2025五大創(chuàng)想：5個(gè)驅(qū)動(dòng)增長(zhǎng)的偉大驅(qū)動(dòng)力（英文）

FEBRUARY

04

,

2025RESEARCH

REPORTFOR

INFORMATIONAL

PURPOSES

ONLYARK

Investment

Management

LLC.

This

is

not

a

recommendation

in

relation

to

any

named

particular

securities/cryptocurrencies

and

no

warranty

or

guarantee

is

provided.

Any

references

to

particularsecurities/cryptocurrencies

are

for

illustrative

purposes

only.

There

is

no

assurance

that

the

Adviser

will

make

any

investments

with

the

same

or

similar

characteristics

as

any

investment

presented.

Thereader

should

not

assume

that

an

investment

identified

was

orwill

be

profitable.

PAST

PERFORMANCE

IS

NOT

INDICATIVE

OF

FUTURE

PERFORMANCE,

FUTURE

RETURNS

ARE

NOT

GUARANTEED.BIG

IDEAS

2025Risks

Of

Investing

In

InnovationDISRUPTIVEINNOVATIONRAPID

PACE

OF

CHANGEUNCERTAINTY

AND

UNKNOWNSEXPOSURE

ACROSS

SECTORS

AND

MARKET

CAPPlease

note:

Companies

that

ARK

believes

are

capitalizing

on

disruptiveinnovationanddeveloping

technologies

to

displace

oldertechnologies

or

create

new

markets

may

not

in

fact

do

so.

ARK

aims

to

educate

investors

and

seeks

to

size

thepotential

investmentopportunity,

noting

that

risks

and

uncertainties

may

impact

our

projections

and

research

models.

Investors

should

use

the

contentpresented

for

informational

purposes

only,

and

be

aware

of

market

risk,

disruptive

innovation

risk,

regulatory

risk,

and

risks

related

tocertain

innovation

areas.Please

read

risk

disclosure

carefully.RISK

OF

INVESTING

IN

INNOVATIONREGULATORY

HURDLESCOMPETITIVE

LANDSCAPEPOLITICAL

OR

LEGAL

PRESSURESources:

ARK

Investment

Management

LLC,

2023.

Aim

to

understand

the

regulatory,

market,

sector,and

company

risks.

(See

Disclosure

Page)

Aim

for

a

cross-sector

understanding

of

technologyand

combine

top-down

and

bottom-up

research.ARK’S

BigIdeas2025ARK’S

BigIdeas

2025Table

Of

ContentsAI

AgentsBitcoinStablecoinsRobotaxisAutonomousLogisticsRoboticsEnergyReusableRocketsMultiomicsIntroduction

04Convergence

05152941ScalingBlockchains

54688493103114125ARK’S

BigIdeas

2025BIG

IDEAS

20254As

we

stand

on

the

cusp

of

a

new

era

of

unprecedented

growth,ARK

Invest’s

“Big

Ideas

2025”

illuminates

the

complexconvergences

between

and

among

the

five

technologicallyenabled

innovation

platforms

evolving

today:

ArtificialIntelligence,

Robotics,

Energy

Storage,

Public

Blockchains,

andMultiomic

Sequencing.

These

platforms

should

drive

exponentialadvances

across

industries

and

catalyze

a

step

change

in

globaleconomic

growth.Presented

in

this

year’s

report

are

11

Big

Ideas

illustrating

themassive

transformations

occurring

today.

Our

research

suggeststhat

these

Big

Ideas

are

poised

to

boost

productivity

dramatically,to

revolutionize

industries,

and

to

create

long-term

investmentopportunities.Join

our

journey

into

the

future

of

innovation

and

its

profoundimplicationsfor

investors,

businesses,

and

society

at

large.Welcome

to

ARK’s

Big

Ideas

2025.Unlocking

ExponentialGrowth

ThroughDisruptive

InnovationThe

SecondHalf

Of

TheChessboardConvergence

AmongTechnology

Platforms

LeadingTo

Significant

Acceleration

InMacroeconomic

GrowthBrett

WintonCHIEF

FUTURISTARK’S

BigIdeas

20255Five

Innovation

Platforms

Are

Catalyzing

Accelerated

GrowthPublic

BlockchainsUpon

large-scale

adoption,

all

money

and

contractswill

likely

migrate

onto

Public

Blockchains

thatenable

and

verify

digital

scarcity

and

proof

ofownership.

The

financial

ecosystem

is

likely

toreconfigure

to

accommodatethe

rise

ofCryptocurrencies

and

Smart

Contracts.

