FYI - For Your Innovation

By ARK InvestBusiness Technology Education Investing

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FYI - For Your Innovation episodes

May 04, 2023The Current State of Artificial Intelligence with James Wang
Scaling laws are as important to artificial intelligence (AI) as the law of gravity is in the world around us. AI is the empirical science of this decade, and Cerebras is a company dedicated to turning state-of-the-art research on large language models (LLMs) into open-source data that can be reproduced by developers across the world. In this episode, James Wang, an ARK alum and product marketing specialist at Cerebras, joins us for a discussion centered around the past and the future of LLM development and why the generative pre-trained transformer (GPT) innovation taking place in this field is like nothing that has ever come before it (and has seemingly limitless possibilities). He also explains the motivation behind Cerebras’ unique approach and the benefits that their architecture and models are providing to developers.

“All great science is reproducible, and AI is the great empirical science of our decade, so we wanted to make sure it’s reproducible.” — @draecomino
Key Points From This Episode:
Why Cerebras attracted James.
James explains the concept of wafer-scale computing and why it is so advantageous in the AI space.
A historical overview of large language model (LLM) development.
What James believes to be the most significant natural law that has been discovered in this century.
Why Cerebras wants to get state-of-the-art LLM data into the hands of as many people as possible.
The Cerebras GPT law.
Looking towards the future of LLMs.
Standard practice when it comes to training an LLM (and the problems that developers have been battling for years).
The potential advantage of Cerebras CS2 chips and computers.
Understanding the concept of disaggregated architecture.
How the Cerebras approach differs from the approach taken by other companies (NVIDIA and Dojo, for example).
Cerebras offerings that are available to be used by the public.
The current GPU cloud shortage (and why this adds to the appeal of Cerebras software).
Why the progress being made in the GPT space is incomparable to developments that have come before it.
Potential directions that the world could be heading in as a result of AI developments (and why James is optimistic about it all).
The AI use case that is keeping James up at night.
1 hr 9 min
April 27, 2023Investing in the Growth of Gaming with Joost van Dreunen
The gaming industry has seen massive innovations in the past two decades, from the rise of online gaming to the release of unprecedented virtual reality (VR) products. And in that time the industry has seen massive growth, going from an estimated $30 billion a year worldwide at the start of the twenty-first century, to generating an astounding $200 billion in 2022. Joining us today to discuss the business of gaming in 2023 is Angie Dalton, an advisor for ARK Invest and the CEO and Founder of Signum Growth Capital, and Joost van Dreunen, an academic, entrepreneur, and a well-known expert in the video game space. Tuning in you’ll hear a breakdown of how the gaming industry has developed over the past two decades, the ever-useful role of user-generated content in gaming, and how gaming studios are adapting to changes in the space. We take a look at how platforms and game engines like Roblox and Unity are making it easier than ever for users to generate content and how studios are leveraging amateur output to keep up with demand. Our conversation also covers how blockchain technology and Web3 could add value to the gaming space, the shifting relationship between gaming and other forms of entertainment, and the most promising use cases for VR and augmented reality (AR). To learn more about the fascinating business of gaming and upcoming developments in this space, be sure to tune in today!

“When we’re trying to satiate the demand of three billion gamers worldwide, it’s a little bit impossible for conventional studios to create that much content.” — @joosterizer
Key Points From This Episode:
Introducing today’s guests, Angie Dalton and Joost van Dreunen.
Joost’s expertise in gaming and his work as an academic, advisor, and entrepreneur.
How the gaming sector has grown and developed globally over the last two decades.
The history of user-generated content in gaming.
Why so much innovative gameplay comes from user-generated content.
How studios are leveraging user-generated content to keep up with demand.
The concept of forever games and how studios are shifting their models to build community and keep users engaged.
An overview of the elements driving the rising trend in user-generated content.
The shifting relationship between gaming and traditional entertainment, like television.
Why AAA games take so long to develop and Joost’s predictions for a more iterative release model.
Joost and Angie’s top takeaways from the latest Game Developers Conference (GDC).
How blockchain technology and Web3 could add value to the gaming space.
The drawbacks of the play-to-earn model in Web3 games.
Joost’s reservations when it comes to blockchain and Web3 applications in gaming.
Key problems in the gaming industry concerning the recognition of labor.
Navigating issues of copyright when it comes to user-generated content.
The concept of an open metaverse, interoperable virtual worlds, and how likely these scenarios are.
Our thoughts on Apple’s upcoming move to enter the VR space.
The strong case for enterprise applications when it comes to AR and VR.
Find out about Joost’s new venture Aldora.io and what they are currently working on.
1 hr 16 min
April 20, 2023The Intersection of Video Games and Economics with Mythical Games CEO John Linden
The rise of Web3, blockchain, and non-fungible tokens (NFTs) has disrupted many industries, including video gaming. To help us unpack the role of Web3 in the video game industry is John Linden, CEO of Mythical Games, a game tech studio pioneering digital asset ownership, scarcity, and secondary markets. Their team creates products to drive consumer adoption of distributed ledger tech. John has a deep love for video games and a curiosity for exploring the potential of blockchain technologies. In our conversation, we talk about his approach to revolutionizing the future of gaming by integrating blockchain technology, rethinking game economics, and the intersection of traditional gaming and crypto. Learn how the industry has shifted in recent years, the opportunities of the Web3 space, the power of digital assets, converging technologies and concepts, and the tug-of-war between centralization and decentralization within the gaming industry. We discuss the Metaverse and interoperability, and hear about the exciting collaborations that Mythical Games is working on. Tune in and discover the future of gaming with John Linden!

