factors. There is no assurance that bitcoin will maintain its value over the long term.

ARK strongly encourages any investor considering an investment in bitcoin or any other digital asset to consult with a financial professional before investing. All statements made regarding bitcoin are strictly beliefs and points of view held by ARK and are not recommendations by ARK to buy, sell or hold bitcoin. Historical results are not indications of future results.

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