.
WELCOME BACK AI THE STORY OF
2025, DRIVING MASSIVE GAINS IN
THE STOCK MARKET, RECORD DEALS
HAVE HAPPENED UNPRECEDENTED
DATA CENTER BUILT OUT CONCERNS
OVER PAST MONTH ABOUT A
POSSIBLE BUBBLE FORGE, JOINING
ME ARK INVEST CEO CATHIE WOOD
GOOD TO SEE I WELCOME.
>> THANK YOU HAPPY TO SEE YOU.
>>OF COURSE, YOU’VE BEEN ALL
ABOUT GROWTH, AND INVESTING IN
AI YOUR FLAGSHIP FUNDS UP
BETTER THAN 40% THIS YEAR
OUTPACING THE BROADER MARKET
PUSHED BACK ON CALL THAT THERE
IS A BUBBLE HOW DO YOU SEE
THINGS?
>> WELL, I WAS IN THIS BUBBLE
IN LATE 90S THIS IS NOTHING
LIKE THAT.
THE LATE 90S, THE NO ONE HAD A
CARE IN THE WORLD, YOU KNOW
WHEN AMAZON SAID WE ARE GOING
TO LOSE MORE MONEY BECAUSE WE
ARE INVESTING AGGRESSIVELY TO
CAPTURE THE INTERNET AGE STOCK
BEING WOULD GO UP, THAT IS NOT
HAPPENING TODAY, THERE IS A
WALL OF WORRY OUT THERE, I
THINK, AI HYPE IS A BIG PART
OF THE WALL OF WORRY.
WE BELIEVE THAT WE RIGHT NOW
IF WE WERE TO THINK ABOUT THIS
IN TERMS OF INTERNET TIME WE
ARE IN THE EQUIVALENT OF 1959,
BUT WE ARE PROGRESSING AT
TWICE THE SPEED.
AS THE INTERNET AGE, SO IN ARE
’26 EQUIVALENT OF 97 VERY GOOD
YEARS IN TERMS OF THE INTENT
TRADE.
MARIA: YEAH.
I -- I MEAN THERE IS SO MUCH
MONEY HAVING MOVED INTO DATA
CENTERS, I ASKED JENSEN HUANG
ABOUT IT I ASKED JAMIE DIMON
ABOUT IT EVERYONE SAID COMING
HERE IS WHAT JENSEN HUANG TOLD
ME WHEN I ASKED ABOUT
TRILLIONS OF DOLLARS INTO AI
DATA CENTERS YOUR TAKE.
>> I HOPE FOR INDIVIDUAL TO BE
ABLEGOING BACK COMPETE IN
MARKET IN CHINA THE LAST FOUR
YEARS, THE ADMINISTRATION,
REALLY SET US ON A PATH, THAT
REALLY BACKFIRED THE POLICIES
HAVE BACKFIRED.
FROM A 95% MARKET SHARE, IN
THE CHINA MARKET ONE OF THE
MOST IMPORTANT MARKET IN THE
WORLD WHEN PRESIDENT TRUMP
LEFT OFFICE NOW ZERO PERCENT I
HOPE WE REVERT BACK TO
POLICIES OF TRUMP 45
ADMINISTRATION, AND, I GET
BACK TO MARKET AND COMPETE.
OF COURSE CATHIE ABOUT WASN’T
A TO GO SELL CHIPS TO CHINA
PRESIDENT TRUMP IS GREEN
LIGHTING SELLING H-200 CHIPS
TO CHINA YOUR REACTION TO
THAT.
>> MY REACTION IS WE -- WE
LEARNED FROM DEEPSEEK WHAT IS
GOING ON IN CHINA FROM THE
TECHNOLOGY POINT OF VIEW SOLD
US CHINA IS PROGRESSIVE
ACTUALLY ON THE OPEN SOURCE
SOFTWARE FRONT PROBABLY IS
NUMBER ONE.
NOW.
WHY IS THAT?
IT IS BECAUSE OUR SOFTWARE
COMPANIES STOPPED SELLING INTO
CHINA, BECAUSE THEY WERE
AFRAID OF I.T. THEFT CHINA
WENT OPEN SOURCE ROUTE I LOVE
OPEN SOURCE SOFTWARE I THINK,
THAT THIS IS THE RIGHT
DECISION TO ALLOW NVIDIA CHIPS
BACK INTO CHINA.
>> DO YOU WORRY ABOUT NATIONAL
SECURITY OF LIBERATION ARMY
USING THOSE CHIPS FOR THE
MILITARY.
>> I AGREE THAT IS A RISK, I
AM SURE THAT OUR GOVERNMENT IS
GOING TO BE ALL OVER THAT
RISK.
WE WILL SEE HOW THEY ARE ABLE
TO CONTROL IT.
