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

BIGIDEAS2025

securities/cryptocurrenciesareforillustrativepurposesonly.ThereisnoassurancethattheAdviserwillmakeanyinvestmentswiththesameorsimilarcharacteristicsasanyinvestmentpresented.The

readershouldnotassumethataninvestmentidentifiedwasorwillbeprofitable.PASTPERFORMANCEISNOTINDICATIVEOFFUTUREPERFORMANCE,FUTURERETURNSARENOTGUARANTEED.

ARKInvestmentManagementLLC.Thisisnotarecommendationinrelationtoanynamedparticularsecurities/cryptocurrenciesandnowarrantyorguaranteeisprovided.Anyreferencestoparticular

FEBRUARY04,2025RESEARCHREPORTFORINFORMATIONALPURPOSESONLYWWW.ARK-INVEST.COM

ARK’SBigIdeas2025

RisksOfInvestingInInnovation

Pleasenote:CompaniesthatARKbelievesarecapitalizingondisruptiveinnovationanddevelopingtechnologiestodisplaceolder

technologiesorcreatenewmarketsmaynotinfactdoso.ARKaimstoeducateinvestorsandseekstosizethepotentialinvestment

opportunity,notingthatrisksanduncertaintiesmayimpactourprojectionsandresearchmodels.Investorsshouldusethecontent

presentedforinformationalpurposesonly,andbeawareofmarketrisk,disruptiveinnovationrisk,regulatoryrisk,andrisksrelatedtocertaininnovationareas.

Pleasereadriskdisclosurecarefully.

RISKOFINVESTINGININNOVATION

RAPIDPACEOFCHANGE

EXPOSUREACROSSSECTORSANDMARKETCAP

UNCERTAINTYANDUNKNOWNS

DISRUPTIVEINNOVATION

REGULATORYHURDLES

POLITICALORLEGALPRESSURE

COMPETITIVELANDSCAPE

Aimtounderstandtheregulatory,market,sector,andcompanyrisks.(SeeDisclosurePage)

Aimforacross-sectorunderstandingoftechnologyandcombinetop-downandbottom-upresearch.

Sources:ARKInvestmentManagementLLC,2023.

ARK’SBigIdeas2025

TableOfContents

Introduction

Robotaxis

04

68

Convergence

AutonomousLogistics

05

84

AIAgents

Energy

15

93

Bitcoin

Robotics

29

103

Stablecoins

ReusableRockets

41

114

Scaling

Blockchains

Multiomics

54

125

ARK’SBigIdeas2025

BIGIDEAS2025

UnlockingExponentialGrowthThrough

DisruptiveInnovation

Aswestandonthecuspofaneweraofunprecedentedgrowth,ARKInvest’s“BigIdeas2025”illuminatesthecomplex

convergencesbetweenandamongthefivetechnologically

enabledinnovationplatformsevolvingtoday:Artificial

Intelligence,Robotics,EnergyStorage,PublicBlockchains,and

MultiomicSequencing.Theseplatformsshoulddriveexponentialadvancesacrossindustriesandcatalyzeastepchangeinglobal

economicgrowth.

Presentedinthisyear’sreportare11BigIdeasillustratingthe

massivetransformationsoccurringtoday.Ourresearchsuggests

thattheseBigIdeasarepoisedtoboostproductivitydramatically,torevolutionizeindustries,andtocreatelong-terminvestment

opportunities.

Joinourjourneyintothefutureofinnovationanditsprofoundimplicationsforinvestors,businesses,andsocietyatlarge.

WelcometoARK’sBigIdeas2025.

