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Bloomberg audio studios podcasts radio news one of the biggest bulls on this stock for quite a while on the street Arinvest CEO Kathy Wood Kathy thanks for making time for us this morning let's just talk about what Dan IV said to us yesterday that he believes Elon Musk is crossing a line and that the board needs to step in do you share that view well I have to tell you we've been dealing with uh controversy around Elon Musk in one form or other since we first bought the stock when the company was founded in 2014 and we own Tesla in it's one of the top holdings in three of our uh ETFs.
So ARK, W and and Q. So we are watching this like a hawk. No question about it. But with the experience over the last 11 years, um we turn around today and see uh Tesla really not an EV manufacturer anymore moving into the robo taxi age. We believe successfully and we believe it will scale much better than most of its competitors.
We see uh SpaceX really owning 90% of all of the satellites out there. Neuralink transforming uh your lives of paralyzed people, people with ALS and probably most surprising of all XAI. Now we own all of those again in our venture fund following them very carefully. uh XAI is uh on some benchmarks. It hit a point that 03 Pro hit in June.
It hit it in February. So you know we are very focused on barriers to entry technology moes uh and we believe that the moes that uh Elon has built and obviously this is not just Elon he's attracting the best and the brightest to help uh solve some of the world's biggest problems. So again, uh we do uh uh trust the board and the board's instincts here uh and uh and and we stay out of politics.
Well, we'd love your opinion on the current situation. Just on Tesla specifically, you mentioned some phenomenal companies doing some incredible things. For Tesla though, do you believe that Elon can pursue his political ambitions at the same time pursuing the best interest of Tesla shareholders? Uh, one of the announcements Elon made recently is that he is going to oversee sales in the US and in Europe.
And, uh, when he puts his mind on something, he usually gets the job done. So, uh, I I think he's much less distracted now than he was, let's say, in the White House 247. At what point do you see sort of the political landscape shifting though, not just for Tesla, but for the halves and the have nots in some of the big tech space?
I know you've had a complicated relationship, say, with Apple, which seems uniquely pegged by some of these tariffs. Is there anything that you could see that would make you like that stock again or do you think that really it is going to fall out of Magnificent 7? Yes, we've been watching Apple for a long time with an AI lens.
uh and that started I'm going to say about 7 years ago when it was becoming serious about autonomous vehicles. If you think about the ultimate mobile device, it's an autonomous vehicle and that should have been uh Apple's to win. Uh and what we've seen there is turn one turnover of management teams after another and it's all you know autonomous driving is an AI project.
It's the largest AI project on earth. uh we believe and so losing the talent that it has and as I understand uh it lost another one today to Mark Zuck Zuckerberg's top 50. So um they've had a lot of trouble in this regard and um I think the burden of proof is on them. Do you think that it is time to follow the talent that this is going to work the gamble that you're seeing over at Meta and that that's the path of travel for the other big tech companies that are going to just eat some of the companies from the inside out?
take the talent not necessarily by the company. You know, it's a very good question. We're trying to figure out if what Mark Zuckerberg is doing today is much like he did when he was pivoting hard to the metaverse uh which proved uh because he thought that was the next big thing. Um and and that was incorrect.
Uh AI is the next big thing. No question about it. uh and and you do have to have the right DNA and you have to move fast and break things as he would say. Uh so you know it'll be interesting to see if he if he's able to uh turn his open-source strategy and and we've admired that quite a bit in terms of generative AI um into a leader again or uh as we were observing it uh Apple's Llama 3 at the time was improving at a faster rate uh than some of OpenAI's models uh and that was true of open source generally and then that has stopped stopped.
So, yes, he had to do something. Uh, is this the right thing? Why did that stop? I don't know. Kathy, next time you're with us, we'll have a longer conversation. Two leaders, incredible men doing incredible things. Arinvest CEO Kathy
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