“I think the next 10 years in gaming will be more transformative than the last 25 have been.” — @johnwastaken
Key Points From This Episode:
Background about John and a brief history of Mythical Games.
How Mythical Games’ approach to game development differs from the traditional approach.
John shares his views on play-to-earn video games, and why the concept was not widely adopted.
The foundation of a good blockchain game and the role of digital assets.
Learn how Mythical Games is leveraging blockchain technology to disrupt the gaming industry.
Overview of the challenges game developers face in the Web3 space.
What makes Web3 video games different, and why blockchain is made for gaming.
Learn what is needed to build a successful open Metaverse for consumers.
Whether interoperability is a necessary component of the Metaverse.
He explains the road map for Mythical Games and how the concepts will not be limited to the video game industry.
Ways in which the Web3 space will be beneficial for streamers and influencers.
Hear about the exciting collaboration between the NFL and Mythical Games.
43 min
April 13, 2023Crypto has been Thriving Amidst A Regional Banking Crisis and Regulatory Uncertainty: A Deep Dive
We are pleased to bring you the second edition of the ARK Crypto Brainstorm; a quarterly conversation between a rotating group of experts in the crypto space, The ARK Crypto Brainstorm is published through the For Your Innovation podcast channels and aims to be an informative and in-depth conversation on the current state of the ever-changing crypto landscape with experts offering diverse viewpoints.

In the second edition of the ARK Crypto Brainstorm, ARK Crypto Lead Yassine Elmandjra and ARK CEO and CIO Cathie Wood hosted 7 leaders in the crypto space including:
Lyn Alden, macroeconomic investor with expertise in Bitcoin, is leading the conversation on the regional banking crisis and the Fed’s decision-making amidst continued macro uncertainty.
Jeremy Allaire, CEO of Circle, the largest regulated stablecoin issuer, has successfully navigated the banking crisis while demonstrating a commitment to openness and transparency.
Paul Grewal, Chief Legal Officer at Coinbase, is at the forefront of advocating for greater regulatory clarity in the US and emphasizes the importance of creating an environment for crypto to flourish.
Caitlin Long, CEO and Founder of Custodia, is dedicated to building a regulatory compliant bridge between the traditional US financial system and cryptoassets.
Angie Dalton, CEO of Signum Capital, has built a strong relationship with US regulators, working with startups and protocols to outline a regulatory compliant path for operating in the US.
Chris Burniske, a partner at Placeholder Ventures, has highlighted the resilience of crypto fundamentals and why this is a compelling time to be an investor despite the uncertainty.
Michael Sonnenshein, CEO of Grayscale, is trailblazing the path to a US Bitcoin ETF approval, questioning some of the assumptions made by the SEC in its decision-making.
Key Points From This Episode:
04:47 Paul and Cathie discuss the current state of the regulatory landscape surrounding cryptocurrencies
09:48 Lyn Alden provides a historical perspective on regulation
18:57 What Jeremy is hearing from his recent trips to Washington DC on crypto regulation
22:22 The potential for a Bitcoin ETF, and Grayscale’s relationship with the SEC
27:41 How the FTX collapse may have set the industry back in the eyes of the US government
34:38 Michael Sonenshein’s optimistic point of view on regulators idea of crypto
40:06 Caitlin’s view that regulators are unwilling to make progress in passing significant regulation in the next few years
49:36 Chris compares digital assets to water
50:13 Cathie and Yassine transition the conversation to the Regional Banking Crisis
58:35 Caitlin highlights the inherent illiquidity many banks currently have and what problems that might cause
1:04:56 Lyn offers her end game scenario if the Fed continues to be hawkish
1:13:22 Chris highlights the clear differences between the banking system and cryptocurrencies like Bitcoin and Ethereum
1:20:42 Coinbase’s latest product launches including Wallet and Base
1:24:20 How Bitcoin has responded to the recent regional bank crises
1:27:33 We go around the horn and ask: What would our guests like to see happen this year?
1 hr 38 min
April 06, 2023Could Bitcoin’s Price Reach $1,000,000? With Balaji Srinivasan and Cathie Wood
On March 17, 2023, Balaji Srinivasan wrote a tweet thread that started with a simple, shocking bet that the price of one Bitcoin would reach $1,000,000 in the next 90 days. Balaji is an American entrepreneur and investor. He was the co-founder of Counsyl, the former Chief Technology Officer of Coinbase, and former general partner at the venture capital firm Andreessen Horowitz. ARK CEO and CIO Cathie Wood agrees that the price of a Bitcoin could reach $1M, but ARK’s prediction on when this might happen is very different. In today’s episode, Cathie and Balaji discuss their current and future outlook on the United States and global economies, the cryptocurrency ecosystem and their reaction to the recent volatility surrounding the regional banking crisis.