4

ARK’SBigIdeas2025

TheSecondHalfOfTheChessboard

ConvergenceAmong

TechnologyPlatformsLeadingToSignificantAccelerationIn

MacroeconomicGrowth

BrettWinton

CHIEFFUTURIST

5

ARK’SBigIdeas2025:Convergence

FiveInnovationPlatformsAreCatalyzingAcceleratedGrowth

PublicBlockchains

Uponlarge-scaleadoption,allmoneyandcontractswilllikelymigrateontoPublicBlockchainsthat

enableandverifydigitalscarcityandproofof

ownership.Thefinancialecosystemislikelyto

reconfiguretoaccommodatetheriseof

CryptocurrenciesandSmartContracts.These

technologiesincreasetransparency,reducethe

influenceofcapitalandregulatorycontrols,andcollapsethecostsofcontractexecution.Insuchaworld,DigitalWalletswillbecomeincreasingly

necessaryasmoreassetsbecomemoney-likeandcorporationsandconsumersadapttothenew

financialinfrastructure.Corporatestructuresmay

becalledintoquestion.

AI

Computationalsystemsandsoftwarethatevolvewith

datacansolveintractableproblems,automateknowledgework,andacceleratetechnology’sintegrationintoeveryeconomicsector.TheadoptionofNeuralNetworksshould

provemoremomentousthanelectrificationand

potentiallycreatetensoftrilliondollarsofvalue.Atscale,thesesystemswillrequireunprecedentedcomputationalresources,andAI-specificcomputehardwareshould

dominatetheNextGenClouddatacentersthattrainandoperateAImodels.Thepotentialforend-usersisclear:aconstellationofAI-drivenIntelligentDevicesthat

permeatepeople'slives,changingthewaythattheyspend,

work,andplay.Theadoptionofartificialintelligence

shouldtransformeverysector,impacteverybusiness,andcatalyzeeveryinnovationplatform.

Multiomics

Thecosttogather,sequence,andunderstanddigitalbiologicaldataisfallingprecipitously.

MultiomicTechnologiesprovideresearchscientists,therapeuticorganizations,andhealthplatforms

withunprecedentedaccesstoDNA,RNA,protein,anddigitalhealthdata.Cancercareshould

transformwithpan-cancerbloodtests.FedbyrichmultiomicdataandpoweredbyProgrammable

Biology,AIsystemsrunningautonomouslabscouldcollapsethecostofdrugdiscovery,

development,andtrial,transformingreturnsina

sectorthathasstagnated.Biologicaldiscoveries

shouldpowernovelPrecisionTherapiesthattargetandcurerarediseasesandchronicconditions,

unlockingprofoundeconomics.Overtime,the

designandsynthesisofnovelbiologicalconstructs

EnergyStorage

ThedecliningcostsofAdvancedBatteryTechnologyshouldcauseanexplosioninformfactors,enablingAutonomousMobilitysystemsthatcollapsethecostoftransportation.Electricdrivetraincostdeclines

shouldunlockmicro-mobilityandaerialsystems,includingflyingtaxis,

enablingbusinessmodelsthattransformcities.Autonomyshouldreducethecostoftaxi,delivery,andsurveillancebyanorderofmagnitude,

enablingfrictionlesstransportthatwillincreasethevelocityofe-

commerceandmakeindividualcarownershiptheexceptionratherthantherule.Theseinnovationscombinedwithlarge-scalestationarybatteriesandDistributedEnergyGeneration,notablysolarandsmall-scalefission,shouldcauseatransformationinenergy,substitutingelectricityforliquidfuelandincreasingsystem-wideresilience,reliability,andproduction.

willyieldadvancesinagriculture,materialscience,andevencomputation.

Robotics

Catalyzedbyartificialintelligence,HumanoidRobotsshouldoperatealongsidehumansandnavigatelegacyinfrastructure,changingthewayproductsare

madeandsold,andeventuallythewayweliveourlivesathome.3DPrintingshouldcontributetothedigitizationofmanufacturing,increasingnotonlytheperformanceandprecisionofend-useparts,butalsotheresilienceofsupplychains.Meanwhile,theworld’sfastestrobots,ReusableRockets,should

continuetoreducethecostoflaunchingsatelliteconstellationsandenable

uninterruptibleconnectivityandearthobservation.Anascentinnovation

platform,roboticscouldcollapsethecostoftransportingacrossdistance,withhypersonictravel,thecostofmanufacturingcomplexitywith3Dprinters,andthecostofphysicalworkwithAI-guidedrobots.