ALL TECHNOLOGY CAN BE USED FOR
NEFARIOUS PURPOSES BUT THAT IS
WHY WE HAVE YOU KNOW, NATIONAL
SECURITY DEFENSE AND SO FORTH
YOUR TAKE YOU MADE NOTABLE
SHIFTS CUT 15.8 MILLION
DOLLARS OF META SHARES YOU ARE
CUTTING BACK ON TESLA NUMBER
ONE HOLDINGS STILL ADDING TO
NVIDIA GOOGLE LAST FEW WEEKS
WHAT IS DRIVING TRADES WHAT
CAN YOU TELL US HOW YOU ARE
POSITIONED GOING INTO THE NEW
YEAR.
>> WHAT IS INTERESTING, ABOUT
ALL OF THOSE IS THEY ARE AI
RELATED OF COURSE, THE FEAR
THAT WE’RE IN A HYPE PHASE
GOING TO END BADLY I THINK IS
PREMATURE, I THINK AS I SAID
WE ARE MORE LIKE 1995.
AND IF YOU LOOK AT THE END
CAPITAL SPENDING INDICATORS
MACRO ONES THERE WERE FIVE
VERY SOLID YEARS, OF CAPITAL
SPENDING CONTRIBUTING TO REAL
GDP IN THE UNITED STATES.
WE ARE AT JUST WE THINK THE
BEGINNING OF THAT.
THE -- IN LAST COUPLE YEARS.
SO, SO THAT IS ONE THING.
META, META’S RETURN ON INVEST
CAPITAL IS PROBABLY GOING
TOLLING GOWN AS MARGINS
COMPRESS BECAUSE IT IS
INVESTING SO AGGRESSIVELY.
TO MAKE ITS WAY BE VERY
RELEVANT IN THE AI AGE.
TESLA AT THE TOP OF THE RANGE,
AND SO WE WILL TAKE PROFITS
ALLOCATE INTO OTHER STOCKS
THAT MAY HAVE HADINGS
INGESTION A TACTICAL MOVE.
FOR ALL WE KNOW TESLA HAS BEEN
IN FIVE YEAR RANGE AS I SAID
LONGER THE BASE BIGGER
BREAKOUT SO WE COULD BREAK OUT
HERE, BUT WE’VE BEEN IN THIS
RANGE A WHILE TAKING A LITTLE
OFF THE TOP, AND YOU KNOW
WAITING TO SEE IF VOLATILITY,
HE IS A NORMAL COURSE OF
ACTION FOR US.
MARIA: AND USED YOU’VE SAID
GENOME SPACE IS INTERESTING I
WANT YOUR TAKE AS WELL,
LOOKING AT BIOTECH?
HOW IS YOUR PORTFOLIO
POSITIONED WHETHER GROWTH, AI
TRADE, VERSUS OTHERS LIKE
HEALTHCARE AND BIOTECH?
>> WELL, AI IS PERMEATING
EVERY SECTOR EVERY INDUSTRY
ACTUALLY BLURRING LINES
BETWEEN AND AMONG SECTORS
AUTONOMOUS MOBILIZED MANY
DON’T THINK OF IT THAT WAY
STARTING WITH ROBO TAXES, THEN
HUMANOID ROBOTS, THE OTHER THE
MOST PROFOUND APPLICATION WE
BELIEVE IS GOING TO BE
HEALTHCARE.
AND COMPANIES LIKE AI, THAT IS
IN A FLAGSHIP ARKK, AND OUR
MULTIPORTFOLIO STRUGGLED MOST
OF ALL PORTFOLIOS LAST FOUR
YEARS, BECAUSE HEALTHCARE, AND
TECHNOLOGY CONVERGING IS
CONVULSIVING TO HEALTHCARE
ANALYSTS DON’T LIKE TECHNOLOGY
MOVING FAST AND IT CAN
ANALYSTS DON’T LIKE
REGULATION, POLITICS ALL OF
THAT.
SO IT IS WE THINK VERY
INEFFICIENTLY PRICED TEMPEST
AI, THERAPEUTICS GENE EDITING
CURING DISEASE, THERAPEUTICS
GOING TO BENEFIT FROM
CONVERGENCE KWOONG SEQUENCEING
TECHNOLOGIES.
>> WHEN YOU LOOK AT PRICING
PART YOU BELIEVE THAT THE COST
TO DEVELOP A DRUG COULD FALL
BY FOUR TIMES WITH AI, IS THAT
THE BIG IMPACT FROM AI?
OR IS IT LIKE ROBOTICS TALKING
ROBOTICS IN TERMS OF SAVING
LIVES HOW SPECIFICALLY WILL
YOU SEE THE BIG IMPACT FROM AI
ON HEALTHCARE?
>> YES.
THREE MAJOR WAYS, ONE AS YOU
SAY, THE COST OF RESEARCH
REQUEST DISCOVERY DEVELOPMENT
DO TO SAY DEEPLIES 600 MILLION
WE THINK FIVE TO 10 YEARS, WE
ALSO THINK, THAT DIAGNOSTICS
IS GOING TO TRANSFORM BEING
ABLE TO DIAGNOSIS DISEASE
THROUGH BLOOD TESTS INCLUDING
CANCER IN STAGE ONE OR EVEN
BEFORE STAGE ONE AFTER ALL,
POLYPS SHED INTO BLOOD AS WELL
AS TUMORORS, TECHNOLOGIES AS
GOOD AS THIEF BECOME WE THINK
THAT IS POSSIBLE THE THIRD
CURING DISEASE, SO I MENTIONED
EDITING OTHER THERAPIES WE
THINK HEALTHCARE, WE ARE GOING
TO MOVE FROM PERIOD OF SIT
CARE WHERE WE SPEND 80%
DOLLARS AT LEAST, INTO A
PERIOD OF PREVENTIVE CARE AN
HEALTHCARE.