“The economy…It’s like altitude right, if your altitude is [up] here you can take a certain set of maneuvers, if your altitude is close to the ground you cannot take the same set of maneuvers.” – @balajis
Key Points From This Episode:
An introduction to Balaji and his prediction that Bitcoin could reach $1M in the next 90 days
Cathie sets up her initial argument that we are in a deflationary environment
What we can learn from Argentina; when it was printing money while simultaneously raising interest rate
Balaji argues that there are only three true currency pairs in the world today
Balaji’s belief that there is a desire to exit the American financial system and that the financial system itself is inherently hard to predict
Cathie shares her thesis that that the velocity of money is starting to flatten
The potential for a “hard landing” in the economy
How the recent regional banking crisis effects Cathie and Balaji’s predictions on inflation
Balaji compares the Federal Reserve (Fed) Funds rate to Bitcoin’s issuance schedule
How the 1980s compare to today in terms of inflation and interest rates
Cathie provides a brief history on the guiding force behind Fed policy
What could potentially happen to the use cases of Bitcoin should it rapidly increase in value
Balaji’s belief that the world is running backwards in time but that the outcome will be different
Why consumers have started to move money away from banks and instead have focused their attention on trying to earn yield on their money
Why today’s economic events could be considered black swan events
Balaji states that we may not have a widespread bank crisis, but instead we could specifically have a central bank crisis
The potential that the Fed could be looking at the wrong indicators
How the very existence of Bitcoin might defeat Keynsian economists theories at their core
Why deflation might be a good thing for Blockchain technology
Why Balaji believes states should continue to support cryptocurrencies
“Fiat currency”, as referred to in this podcast, means traditional, government-issued currency, such as the US dollar.
1 hr 18 min
March 30, 2023The Banking Crisis and Crypto with Art Laffer
On this episode of For Your Innovation, we wanted to highlight last week’s special edition of “In the Know,” a monthly video series featuring ARK CEO/CIO, Cathie Wood. In this special episode, Cathie is joined by her mentor, former professor, and advisor to ARK Investment Management LLC, Dr. Art Laffer. Famous for the Laffer Curve, Art is an economist and was named one of Time’s Greatest Minds of the 20th Century.
Together, Cathie and Art dive into the recent banking crisis and the world of cryptoassets.
We hope you find this monthly series useful, especially during periods of heightened volatility. Stay Healthy. Stay Innovative.