6

Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasourcesasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’SBigIdeas2025:Convergence

InCompounding,TheRealActionTakesPlace

OnTheSecondHalfOfTheChessboard

Legendarilyrequestinghisrewardforinventingchess,the6thcenturyadvisortotheIndianruler:

Idon’trequiremuch,yourhighness,justagrainofwheatonthefirstsquareofthe

board,doubling

consecutivelyoneachsquarethereafter.

Row

2X

WheatGrains

Value

YearComputersCrossedTheSameCompoundingThreshold

8

128

2teaspoonsofwheat

1975

1665thousand

9loavesofbread

1983

2417million

4year’ssustenance

1998

324billion

7poundsofgold

2008

401trillion

1tonofgold

2018

48

300trillion

20%ofIndiaGDPin600AD

2023

56

70

quadrillion

50xGlobal

GDPin600AD

2027e

64

18

quintillion

9xGlobalGDPin2024

2030e

Bylore,whenheagreedtothe

reward,theIndianrulerthoughtitquitereasonable.Bythe6throwofthechessboard,however,hehad

exhaustedIndia’streasury,havingpaidjust~.001%ofthebill.

Today,computationaladvancehas

completedtheequivalentofthe6throwonthechessboard.EnteringtheAIcyclein2018,computershad

crossed40performancedoublingsandin2023surpassed48.Bytheendofthisdecade,thankstothe

accelerationinAI,computationcouldreachtheendofthe

chessboard.

Note:“GDP”:GrossDomesticProduct,aggregateglobalproductionfortheglobaldatapoints.Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasources,Kurzweil2006asof

December31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceis

notindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.7

ARK’SBigIdeas2025:Convergence

AIIsAcceleratingThePerformanceDoublingRate,ClosingInOnTheEndOfTheChessboard

EnabledprimarilybyarchitecturalimprovementsinAIsystems,

performanceperdollarofAIcomputeisexpectedtoimprove>1000xby2030.Atthattime,weexpectthatcomputeperformancewillhavedoubled64timessincetheadventoftheintegratedcircuit.

ComputeCapability(Per2024$)

IntegratedCircuitPerformanceImprovementCurve

1E+181E+161E+141E+121E+101E+081E+061E+041E+021E+001E-02

EachCircleRepresents1PerformanceDoubling

HollowCirclesAreForecasts2030

Endofthe

chessb

2027

oard

56pd

erformanceoublings

4

2023

8performance

Halfway

20

through

08

doublings

2028

theche

ssboard

4

8performancedoublings

1998

24performa

nce

2018

40performance

16p

1983

erformance

doublings

doublings

1975

8perfor

d

mance

oublings

GoogleanntheTP

ouncesU

doub

lings

ImprovementsinAIArchitecture

DrivingComputePerformance

ComputeHardware

Driving

Performance

Improvements

10011001101110010,0001,000,000

BillionthBillionthMillionthMillionthThousandthHundredth

CumulativeComputePurchased

(UnitOfxAIColossus-SizedDatacenters)

Note:The“ComputeCapabilityper$2024Dollar”displayedontheYaxisaboveisasinglemetricthatmeasures1000sofcomputationspersecondpurchasablefor$1.ForAIcomputeperformance,computationalimpactisadjustedupwardsbytherateofAIarchitecturalperformanceperdollarimprovementsaccordingtoARK’sresearch.It'saverylargenumber,soweusescientificnotation,e.g.,"1E+21,"meaning1followedby21zeros.Source:ARKInvestment

8

ManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasources,includingKurzweil2005andJurvetson2024asofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’SBigIdeas2025:Convergence

AIAdvancesShouldUnlockMassiveMarketOpportunities

BestInClassAISoftwareEngineering

LogErrorRateScale

SWE-BenchVerified

72%

54%

45%

38%

22%

4%

10/1/234/18/2411/4/245/23/25

RecursionDrugDevelopmentEfficiency

#OfHypothesesTestedPerFTEResearcher

250

200

150

100

50

0

2024

2023

050010001500

H100EquivalentsComputeInRecursion’sDatacenter

AsAIcontinuestoaccelerate,robotaxisshouldproliferate,drugdevelopmenttimelinesandcostsshouldcollapse,andAIagentsshouldsolvesoftwareengineeringchallengesautonomously,monitoringandmodifyingsystemsaroundtheclock.

