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Of course, we had two big corrections. We had the trade uh turmoil in in April. That was an amazing buying opportunity. And what we do typically is concentrate towards our highest conviction names when we have an opportunity like that. We did that. Same with the um same with the uh government shutdown.
that was a little a little less uh severe. But we're pretty excited about the inflation outlook thanks to oil prices, housing prices big time. You see the homebuilders KB Home cutting its prices by 7%. Uh and others following uh and productivity gains, unit labor costs coming down uh dramatically. Uh I think on a year-over-year basis, they're up 1.2% but last the last quarter reported they were actually negative.
Uh so there are a lot of deflationary pressures and the last one I'll cite is technology. Uh our focus is exclusively on technologically enabled innovation and in each of the five major platforms robotics energy storage uh artificial intelligence especially uh blockchain technology and multiomic sequencing healthcare.
I saw uh the CEO of bio uh very good uh those are all very deflationary in their impact. So pretty excited. We think the surprises are going to be on the low side of inflation expectations. Markets today are trapped in a familiar fear loop. Inflation prints still look sticky. Valuations are hovering near cycle highs and every spike in volatility is treated like a warning siren for stagflation.
Investors are being conditioned to believe that risk equals danger and that uncertainty must be avoided at all costs. But Kathy Wood is arguing the opposite and her track record says this is a view worth taking seriously. While most investors focus on backward-looking inflation data, Cathy is pointing to what's happening underneath the surface.
Unit labor costs have turned negative on a quarterly basis. Housing prices are rolling over with major home builders cutting prices by mids single digits. Energy prices have cooled. Productivity is rising. And layered on top of all of this is a powerful deflationary force that most models still underestimate.
Technology. From artificial intelligence and robotics to automation and genomics, innovation is driving costs down, not up. History supports this view. In the mid1 1990s, markets rallied even as valuation multiples compressed. Not because inflation disappeared overnight, but because earnings growth overwhelmed macro fear.
That's why Kathy doesn't fear volatility. She uses it. During the April 2025 sell-off, when trade turmoil and macro panic shook markets, ARK didn't retreat. It concentrated aggressively into its highest conviction names. By year end, multiple ARC funds ranked among the top performers, outpacing broader indices that many assumed were safer.
This isn't speculation, it's a philosophy. And today, we're going to break down three stocks Kathy Wood and Arc Invest are betting on most aggressively, and why they sit at the center of her disinflationary, innovationdriven thesis. First on the list, and the clearest expression of this philosophy, is Tesla, ticker symbol TSLA.
This is Arc Invest's largest combined holding, accounting for nearly 10% of total ETF exposure with over a billion dollars deployed. And that tells you something important right away. For Kathy Wood, Tesla is not an auto stock. It's a platform. The market remains fixated on near-term EV challenges, slowing demand, pricing pressure, regulatory headlines.
But ARK is focused on where Tesla's business model is going, not where it's been. Tesla is in the middle of a fundamental transition away from low margin hardware toward high margin, recurring software and services, led by full self-driving, and autonomy. The recent shift to eliminate the $8,000 upfront FSD fee and move to a subscription-only model lowers the barrier to entry for millions of Tesla owners globally.
Even small increases in adoption from the current low teens percentage can have an outsized impact on margins. Autonomy is the real prize. Tesla has begun testing driverless robo taxis in Austin without human safety monitors. A milestone that signals growing confidence in its AI stack. While competitors may lead in limited geographies today, Tesla's advantage lies in scale.
It controls the vehicle, the chips, the software, and the data all under one roof. That vertical integration is what allows Tesla to iterate faster, reduce costs, and potentially scale autonomy more aggressively once regulations allow. Beyond robo taxis, ARK's conviction extends to Tesla's robotics ambitions.
Optimus won't move revenue tomorrow, but the long-term opportunity is massive. Major research firms estimate the humanoid robotics market could grow from just a few billion dollars today to tens, even hundreds of billions over the next decade. Tesla is doing the hard work early, and that matters. Volatility around earnings is expected, but in Kathy Wood's framework, Tesla represents exactly the kind of disinflationary marginexpanding platform that can compound through uncertainty.