“It’s not up to congress to allow or not allow crypto. It shouldn’t be.” – Dr. Art Laffer
Episode Timestamps
1:45 – Intro
2:31 – Banking Crisis
35:30 – Crypto
1 hr 7 min
March 23, 2023Gene Therapy Could Cure Cancer with Professor Waseem Qasim
Gene therapy is gaining momentum as a noteworthy adversary to cancer, and we are thrilled to be joined today by one of the pioneers of immune system-based treatments. Professor Waseem Qasim applies his craft at the UCL Great Ormond Street Institute of Child Health, which is notorious for being the largest concentration of children’s health research in Europe. Professor Qasim explains why he pursued a career in gene therapy, how three patients and technological advancements formed the basis of his groundbreaking treatments, what he thinks about autologous and allogeneic therapies, and what he has to say about his work being linked with a cure for cancer. We learn about the rapid advancement of medical technology, how accessible this technology is to disadvantaged communities, why pricing gene therapies is a slippery slope, and the factors that could lead to a cost reduction in Prof. Qasim’s treatments. To end, our guest shares advice on how to merge foundational research and practical applications, why the health industry needs to do more in supporting foundational research, and what Prof. Qasim thinks about the advent of artificial intelligence (AI) in medicine.

“[Soon] there will be specific conditions and circumstances where these technologies will give you a deep clearance and a possible complete eradication [of cancer], where the problem just doesn’t come back.” — Waseem Qasim
Key Points From This Episode:
Introducing today’s guest, Professor of Cell and Gene Therapy, Waseem Qasim.
What led Prof. Qasim to focus on developing gene therapies for genetic disorders in children.
The story for Leila Richards’s groundbreaking gene-edited cell therapy.
How technological innovations have paved the way for successful gene therapies.
The details behind Prof. Qasim’s second highly-publicized success story: Alyssa.
More about his lesser-known patient who bridged the gap between Leila and Alyssa.
Our guest explains the quality assurance process before cells are reentered into the body.
What he thinks about autologous cell therapies versus allogeneic ones.
Prof. Qasim reacts to his work being described as synonymous with a cure for cancer.
What he thinks about the radical progression of health technology and whether it will continue to advance at such blinding speed.
How accessible this advanced technology is and will be to disadvantaged communities.
Why one size does not fit all when it comes to costing and pricing gene therapies.
Exploring the factors that could reduce the cost of Prof. Qasim’s treatments.
Some advice on how to blend the worlds of foundational research and practical application.
The role that the health industry should be playing in supporting foundational research.
Our guest’s thoughts on the use of AI in new medical technologies and techniques.
47 min
March 16, 2023Bringing Sports Betting to Web3 with DraftKings Co-Founder Matt Kalish
Please note: as of 2/28/23, ARK’s clients own greater than 1% of the shares outstanding of Drafkings Inc.
Fantasy sports and sports betting are now well-known and developed markets that serve hundreds of millions of people, and today’s guest has found a way of bringing the two into the Web3 space. We are joined by the Co-Founder of DraftKings, Matt Kalish, as he gives us a sense of the moments surrounding his company’s venture into daily fantasy and mobile sports betting. Then, we learn about DraftKings NFT game Reignmakers, how it’s pushing new frontiers in Web3, how it works, and how it stacks up against other daily fantasy products. We also hear about how players and league associations have received DraftKings, as well as some key insights into some of the partnerships they have formed. Our guest explains his perspective on Web3 interoperability and the transfer of utility, why DraftKings chose to partner with Polygon, what he and his team hope to achieve in the next five years, and what excites him the most about the Web3 space. At the end of today’s episode, Matt gives us his assessment of his Boston Celtics season so far and why he thinks they are real title contenders.

“DraftKings doesn’t play in the super speculative space like that. We’re not a startup that can just bet the house on one little venture. We only want to do rational things.” — @mattkalish
Key Points From This Episode:
An introduction to the Co-Founder of DraftKings, Matt Kalish.
Matt’s professional background and how he became a founding member of DraftKings.
When they launched their daily fantasy product and how they got into mobile sports betting.
How DraftKings is pushing new frontiers in Web3 with Reignmakers.
The way Reignmakers matches up to daily fantasy products, and how it works.
How players and leagues have received DraftKings, and the partnerships they’ve formed.
What Web3 interoperability means to Matt and his thoughts on the transfer of utility.
Why DraftKings chose to work with Polygon.
What Matt and his team hope to achieve in the next five years.
How the introduction of NFTs in fantasy sports has impacted private betting behavior.
What excites Matt the most about exiting the NFT winter and the Web3 space as a whole.
Matt’s thoughts on the Boston Celtics season so far and where he thinks they’ll end up.
59 min
March 14, 2023The Evolution of the Construction Industry with Noah Ready-Campbell
Robotics are both deeply tied to artificial intelligence (AI) and machine learning (ML), and also somewhat distinct in their practicality and material application. Built Robotics is a great example of this duality, and in today’s conversation with the CEO and Co-Founder of the company, Noah Ready-Campbell, we hear about how the company is positioning itself in relation to current construction industry needs and also for the wave of possibilities in the near future. Noah talks about the process of transition to autonomy, comparing other related sectors such as transportation, the strong bonds Built Robotics has created with the burgeoning solar power space, and also his belief in the capability of automation to aid us in constructing a better world. We discuss the refining of machine learning models, safety and security at Built Robotics, the need for supervision, and other sectors that the company might move into in the future. So to hear it all from Noah in this insightful chat, make sure to join us.