1000000

.6

TeslaFSDPerformance

Humandriveracc

identrateFSD13

2H25*

FSD13.4o1Q25*

Waymointerventipostcommerciali

onratezation

FSD12.510/24/24

FSD11.5

12/31/23

MilesPerIntervention

100000

10000

1000

100

10

1

-

100,000

200,000

H100EquivalentComputeInTesla’sDatacenter

*Estimates.Note:“FSD”:FullSelf-Driving.SWE-benchisadatasetthattestssystems'abilitytosolveGitHubissuesautomatically.Thedatasetcollects2,294Issue-PullRequestpairsfrom12popularPythonrepositories.Evaluationisperformedbyunittestverificationusingpost-PRbehaviorasthereferencesolution.SeeJiminezetal.2024.Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasources,includingTesla,Recursion,andSWE,andOpenAIasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestment

9

adviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’SBigIdeas2025:Convergence

ConvergenceIsAcceleratingTheTechnologyRevolution

ARKmeasuresthedegreetowhich

technologiesserveascatalystsbetweenandamonginnovationplatforms.The

convergencesamongthemareincreasing,withnetworkdensityup30%inthepastyear.

AIisprovingmorecriticaltounlockingthe

valueofPrecisionTherapiesandMultiomic

CatalyzedIncreaseInMarket

Opportunity

Technologies.SmartContractecosystemsareservingastestbedsinwhichautonomousAIagentscanberenumeratedforsharpening

OrderOf

Magnitude+

Multiples

theircapabilities.NextGenCloudenergydemandispullingforwardtimelinesforDistributedEnergyGeneration.

VeryMeaningful

Meaningful

Potential

Note:“Networkdensity”measuresthedegreeofinterconnectednessbetweennodesrelativetothemaximumpotentialinterconnectedness.Inourresearch,ifeverytechnologywereexpectedtocatalyze

anothertechnologytoincreaseinvaluebyanorderofmagnitudeormore,thatwouldequatetoafullyinterconnectednetwork.Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsona

10

rangeofexternaldatasourcesasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’SBigIdeas2025:Convergence

TheAccelerationInNeuralNetworksIs

AcceleratingEveryOtherDisruptiveTechnology

Cryptocurrencies

Smart

Contracts

DigitalWallets

PrecisionTherapies

MultiomicTechnology

ProgrammableBiology

Technology

NeuralNetworks

NextGenCloud

IntelligentDevices

AutonomousMobility

AdvancedBatteryTechnology

DistributedEnergyGeneration

ReuseableRockets

HumanoidRobotics

MultiomicTechnology

PrecisionTherapies

3D

Printing

3D

Printing

ProgrammableBiology

Crypto-currencies

Smart

Contracts

DigitalWallets

NeuralNetworks

NextGenCloud

IntelligentDevices

AutonomousMobility

Advanced

Battery

Technology

Distributed

Energy

Generation

RenewableRockets

HumanoidRobotics

CatalyzingTechnology

Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasourcesasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbe

consideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.11

ARK’SBigIdeas2025:Convergence

AdvancesInAI,EnergyStorage,AndPublicBlockchainsAreCriticalToThePaceOfTechnologicalAdvance

Amongdisruptivetechnologies,NeuralNetworksarethemostimportantcatalyst.

Accordingtoourresearch,advancesinneural

networkswillincreasethevalueofsixoftheother14technologiesbyatleastanorderofmagnitude,creatingmassivemarketexpansionsforNextGenCloud,IntelligentDevices,AutonomousMobility,

HumanoidRobots,PrecisionMedicine,andMultiomicTechnology.

TheAI-ledrevolutionintechnologyislikelytoleadtodramaticproductivitygainsandastep-functionincreaseineconomicgrowth.