Thesetechnologies

increase

transparency,

reduce

theinfluence

of

capital

and

regulatory

controls,

andcollapsethecosts

ofcontract

execution.

In

such

aworld,

Digital

Wallets

will

become

increasinglynecessary

as

more

assets

become

money-like

andcorporations

and

consumers

adapt

to

thenewfinancial

infrastructure.

Corporate

structures

maybe

called

into

question.MultiomicsThe

cost

to

gather,

sequence,

and

understanddigital

biological

data

is

falling

precipitously.Multiomic

Technologies

provide

research

scientists,therapeutic

organizations,

and

health

platformswith

unprecedented

access

to

DNA,

RNA,protein,and

digital

health

data.

Cancer

care

should

transform

with

pan-cancer

blood

tests.

Fedby

richmultiomic

data

and

powered

by

ProgrammableBiology,

AI

systems

running

autonomous

labs

could

collapse

the

cost

of

drug

discovery,development,

and

trial,

transforming

returnsin

asector

that

has

stagnated.

Biological

discoveriesshould

power

novel

Precision

Therapies

that

targetand

cure

rare

diseases

and

chronic

conditions,unlocking

profound

economics.

Over

time,

thedesign

and

synthesis

of

novel

biological

constructswill

yield

advances

in

agriculture,

material

science,and

even

computation.AIComputational

systems

and

software

that

evolve

withdata

can

solve

intractable

problems,

automate

knowledgework,

and

accelerate

technology’s

integration

into

everyeconomic

sector.

The

adoption

of

Neural

Networks

shouldprove

more

momentous

than

electrification

and

potentially

create

tens

of

trillion

dollars

of

value.

At

scale,these

systems

willrequire

unprecedented

computationalresources,

and

AI-specific

compute

hardware

shoulddominate

the

Next

Gen

Cloud

datacenters

that

train

andoperate

AI

models.

The

potential

for

end-users

is

clear:

aconstellationof

AI-driven

Intelligent

Devices

that

permeate

people's

lives,

changing

the

way

that

they

spend,work,and

play.

The

adoption

of

artificial

intelligence

should

transform

every

sector,

impact

every

business,

andcatalyze

every

innovation

platform.RoboticsCatalyzed

by

artificial

intelligence,

Humanoid

Robots

should

operate

alongsidehumans

and

navigate

legacy

infrastructure,

changing

the

way

products

are

made

and

sold,

and

eventually

the

way

we

live

our

lives

at

home.

3D

Printingshould

contribute

to

the

digitization

of

manufacturing,

increasing

not

only

theperformance

and

precisionof

end-use

parts,

but

also

the

resilience

of

supplychains.

Meanwhile,

the

world’s

fastest

robots,

Reusable

Rockets,

should

continue

to

reduce

the

cost

of

launching

satellite

constellations

and

enableuninterruptible

connectivity

and

earth

observation.

A

nascent

innovationplatform,

robotics

could

collapse

the

cost

of

transporting

across

distance,

withhypersonic

travel,

the

cost

of

manufacturing

complexity

with

3D

printers,

andthe

cost

of

physical

work

with

AI-guided

robots.Energy

StorageThe

declining

costs

of

Advanced

Battery

Technology

should

cause

anexplosion

in

form

factors,

enabling

Autonomous

Mobility

systems

thatcollapse

the

cost

of

transportation.

Electric

drivetrain

cost

declines

should

unlock

micro-mobility

and

aerial

systems,

including

flying

taxis,enabling

business

models

that

transform

cities.Autonomy

should

reducethe

cost

of

taxi,

delivery,

and

surveillance

by

an

order

of

magnitude,enabling

frictionless

transport

that

will

increase

the

velocity

of

e-commerce

and

make

individual

car

ownership

the

exception

rather

thanthe

rule.

These

innovations

combined

with

large-scale

stationary

batteriesand

Distributed

Energy

Generation,

notably

solar

and

small-scale

fission,should

cause

a

transformation

in

energy,

substituting

electricity

for

liquidfuel

and

increasing

system-wide

resilience,

reliability,

and

production.Source:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

notbe

considered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.ARK’S

Big

Ideas

2025:

Convergence6Row2XWheatGrainsValueYear

Computers

Crossed

TheSame

Compounding

Threshold81282

teaspoons

ofwheat19751665

thousand9loaves

ofbread19832417

million4

year’ssustenance1998324

billion7

pounds

ofgold2008401

trillion1

ton

ofgold201848300

trillion20%

of

IndiaGDP

in

600

AD20235670quadrillion50x

GlobalGDP

in

600

AD2027e6418quintillion9x

GlobalGDP

in

20242030eBy

lore,

whenhe

agreed

to

thereward,

the

Indian

ruler

thought

itquite

reasonable.

