Q3 2025 Update Webinar Summary

During ARK Invest’s Q3 Quarterly Update Webinar, CEO and CIO Cathie Wood and members of the ARK Investment Team discussed macroeconomic developments, innovation sector dynamics, and key insights across AI, crypto, autonomous technology, and genomics. Below are highlights from the conversation, organized by the specific questions received from our clients and partners. For additional insights, please view the full Q3 Quarterly Update Webinar here.

Do You Think The Market, And Especially AI-Related Companies, Are Becoming Overextended?

Cathie acknowledged the immense capital flowing into AI but emphasized that ARK has been monitoring both the hype cycle and fundamental traction. Early signs of reaccelerating revenue growth at companies like Snowflake and UiPath are validating the promise of AI. She also pointed to strong consumer willingness to pay for AI services, signaling durable demand. On the enterprise side, she noted increased involvement from CEOs and CFOs, not just CTOs, in driving AI adoption.

Stock Prices Are Reacting To OpenAI News, And There Was A Lot This Month. From Chips To Dev Day, Could You Please Summarize What We Need To Know?

Frank Downing, Director of Research, AI and Cloud, summarized recent announcements: OpenAI secured a $100 billion deal with NVIDIA for 10GW of data center infrastructure and a warrant-based deal with AMD for 6GW of compute. OpenAI also launched Sora 2, an experimental AI-native video platform, and rolled out its Agentech Commerce Protocol with embedded shopping features. Most notably, ChatGPT introduced its "apps" platform, evolving into an agent-driven operating system akin to the App Store. All present potential monetization levers like commerce, advertising, and beyond.

While A Winner Seems To Be Clear In The US Bitcoin And Ether Digital Asset Treasury (DAT) Races, What Do You See Happening Globally?

Frank highlighted the global landscape for digital asset treasuries. While Bitmine and Strategy lead the US in ETH and BTC exposure, respectively, Japan’s MetaPlanet currently is the second-largest BTC treasury globally. ARK recently initiated a position in Quantum Solutions, which could become Japan’s leading ETH treasury. ARK also added Solite, a potential leader in Solana-based treasury strategies.

Can You Share Your Latest Thoughts On Solana And Why You Think SOL Is Interesting?

Frank emphasized Solana’s architecture, which enables high throughput and interoperability at scale. While Ethereum leads in assets under management and institutional adoption, Solana dominates on transaction volume and user activity. Both networks represent complementary approaches to scaling smart contracts. Cathie added that institutional confidence in Ethereum stems from its decentralization and security, while Solana may become a consumer favorite.

We Have Observed ARK’s Move Back Into Some Chinese Names. Why Does China Seem Investment Worthy Again?

Cathie explained that after exiting China in 2021 because of its aggressive regulatory crackdowns, ARK began to reconsider its stance when President Xi Jinping shifted rhetoric toward “new productive forces,” signaling renewed government support for innovation. Recent measures to curb destructive pricing in EVs and stronger-than-expected developments in open-source software also prompted ARK’s re-entry. Baidu and Alibaba have returned to select portfolios in virtue of their exposure to AI and cloud infrastructure.

What Does ARK Think About The Chinese Autonomous Players Compared To Those In The US?

Tasha Keeney, CFA, Director of Investment Analysis & Institutional Strategies, outlined key differences. Chinese ride-hail pricing is significantly lower than in the US, limiting early-stage profitability. Regulatory zones for testing also are more constrained in China. That said, the sheer size of the Chinese market offers potential for scale, and leading companies are expanding into international markets with higher ride-hail prices. Baidu is already approaching volume parity with Waymo.

With The Echostar And Spacex Deal, How Do Things Shake Out For Iridium?

Sam Korus, Director of Research, Autonomous Technology & Robotics, noted that while the SpaceX-EchoStar partnership increases competitive pressure, Iridium remains differentiated through global spectrum ownership and trusted contracts with US government agencies. Iridium is also advancing its own direct-to-device initiatives and is expected to outline its competitive strategy during upcoming earnings.

The Gene Editing Space Is Being Revalued In The Market. Shea, You Published A Great Piece On Its Potential In Cardiovascular Disease. Can You Please Give Listeners A Teaser?

Shea Wihlborg, Research Analyst, Multiomics, previewed ARK’s latest gene editing research. Beyond sickle cell disease, gene editing now shows promise for cardiovascular applications. CRISPR Therapeutics is targeting lipid regulation using natural genetic mutations as a blueprint. ARK’s models suggest a $165 thousand value-based price with a $2.8 trillion US addressable market. Regulatory tailwinds, clinical validation, and strategic M&A—such as Lilly’s acquisition of Verve—support the momentum. This could mark a shift from rare disease targeting to widespread chronic disease treatment.

Conclusion

ARK remains confident in the transformative potential of innovation across all sectors. Our research, models, and portfolios are designed to capture long-term value as these technologies move from promise to impact.

Tune in to 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 subject to rapid price swings, including as a result of actions and statement 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.

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