TechnologyImportanceAsACatalyst

Neural

Networks

ProgrammableBiology

DigitalWallets

ReusableRockets

3D

Printing

HumanoidRobots

Cryptocurrencies

SmartContracts

PrecisionTherapies

Multiomic

Technologies

AutonomousMobility

DistributedEnergyGeneration

NextGenCloud

AdvancedBatteryTechnology

IntelligentDevices

TechnologyPlatform

AI

EnergyStorage

Multiomics

Robotics

Public

Blockchains

SCALE

Advances

another

technologyby1orderofmagnitude

12

Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasourcesasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’SBigIdeas2025:Convergence

TechnologyInflectionShouldLeadToGDPInflection

CompoundedAnnualGrowth

GlobalRealGDPGrowth

2030

(LogScale)

3%

0.6%

0.3%

0.14%

.037%

ARKForecast7.3%

IMFForecast3.1%

100,000BC

LogYearsUntil2050

100.0%

10.0%

1.0%

0.1%

0.0%

Structuralchangesintheunderlyingrateofmacroeconomicgrowtharethehistoricalrule,nottheexception.

After100,000yearsofeconomicstagnationleadingtoyear1,

innovations,notablywriting,allowedempirestostitch

togethercontinents,whichquadrupledrealgrowththrough1000AD.

Agriculturalinnovationsenableddenserpopulationsand

laborspecialization,leadingtoadoublingofgrowththrough1500to0.3%perannum.

Duringthe400yearsthrough1900,annualGDPgrowth

doubledagainto0.6%astheEnlightenmentandIndustrialRevolutionswepttheglobe.

TheSecondIndustrialRevolution—markedbyelectrification,theautomobile,andtelephony—usheredinthemodernageandquintupledgrowthto3%onaverageoverthelast125

years.

1900

2024

1

1000

1500

TechnologicalbreakthroughsinAI,AutonomousMobility,

andHumanoidRobotsarelikelytoturbochargeproductivityagain,causinganotherstepfunctioningrowthoverthenext5to10years.

Note:“RealGDP”:AggregateGlobalProductionadjustedforchangesinpricelevels.Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasourcesincludingDeLong1998andOpen

13

PhilanthropyasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’SBigIdeas2025:Convergence

DisruptiveInnovationCouldGrowToDominateMarkets

InnovationShouldDriveAMomentousBusinessCycle

$Trillions

(Nominal)

300

250

200

150

100

50

-

}

GDPNon-disruptive

Mag6**

OtherDisruptive

GlobalMarket

89

Capitalization

Innovation*

-2%CAGR

220

60

24%CAGR

127

73

65

92

103

14050%CAGR

45

5

9

1.7

4.7

16

12

38%CAGR

2014201920242030e

Disruptiveinnovationcould

commandmorethantwo-thirdsoftheglobalequitymarket,

compoundingata38%ratethrough2030.

Withininnovation,marketvaluecouldbroadenoutbeyondtheso-calledMag6.

Non-innovationbusinessescouldbegintoshrinkastechnologicaldeflationassociatedwith

innovationthreatensmarginsandcompetitiveness,evenamidrapidmacroeconomicgrowth.

Note:“CAGR”:CompoundedAnnualGrowthRate.*Weincludecryptocurrenciesandcryptoassetsindisruptiveinnovationcapitalization.**Microsoft,Nvidia,Meta,Apple,Amazon,andAlphabet.Source:ARKInvestment

14

ManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasourcesasofDecember31,2024,whichmaybeprovideduponrequest.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’sBigIdeas2025

AIAgents

RedefiningConsumerInteractionsAnd

BusinessWorkflows

NicholasGrous

ASSOCIATEPORTFOLIOMANAGER

VarshikaPrasanna

,

RESEARCHASSOCIATE

NEXTGENERATIONINTERNET

FrankDowning

DIRECTOROFRESEARCH,

NEXTGENERATIONINTERNET

JozefSoja

,

RESEARCHANALYST

NEXTGENERATIONINTERNET

15

ARK’sBigIdeas2025:AIAgents

WhatAreAIAgents?

