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Kathy Wood, is there a woman on planet Earth that manages more money from an investing capacity than you? Well, there's probably not someone overseeing, yes, nearly $30 billion. Uh, but I know there are teams out there, including women, [clears throat] that manage maybe a lot more than that. What is it that you do?
invest in companies that are going to that are technologically enabled and that that are going to transform the world as we know it. Robotics, energy storage, artificial intelligence, blockchain technology, and multiomic sequencing in the life science space. The last is the most complicated. And how long have you been an investor?
I started when I was 20 years old at a company called Capital Group and I was introduced to the firm by Art Laugher. Now Art Laugher, he's one of the most important economists of our time. He created something called the Laugher Curve. He's advised most presidents since President Nixon and he's advising President Trump as well.
And how is these five big innovation platforms that you speak of, how is that going to have an impact on the average person's life? Like why do they need to know this stuff? How is it going to you know change their decision- making and change their career? Now that the world is moving so quickly into this new world uh and Bitcoin has become uh so successful an investment many people are trying to figure out okay how how do I get involved with the new world
and when I say get on the right side of change we think there's going to be a lot of disruption to the traditional world order when I say that in terms of people understanding What I mean? I think many people think Apple is a very safe investment because huge hoarde of cash, very successful smartphone, you know, number one market share of smartphones in terms of profitability by far.
And yet we can tell you and this was one of what's called the MAG six that led the stock market over the last few years. The top six stocks, the top six stocks, the market was very narrowly focused on this ilk of stock. And we were saying, you know what, Apple is probably going to be disrupted by artificial intelligence.
And one of the reasons we started asking questions very early is what is the ultimate mobile device? Ultimately, it's going to be an autonomous vehicle. Apple should have been all over that and they were trying and we saw one management turnover after another. this is an AI project and what we were learning as they were turning that team over uh time and again is they they weren't getting AI right.
They were not positioning correctly. You're concerned for Apple. I think Apple it has so much cash. It has such a loyal customer base. uh it will be fine but maybe its revenue growth has slowed to almost nothing and so maybe it'll be a mature cash cow that's not what we do we invest in technologically enabled disruptive innovation AI is the biggest dis technological disruption in history
and if they're not going to get it right we're not going to be there so if I want to invest in AI if I agree with you Kathy and I said you know I think I think you're right that AI is the biggest technological wave coming into shore and the biggest opportunity h how should I be investing my money in in in your view how are you investing your money to capitalize on AI
many people used to invest in AI through one stock that was Nvidia that was the check the box I own the GPU the chip manufacturer which is the most important uh chip manufacturer in the AI age and its valuation meaning its price relative to earnings um really got up to very heady levels and we were saying at the time well if Nvidia's valuation is correct there they're there are going to be a lot of other winners who are they uh well our largest position and the flagship strategy ARK is Tesla and as we were trying to help people understand why we were swapping away from Nvidia to stocks like Tesla and Palunteer which is a software provider.
Um we were trying to explain that this new world around AI is going to happen very quickly and uh Tesla is the largest AI project on earth. Uh I posted that on X and Elon liked it so it must be true. But it is true if our research is correct. Uh we believe that um the entire ecosystem associated with autonomous uh taxi networks is going to be worth 8 to10 trillion dollars in terms of revenue generation in the next 5 to 10 years.
And if you want to put that in context, the the entire GDP of the world today is about 130 trillion. So 10 trillion is going to move the needle. Tesla are launching their first cyber taxi, I believe, in Austin in June potentially. Yes, it so the cyber cabs will launch next year, but in Austin in June, those will be Model Y's.
And I'm looking to buy another Model Y because it will in effect be a cyber cab. Okay. And if I chose to, I could have my Model Y drive me to work and then let it out for the day and earn money on it, have it pick me up at the end of the night. And some people will do that. And Tesla will provide the platform for that.
I think a lot of people don't realize just how much of the economy is about driving. Yes. So taxis, deliveries, these kinds of things. It's a hu is it the single I think it's the single biggest employer in the world. Yes. Transportation broadly defined. Yes. And and it's not just on the ground of course uh as we've studied uh autonomous taxis uh moving forward uh we believe the cost of transportation will come down fairly dramatically.
So uh in the US today an Uber costs roughly $2 to4 per mile. Mhm. Um at scale now this may not be for 5 to 10 years but this is the direction that Tesla certainly is headed. Uh we believe that Tesla will be able to offer a service for 25 cents per mile. And because of that, we think there will be much more congestion in the roads.
When you cut the price of something, you get more of it. And that led us into the air. And so, we've been studying EV talls. Um, what's an EV tall? EV tall is an electric vehicle takeoff and landing like a drone type. A drone but for for people. Yeah. So, we own Archer in our portfolio. And of course, AI is a part of this new world as well.
Um, and it's a part of the defense world as well as we are trying to save our soldiers and um, and move out there with autonomous drones. So, autonomous uh, mobility on the ground, in the skies, ultimately on the water. So, so Tesla, so that's one big we we think that's going to be the biggest in the short term in terms of revenue generation.
