Cathie Wood

Just think about that.

one S-curve feeding another S-curve feeding another S-curve.

That's why we're going to see explosive growth.

Another example is in the healthcare space.

While the autonomous mobility space might be the biggest revenue generator in the short term,

We believe that the most profound application of AI is in healthcare.

And that's the convergence of sequencing technologies and artificial intelligence and technologies like CRISPR gene editing.

And I think this is the sleeper.

It's the most inefficiently priced part of the market.

So you can see why it's going to be so important to set up research departments by technology, not by sector or industry.

And on this last page here, here is what we think is going to happen to the equity market in terms of valuations.

So you can see in the turquoise there, that's the Mag 6.

The Mag 6, it used to be called the Mag 7, but they threw Tesla out when it wasn't behaving like the rest of the Mag 6.

So you can see from 2019 to 2024, the Mag 6 tripled.

They tripled in valuation in the market, market cap.

Whereas truly disruptive innovation in the purple at the bottom there went up only 30%.

And that's because investors were playing it safe.

And they were investing only in the largest, most cash-rich stocks in the market.

That was a very difficult time for innovation, for venture capital generally.

And you can see what we expect to happen between, well, really the next five years.