AIagentsarepoisedtoacceleratethe

adoptionofdigitalapplicationsandcreateanepochalshiftinhuman-computerinteraction.

AIAgents:

Usefulness

Understandintentthroughnaturallanguage

Planusingreasoningandappropriatecontext

Takeactionusingtoolstoaccomplishtheintent

Improvethroughiterationandcontinuouslearning

UniversalAgents

Platform-LevelAgents

Smartermodels

usingmoretoolstoaccomplishhigher-valuetasks

Siloed,

Single-Purpose

Agents

LevelOfIntelligence

Source:ARKInvestmentManagementLLC,2025.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.16

ARK’sBigIdeas2025:AIAgents

AIIsAcceleratingTheAdoptionofHardwareAndSoftware

Startingin2025,webelieve——

mosthardwaresaleswillbeAI-enabled,leadingtofastmassadoption.

USConsumerHardwareAdoption

PC——CellphoneSmartphoneSmartHome

SmartwatchVRHeadsetAIHardware

PercentPenetration

100%90%80%70%60%50%40%30%20%10%0%

1974198319922001201020192028E2037E

OpenAIcouldsurpass$10billioninrevenuein2025,monetizingatafasterratethansocialmediacompaniesoverthepastdecade.IftheadoptionofChatGPTisanindicator,AIshoulddriverapiddemandforarangeofnewtechnologies.

AIMonetizationIsOutpacingSocialMedia

OpenAI

Instagram

Facebook

TikTok

YouTube

WeChat

Revenue($Billions)

$10$9$8$7$6$5$4$3$2$1$0

-51015

YearsSinceProductLaunch

Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasources,includingHartig1998,Dediu2017,andSidotietal.2024,asofDecember31,2024,whichmaybeprovidedupon

17

request.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.Pastperformanceisnotindicativeoffutureresults.Forecastsareinherentlylimitedandcannotbereliedupon.

ARK’sBigIdeas2025:AIAgents

AIAgentsWillTransformConsumerSearchAnd

Discovery

Embeddedintheoperatingsystemsofconsumerhardware,AIagents

empowerconsumerstodelegatealldiscoveryandresearchtoAI—amassivetime-saver.CuratedAIresultswillcontextualizedigitaladimpressions.

AUTONOMOUS

AWARENESS

DISCOVERY+RESEARCH

SEARCHENGINE1

SEARCHENGINE2

CURATEDRESULTS

廠。

SEARCHENGINE3

QUERY

PERSONALIZEDAI

AGENT

TEXT/

VOICE

COMMAN

D

MARKETPLACE1

MARKETPLACE2

=AdOpportunities

MARKETPLACE3

CONVERSION

CHECKOUT

Source:ARKInvestmentManagementLLC,2025.Forinformationalpurposesonlyandshouldnotbeconsideredinvestmentadviceorarecommendationtobuy,sell,orholdanyparticularsecurity.18

ARK’sBigIdeas2025:AIAgents

Lei’eSdhsuiditaTlaunities

Revenueby2030

GlobalAdvertisingForecast

mmAIAdRevenuemmDigitalAdSpendAIAdRevenue%ofTotalDigitalSpend

GrossSpend($Billions)

$1,200

$1,000

$800

$600

$400

$200

$-

20242025E2026E2027E2028E2029E2030E

100%90%80%70%60%50%40%30%20%10%0%

IfsearchshiftstopersonalAIagents,AI-mediatedadrevenuecouldsurge.By2030,webelieveAIadrevenuecouldaccountformorethan54%ofthe$1.1trilliondigitaladmarket.

ShareOfPageViews

ChatGPT,Claude,Perplexity,AndBingShareOfSearch

VS.Google

(BasedOn7-DayRollingAverageOfPageViews)8%

7%

6%

5%

4%

3%

2%

1%

0%

August-21August-22August-23August-24

19

Source:ARKInvestmentManagementLLC,2025.ThisARKanalysisdrawsonarangeofexternaldatasourcesasofDecember2024,w