By

the

6th

row

ofthe

chessboard,

however,he

hadexhausted

India’s

treasury,

havingpaid

just

~.001%

of

the

bill.Today,

computational

advance

hascompleted

the

equivalent

of

the

6throwonthe

chessboard.

Entering

theAI

cycle

in

2018,

computers

hadcrossed

40

performance

doublingsand

in

2023

surpassed

48.

By

the

endof

this

decade,

thanks

to

theacceleration

in

AI,

computationcould

reach

the

end

of

thechessboard.InCompounding,The

Real

Action

Takes

PlaceOn

The

Second

Half

Of

The

ChessboardI

don’t

require

much,your

highness,

just

agrain

of

wheat

on

thefirst

square

of

theboard,

doublingconsecutively

on

eachsquare

thereafter.Legendarily

requesting

his

rewardforinventing

chess,

the

6th

centuryadvisor

to

the

Indian

ruler:Note:

“GDP”:

Gross

Domestic

Product,

aggregate

global

production

for

the

global

datapoints.

Source:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources,

Kurzweil

2006

as

ofDecember

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

be

considered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

isnot

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.ARK’S

Big

Ideas

2025:

Convergence719758

performanceingsdoubl198316

performancedoublings1998ance24

performdoublings2008Halfway

throughthe

chessboardGoogle

announcesthe

TPU202348performancedoublings202756

performancedoublings2030End

of

thechessboard201840

performancedoublings202848

performancedoublings1E+181E+161E+141E+121E+101E+081E+061E+041E+021E+00Compute

Capability

(Per

2024

$)Cumulative

Compute

Purchased(Unit

Of

xAI

Colossus-Sized

Datacenters)1E-02

100Billionth1Billionth100Millionth1Millionth10Thousandth1Hundredth110010,0001,000,000AI

Is

Accelerating

The

PerformanceDoubling

Rate,

ClosingIn

On

TheEndOf

The

ChessboardEnabled

primarily

by

architectural

improvements

in

AI

systems,performance

per

dollar

of

AI

compute

is

expected

to

improve

>1000xby

2030.

At

that

time,

we

expect

that

compute

performance

will

havedoubled

64

times

since

the

advent

of

the

integrated

circuit.Improvements

inAI

ArchitectureDriving

ComputePerformanceComputeHardwareDrivingPerformanceImprovementsIntegrated

Circuit

Performance

Improvement

CurveEach

Circle

Represents

1

Performance

DoublingHollow

Circles

Are

ForecastsARK’S

Big

Ideas

2025:

Convergence8Note:

The

“Compute

Capability

per

$2024

Dollar”

displayed

on

the

Y

axis

above

is

a

single

metric

that

measures

1000s

of

computations

per

second

purchasable

for

$1.

For

AI

compute

performance,

computational

impact

is

adjustedupwards

by

the

rate

of

AI

architectural

performance

per

dollar

improvements

according

to

ARK’s

research.

It's

a

very

large

number,

so

we

use

scientific

notation,

e.g.,

"1E+21,"

meaning

1

followed

by

21

zeros.

Source:

ARK

InvestmentManagement

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources,

including

Kurzweil

2005

and

Jurvetson

2024

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

andshould

not

be

considered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.2023202405010015020001500#

Of

Hypotheses

Tested

Per

FTE

Researcher500

1000H100

Equivalents

ComputeIn

Recursion’s

DatacenterRecursion

Drug

Development

Efficiency2504/18/2411/4/245/23/25Log

Error

Rate

ScaleSWE-Bench

VerifiedBest

In

Class

AI

Software

Engineering72%54%AI

AdvancesShould

Unlock

Massive

Market

OpportunitiesAs

AI

continues

to

accelerate,

robotaxis

should

proliferate,

drug

development

timelines

and

costs

should

collapse,

and

AIagents

should

solve

software

engineering

challenges

autonomously,

monitoring

and

modifying

systems

aroundtheclock.4%10/1/2322%38%45%FSD

11.512/31/23FSD

13.62H25*1101000FSD

12.510/24/24100100001000001000000-200,000Miles

Per

Intervention100,000H100

Equivalent

ComputeIn

Tesla’s

DatacenterTesla

FSD

PerformanceFSD

13.41Q25*Waymo

intervention

ratepost

commercializationHuman

driver

accident

rateARK’S

Big

Ideas

2025:

Convergence9*Estimates.