The biggest application of AI. We think the most profound application of AI is going to be in healthcare. because of AI and this is already beginning to happen. Uh we are able to diagnose cancer with a blood test in stage one. Think about that. If you discover cancer in stage one, you can save most people,
right? And maybe even before stage one. Why? This is the convergence of sequencing technologies. So DNA, RNA, protein sequencing uh technologies and then the third uh technology that is breakthrough and already making a difference is crisper gene editing. The convergence of those three technologies is beginning to cure disease.
So, uh, a company called Crisper Therapeutics, which is one of the largest in our ARKG fund and in the top 10 in our ARK fund, uh, has developed a therapy uh, to cure sickle cell disease with and betalosemia. Both of those are blood related diseases with one treatment. Think about that. Now, the preconditioning for that is gruesome.
It's it's it involves it's almost like chemotherapy which is going to change. Uh but nonetheless there's huge demand for it because you know these people go to the emergency room 10 to 20 times per year for blood transfusions to save their lives. Of course they're going to go through a tough regimen.
They want to live a more normal life. Uh so it's already generating revenue. Both both of those are already generating revenue for Crisper Therapeutics and a company called Vertex. So there's there's well there's three or four different companies you've mentioned here. Tesla, the other one was Archer.
Archer is the EV tall company. Yes. Which is your flying cars basically your drone cars. Yes. And Chris and Tesla. So if I start with Tesla, you were bullish on Tesla. You were making big predictions about Tesla before pretty much anyone else out there. I think in 2015. Mhm. And at the time in 2015, you said that you believed the stock would get above 4,000 roughly,
right? On the old stock. Yeah. On the before the stock split. And you were right by some significant margin. Um I think you predicted it would be 4,000 before the stock stock splits. And I think at its peak that equates to about 18,000 maybe 12,000 at its peak. Yes. Well, in that region, we we we were right about two early years or Tesla was got to where we believed it would go two years before most expected.
You know, in 2018 and 19, many people, as Elon was des discussing and describing production hell for the Model 3, um, many people thought the company would go bankrupt. And, uh, and yet we knew that if Elon Musk could create a reusable rocket that could land on a barge in the water. he would be able to figure out how to produce at scale the Model 3.
That was to us a simple um conclusion. Now, as in hindsight, as we're learning from Tesla, production hell and they themselves were worried. That's why Elon slept on the floor in the production factory and just became maniacally involved, which is how he works uh as uh so yes. And now our prediction the stock is I'm not [snorts] going to be exactly right on this 270 $280 uh dollar.
Uh our prediction in 5 years is 2600 and 90% of that valuation comes not from the electric vehicle but from this robo taxi platform. Uh because the electric car, if you think about it, is you know, a oneshot sale. You know, sell and hope they come back when they're replacing their car. This essentially means that we'll be driving cars that we can click a button and then then it becomes an autonomous taxi.
So I go on holiday, I have my my Tesla car at my house. When I go on holiday, the car turns into a taxi and starts chauffeering people around. It makes me money. but also from the consumer's perspective that are trying to hail a taxi. At any point I can go on my Tesla app, I press a button, a autonomous car comes to me with no one driving it, and it takes me to my destination with no driver at all.
Right. Um, and then the recurring revenue model, I believe, is you subs you subscribe. It probably could it could be a sub you could subscribe to the network or they could uh, you know, maybe it could be either or subscription or allocart. if you don't think you're going to use it that much. So now when I'm here in the UK and Europe, many people do not believe what what you just said and and they don't because your regulators have not allowed FSD here.
I think they might I somewhere in Europe I think they're beginning to consider it. Maybe even in the UK here they have are considering it. Um in St. Petersburg, Florida, where we're based. Um, I can go from my house to anywhere and flawlessly the car will take me there. Now, we still have to sit in the driver's seat for now, but in June, uh, or soon thereafter, when they turn the system on if regulators permit, right now we're state by state.
I think that's going to change so that we'll have federal regulations so that this can happen a lot faster. One other thing about Tesla though in that $2600 uh dollar number. We do not include much for humanoid robots. Now I this and and this is happening faster than we thought. Um, and the reason it's happening faster is humanoid robots.
They are the convergence of the same three technologies or innovation platforms as robo taxis, ro robots, robotics, so actuators and so forth, getting them to work, energy storage, battery operated, and AI. So Tesla is way ahead of the game on humanoid robots. and yet we have very little. Now Elon thinks that the humanoid robot business is going to dwarf the robo taxi business and we think he's right.
uh but longer term. So as I mentioned we expect all in around the world including China not just Tesla but the entire ecosystem an 8 to uh10 trillion market uh in the next 5 to 10 years for humanoid robots. Uh we expect a $26 trillion revenue market. Now that's going to be a little further along. uh robo taxis will happen faster, but
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