That's why TSLA remains ARC's highest conviction bet. And that same logic, buying misunderstood platforms before monetization fully shows up, leads directly to the second stock on this list. Next up is Roku, ticker symbol ROKU. And this is one of the most underappreciated ARK holdings today. With more than 4% weight across ARC's combined ETFs, Roku sits firmly in high conviction territory.
And once again, the story isn't about short-term noise. It's about a business quietly inflecting. Roku is no longer just a streaming hardware company. It has evolved into a connected TV operating system and advertising platform that sits at the center of one of the fastest growing segments in media.
After years of margin volatility and macro-driven ad pullbacks, Roku crossed a critical threshold in 2025 by returning to gap profitability and generating sharply improved free cash flow. The engine behind this turnaround is advertising monetization. Roku's deepening partnership with Amazon's demand side platform gives it access to premium ad budgets at scale.
Industry estimates project US connected TV advertising to grow from roughly $29 billion in 2024 to nearly 47 billion by 2028. Roku already sits inside the vast majority of US connected TV households, which means incremental ad dollars can flow through the platform without proportional increases in costs.
Engagement is rising alongside monetization. Roku's streaming share continues to expand, supported by subscription growth, the friendly TV acquisition, and the launch of valueoriented offerings like the lowcost adree howdy tier. On top of that, Roku is integrating AIdriven discovery through Roku voice, improving content navigation while opening the door to future opportunities like voice-based commerce and transactional advertising.
This is exactly the kind of business Kathy Wood favors. Roku replaces inefficient linear TV economics with softwaredriven scalable advertising. It's inherently disinflationary, capital light, and still undermonetized. As profitability improves and cash flow strengthens, ARK believes the market will eventually repric Roku as a platform, not a device maker.
And if Tesla and Roku represent deflation through software and automation, the final stock takes that idea into healthcare itself. The third stock on the list is Crisper Therapeutics, ticker symbol CRSP. And this holding captures Kathy Wood's highest risk, highest asymmetry conviction. With just over 4% weight across ARC's ETFs, Crisper is not a trade.
It's a longduration bet on a technological breakthrough that could redefine medicine. Crisper Therapeutics doesn't fit neatly into quarterly earnings models. And that's precisely why it's volatile. The company is still in the early stages of commercializing a platform, not harvesting profits. What matters most is already in place.
Cascave, the world's first crisper-based gene editing therapy approved for cickle cell disease and transfusion dependent betaththalmia developed with vertex. Clinical data has been extraordinary with the overwhelming majority of treated patients remaining free from debilitating symptoms for years. Commercial adoption has been slow, but that was always expected.
Caskevie is complex, expensive, and requires specialized treatment centers. What matters is trajectory. Patient referrals are increasing. Treatment centers are expanding globally. Regulatory approvals are widening. Over time, awareness and infrastructure improve, and that's when revenue begins to scale.
Financially, Crisper is far stronger than most early stage biotech peers. It entered 2026 with close to $2 billion in cash, giving it runway into its expected profitability window around 2028 without immediate dilution risk. That balance sheet strength is one of the key reasons ARK favors Crisper over competitors that never survived long enough to commercialize their science.
Beyond CASGI, the pipeline provides enormous optionality. Invivo cardiovascular programs, next generation CARTT therapies, and early stage diabetes treatments all target massive addressable markets. None of these are fully priced in today because progress happens in clinical milestones, not headlines.
In Kathy Wood's framework, Crisper represents disinflation in healthcare itself. One-time curative therapies replacing decades of chronic treatment costs. It's volatile. It demands patience, but it's exactly the kind of platform ARK is willing to accumulate while the market looks elsewhere. Put it all together and the pattern becomes clear.
While markets obsess over inflation, stagflation, and short-term volatility, Kathy Wood is positioning for something very different. Disinflation driven by innovation, platforms replacing products. Software, automation, and science compressing costs while expanding margins. Tesla, Roku, and Crisper Therapeutics aren't random picks.
They're expressions of the same thesis. Volatility is not a warning. It's the entry point. Ark doesn't wait for certainty. It buys when fear creates mispricing. And if Kathy Wood is right, as she has been at key turning points before, today's uncertainty may be setting the stage for the next wave of outsized long-term
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