SO IT IS GOING TO TRANSFORM
HEALTHCARE COMPLETELY, WE
THINK.
MARIA: I AM SURE THAT IS THE
CASE I WANT YOUR TAKE ON GOLD
AND BITCOIN AS WELL GOLD IS
DOING SO WELL THIS YEAR UP 60%
NEARLY 60% FOR THE YEAR BET
BIT HAS BEEN A LOT MORE CHOPPY
DOWN 20% LAST THREE MONTHS,
YOU’VE MENTION THIS COULD
FLIP-FLOP NEXT YEAR GOLD
FACING DOWNSIDE RISKS BITCOIN
POISED TO OUTPERFORM.
>> BITCOIN IS BEHAVING MORE OF
LIKE A RISK ON ASSET HAS
PLAYED THE RISK DIFFERENT
TIMES DURING EUROPEAN SWORN
DENT CRISIS DURING OUR
REGIONAL BANK CRISIS RIGHT NOW
RISK ON, THIS IS IT IS
CLIMBING ANOTHER WALL OF
WORRY.
AND THAT IS THE FOUR YEAR
CYCLE, WE THINK FOUR YEAR
CYCLE IS GOING TO BE
DISRUPTIVED BITCOIN REALLY
DROPPING 735 TO 90% IN EARLY
DAYS THE VOLATILITY IS GOING
DOWN, IT IS DOWN ABOUT 30 SOME
ODDPERCENT I THINK THERE IS A
FEAR FOUR YEAR CYCLE, WE THINK
THAT THE MOVE BY
INSTITUTIONALIZATION INTO NEW
ASSET DALLAS GOING TO PREVENT
MUCH MORE DECLINE WE MAY HAVE
SEEN THE LOW A COUPLE WEEKS
AGO, NOW, GOLD IS MORE OF A
RISK OFF ASSET.
AND THAT -- ITS RISE WE THINK
IS -- IS -- IS PROOF THAT WE
ARE CLIMBING A WALL OF WORRY
INVESTORS USING GOLD AS HEDGE
AGAINST GEOPOLITICAL RISK,
AND, IF YOU LOOK AT WHAT
HAPPENED FROM THE EARLY ’80S
TO LATE 90S, GOLD WENT DOWN AS
WE WERE IN THE REALLY GOLDEN
AGE FOR -- FOR -- INNOVATION
ENDING WITH THE INTERNET WE
THINK SAME WOULD HAPPEN WILL
REMAIN RISKON REGAGE THIS YEAR
OF AI HYPE, WILL I THINK IT IS
GOOD AS INVESTOR I AM HAPPY
PEOPLE ARE WORRIED.
BUT I THINK WE WILL CONTINUE
TO LEAN INTO THAT BECAUSE WE
REALLY JUST HAVE BEGUN THE AI
AGE.
>> ARE POISED TO INCREASE
HOLDINGS SXURND EXPOSURE TO
BITCOIN ETF.
>> IT IS PASSIVE, SO THE MORE
THE MORE THAT INVESTORS WANT
TO PARTICIPATE IN THIS NEW
ASSET CLASS THROUGH RAKB THE
BETTER FOR US, THE BETTER FOR
INVESTORS LONGER RUN WE
BELIEVE.
MARIA: SO SOUNDS LIKE YOU ARE
BULLISH GOING INTO NEW YEAR
YOU WANT TO BE INCREASING
EXPOSURE TO AI EVEN THOUGH YOU
MUTT LIKE META BECAUSE OF
VALUATION.
>> YES MORE RETURN ON VESTED
CAPITAL ISSUES I REALLY
BELIEVE THAT WE ARE MOVING
FROM A ROLLING RECESSION WHERE
WE’VE BEEN LAST THREE YEARS
MANUFACTURING HAS BEEN
NEGATIVE, FOR THREE YEARS IN
THE UNITED STATES, INTO A
ROLLING RECOVERY WHICH I THINK
WE ARE ENTERING NOW THEN A
PRODUCTIVITY DRIVEN BOOM THE
LIKES OF WHICH WE’VE NEVER
SEEN BEFORE.
MARIA: WOULD.
NANCY LAZAR TALKED ABOUT
PRODUCTIVITY BOOM YOU’VE GOT
TO BELIEVE AI A BIG PART OF
THAT IT IS GREAT TO CATCH UP
THANKS SO MUCH FOR JOINING US.
>> THANK YOU, MARIA.
MARIA: GOOD TO SEE YOU CATHIE