“The thing that I think determines scaling a success for us is less about the technology barriers and more about how do we make something that’s easy and efficient for the customer.” — Noah Ready-Campbell
Key Points From This Episode:
The history of Built Robotics, the initial hypothesis, and their focus in the last few years.
Noah talks about what they offer their clients in the construction business.
Renewable energy and solar power; why Built Robotics has found a good fit in this space.
Unpacking the usual costs of construction and how Built Robotics’ prices compare with this.
The sensor suite at Built Robotics; computers, cameras, GPS, and more.
Noah’s perspective on the question of autonomy and the trajectory of the construction industry.
Thoughts on safety and regulation, and the eight-layer safety system in place at Built Robotics.
Considering the limits on how fast and efficiently the machine is and will be able to operate.
Necessary supervision and the possibility of the complete removal of human involvement.
The skills involved in the utilization of machine capabilities.
Noah shares the comparisons of efficiency and work hours between human labor and robotics.
The vision for Built Robotics, and Noah’s ambitions around longevity.
Factory integration of machines and where Built Robotics system is headed.
The elements of Built Robotics that make sense to outsource.
Noah’s expectations for the company to move into sectors beyond construction.
The influence and impact of the latest wave of AI advancements on the company.
The importance of the Inflation Reduction Act on the construction industry.
Noah talks about the robotics possibilities he is most excited about currently.
49 min
March 02, 2023Flying into a New Age in Travel with Dirk Hoke of Volocopter
Urban air modality is coming to life a lot faster than we may expect, and joining us today is the CEO of Volocopter, Dirk Hoke, to discuss their new Electric Vertical Take-Off and Landing (eVTOL) vehicle service launching in 2024. Tuning in, you’ll hear all about how Dirk joined Volocopter, the different aviation authorization bodies and why they’re important, the aviation safety regulations in testing new aircraft, mistakes companies are making, and the global regulators’ reaction to new technology. Dirk talks us through how Volocopter is designed, why it is designed the way it is, and how it will change urban air modality over the next decade. You’ll also hear about the hurdles they are facing, their hopes for their launch, and the cost of these models. Autonomy is not a technological issue but is rather an issue of certification and public support and in this episode, Dirk highlights the importance of recognizing that air taxi travel is going to happen much sooner than we think. Tune in now to hear about this exciting innovation.

“Our systems can be applied to any city in a very short-term manner, once we have demonstrated that we are safe and low level on the noise side.” — @HokeDirk
Key Points From This Episode:
An introduction to today’s guest, Dirk Hoke.
What led Dirk to join Volocopter.
Dirk explains the importance of the aviation authorization bodies, Federal Aviation Administration (FAA) and International Aviation Aviation Assessment (IASA).
Why you can only have a serious problem in civil airspace after one billion operational hours.
How to ensure safety when creating an aircraft.
What makes this such a rigorous process and the mistakes he sees other companies making.
How global regulators have reacted to the huge wave of new technology being created.
Why air traffic management needs to go through the next step of digital transformation.
Dirk tells us why Volocopter is designed the way it is.
Dirk explains how this model will change flying in the next decade.
The price structure dynamics in this industry.
What discussions are being had about increasing landing sites.
How congestion is changing and why we need new modalities without waiting for new roads.
How and why the business model for making aircrafts has changed.
Why Dirk wants President McCall to launch the product at the 2024 Paris Olympics.
The hurdles Volocopter is facing as they journey to commercial launch.
Why one design cannot cope with all the requirements of all the different markets.
Why autonomy isn’t a technological issue but rather an acceptance and certification problem.
Why humans will be used in the loop of automated air travel for quite a while.
The importance of understanding that air taxis will fly sooner than we think they will.
52 min

About FYI - For Your Innovation

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The FYI - For Your Innovation Podcast offers an intellectual discussion on recent developments across disruptive innovation—driven by research, news, controversies, companies, and technological…