Note:

“FSD”:

Full

Self-Driving.

SWE-bench

is

a

dataset

that

tests

systems'

ability

to

solve

GitHub

issues

automatically.

The

dataset

collects

2,294

Issue-Pull

Request

pairs

from

12

popular

Python

repositories.Evaluation

is

performed

by

unit

test

verification

using

post-PR

behavior

as

the

reference

solution.

See

Jiminez

et

al.

2024.

Source:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

externaldata

sources,

including

Tesla,

Recursion,

and

SWE,

and

OpenAI

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

be

considered

investmentadvice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.Convergence

Is

AcceleratingThe

Technology

RevolutionARK

measures

the

degree

towhich

technologies

serve

as

catalysts

between

andamong

innovation

platforms.

The

convergences

among

them

are

increasing,

withnetwork

density

up30%

in

the

past

year.AI

is

proving

more

critical

to

unlocking

thevalue

of

Precision

Therapies

and

MultiomicTechnologies.

Smart

Contract

ecosystems

areserving

as

test

beds

inwhich

autonomous

AIagents

can

be

renumerated

for

sharpeningtheir

capabilities.

Next

Gen

Cloud

energydemand

is

pulling

forward

timelines

forDistributed

Energy

Generation.CatalyzedIncrease

InMarketOpportunityOrder

OfMagnitude+MultiplesVery

MeaningfulMeaningfulPotentialARK’S

Big

Ideas

2025:

Convergence10Note:

“Network

density”

measures

the

degree

of

interconnectedness

between

nodes

relative

to

the

maximum

potential

interconnectedness.

In

our

research,

if

every

technology

were

expected

to

catalyzeanother

technology

to

increase

in

value

by

an

order

of

magnitude

or

more,

that

would

equate

to

a

fully

interconnected

network.

Source:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

arange

of

external

data

sources

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

be

considered

investment

advice

or

a

recommendation

to

buy,sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.The

Acceleration

In

Neural

Networks

IsAccelerating

Every

Other

Disruptive

TechnologyCryptocurrenciesSmart

ContractsDigital

WalletsPrecision

TherapiesMultiomic

TechnologyProgrammable

BiologyNeural

NetworksNext

Gen

CloudIntelligent

DevicesAutonomous

MobilityAdvanced

Battery

TechnologyDistributed

Energy

GenerationReuseable

RocketsHumanoid

Robotics3DPrintingCrypto-

currenciesSmart

ContractsDigital

WalletsPrecision

TherapiesMultiomic

TechnologyProgrammable

BiologyNeural

NetworksNext

Gen

CloudIntelligent

DevicesAutonomous

MobilityAdvanced

Battery

TechnologyDistributed

Energy

GenerationRenewable

RocketsHumanoid

Robotics3DPrintingTechnologyCatalyzing

TechnologySource:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

beconsidered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.ARK’S

Big

Ideas

2025:

Convergence11Advances

In

AI,

Energy

Storage,

And

Public

Blockchains

Are

CriticalTo

The

Pace

Of

Technological

AdvanceTechnology

Importance

As

A

CatalystAdvancesanothertechnologyby

1

order

ofmagnitudeNeuralNetworksIntelligentDevicesNext

GenCloudAdvanced

BatteryTechnologyDigital

WalletsReusable

RocketsCryptocurrenciesSmart

ContractsAutonomousMobilityDistributed

EnergyGenerationMultiomicTechnologiesPrecision

TherapiesProgrammableBiology3D

HumanoidPrinting

RobotsAmong

disruptive

technologies,

Neural

Networksare

the

most

important

catalyst.According

toourresearch,

advances

in

neuralnetworks

will

increase

the

value

of

six

of

the

other14

technologies

by

at

least

an

order

of

magnitude,creating

massive

market

expansionsfor

Next

GenCloud,

Intelligent

Devices,

Autonomous

Mobility,Humanoid

Robots,

Precision

Medicine,

andMultiomic

Technology.TheAI-led

revolution

in

technology

islikely

tolead

to

dramatic

productivity

gains

and

astep-function

increase

in

economic

growth.TechnologyPlatformAIEnergyStorageMultiomicsRoboticsPublicBlockchainsSCALESource:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

beconsidered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.ARK’S

Big

Ideas

2025:

Convergence12Technology

Inflection

Should

Lead

To

GDP

InflectionStructural

changes

in

the

underlying

rate

of

macroeconomicgrowthare

the

historicalrule,not

the

exception.After

100,000

years

of

economic

stagnation

leading

to

year

1,innovations,

notably

writing,

allowed

empires

to

stitchtogether

continents,

whichquadrupled

real

growth

through1000

AD.Agricultural

innovations

enabled

denser

populations

andlabor

specialization,

leading

to

a

doubling

of

growth

through1500

to

0.3%

per

annum.During

the

400

years

through

1900,

annual

GDP

growthdoubled

againto0.6%

as

the

Enlightenmentand

IndustrialRevolution

swept

the

globe.The

Second

Industrial

Revolution—marked

by

electrification,the

automobile,

and

telephony—ushered

in

the

modern

ageand

quintupled

growth

to

3%

on

average

over

the

last

125years.Technological

breakthroughs

in

AI,

Autonomous

Mobility,and

Humanoid

Robots

are

likely

to

turbocharge

productivityagain,

causing

another

step

function

in

growth

over

the

next5

to

10

years.0.0%0.1%1.0%10.0%100.0%Compounded

Annual

Growth(Log

Scale)Global

Real

GDP

GrowthLog

Years

Until

2050100,000

BC110001500190020243%0.6%0.3%0.14%.037%IMF

Forecast3.1%2030ARK

Forecast7.3%ARK’S

Big

Ideas

2025:

Convergence13Note:

“Real

GDP”:

Aggregate

Global

Production

adjusted

for

changes

in

price

levels.

Source:

ARK

Investment

Management

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources

including

DeLong

1998

and

OpenPhilanthropy

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

be

considered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Pastperformance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.-50250300$

Trillions(Nominal)Innovation

Should

Drive

A

Momentous

Business

CycleDisruptive

Innovation

CouldGrow

To

Dominate

Markets201420192030e2024Disruptive

innovation

couldcommand

more

than

two-thirdsof

the

global

equity

market,compounding

at

a

38%

ratethrough

2030.Within

innovation,

market

valuecould

broaden

out

beyond

theso-called

Mag

6.Non-innovationbusinesses

couldbegin

to

shrink

as

technologicaldeflation

associated

withinnovation

threatens

margins

andcompetitiveness,

even

amid

rapidmacroeconomic

growth.GDPNon-disruptiveMag

6**OtherDisruptiveInnovation*451.74.7739238%CAGRARK’S

Big

Ideas

2025:

Convergence6559103161289-2%CAGR2202006024%150

CAGR12710014050%

CAGR

14Note:

“CAGR”:

Compounded

Annual

Growth

Rate.

*We

include

cryptocurrencies

and

crypto

assets

in

disruptive

innovation

capitalization.

**Microsoft,

Nvidia,

Meta,

Apple,

Amazon,

and

Alphabet.

Source:

ARK

InvestmentManagement

LLC,

2025.

This

ARK

analysis

draws

on

a

range

of

external

data

sources

as

of

December

31,

2024,

which

may

be

provided

upon

request.

For

informational

purposes

only

and

should

not

be

consideredinvestment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.

Past

performance

is

not

indicative

of

future

results.

Forecasts

are

inherently

limited

and

cannot

be

relied

upon.Global

MarketCapitalizationRedefining

ConsumerInteractions

AndBusiness

WorkflowsARK’s

Big

Ideas

2025AI

AgentsFrank

DowningDIRECTOR

OF

RESEARCH,NEXT

GENERATION

INTERNETNicholas

GrousASSOCIATE

PORTFOLIOMANAGERVarshika

PrasannaRESEARCH

ASSOCIATE,NEXT

GENERATION

INTERNETJozef

SojaRESEARCH

ANALYST,NEXT

GENERATION

INTERNET15AI

Agents:Understand

intent

throughnatural

languagePlan

using

reasoning

andappropriate

contextTake

action

using

tools

toaccomplish

the

intentImprove

through

iterationand

continuous

learningWhat

Are

AI

Agents?Platform-LevelAgentsSiloed,Single-PurposeAgentsUsefulnessUniversal

AgentsAI

agents

are

poised

to

accelerate

theadoption

of

digital

applications

and

create

anepochal

shift

in

human-computer

interaction.ARK’s

Big

Ideas

2025:AI

AgentsSmarter

modelsusingmore

tools

toaccomplish

higher-value

tasksLevel

Of

IntelligenceSource:

ARK

Investment

Management

LLC,

2025.

For

informational

purposes

only

and

should

not

be

considered

investment

advice

or

a

recommendation

to

buy,

sell,

or

hold

any

particular

security.16109876543210Revenue

($B)AI

Monetiza