FYI - For Your Innovation

In this episode of FYI, ARK’s Brett Winton and Charlie Roberts speak with Dmitry Shevelenko, Chief Business Officer at Perplexity, about the company’s evolving role in the future of the agentic internet. They discuss how Perplexity is carving out its place in the AI ecosystem—not as just a wrapper, but as a full-stack answer engine built for research, action, and trust. Dmitry outlines how Perplexity balances product excellence, model orchestration, and subscription alignment to serve both consumers and enterprises. He also highlights the team’s bold vision for Comet, their AI-native web browser, and how it fits into a future shaped by AI agents and voice interfaces.

• 00:00:00 How Perplexity positions itself within the AI assistant landscape—and what makes it stand out to ARK.
• 00:02:37 Why the analyst team prefers Perplexity for researching earnings calls, transcripts, and filings.
• 00:03:58 Dmitry explains why only a few agentic AI systems may dominate—and why productization still matters.
• 00:06:10 The team discusses Perplexity's potential for rapid user growth and why context portability may remain limited.
• 00:07:51 How the agentic internet could reshape browsing—and why half of current screen time may be up for automation.
• 00:09:33 A breakdown of Perplexity’s monetization strategy, centered on consumer and enterprise subscriptions.
• 00:12:28 Why the company avoids ad-based business models in favor of long-term trust alignment with users.
• 00:13:17 Introducing Pro Perks: how Perplexity returns affiliate value to users instead of monetizing with ads.
• 00:14:28 The vision of a future where your personal agent negotiates on your behalf with merchants' AI agents.
• 00:15:43 Why link-based performance advertising is vulnerable in an agentic world—and which ad models might persist.
• 00:18:10 Charles on building trust and resisting “sycophantic” behavior in AI agents.
• 00:19:47 Perplexity’s view that the same AI assistant can serve both personal and professional needs.
• 00:22:12 How Comet, the new Perplexity browser, lets agents perform real-world actions—like buying books and managing LinkedIn.
• 00:26:00 The team explores how reduced friction leads to increased curiosity and new behaviors online.
• 00:28:15 Brett asks how browser context, data, and distribution contribute to Perplexity’s strategy and the Chrome bid.
• 00:30:08 How voice interfaces may disrupt browsing—and how Perplexity is preparing for that shift.
• 00:32:18 Why big companies struggle with probabilistic AI outputs—and how that limits speaker adoption.
• 00:34:06 On mobile, Perplexity aims for deeper OS integration beyond just launching a mobile browser.
• 00:35:18 When asked about BCI, Charles emphasizes staying agile over trying to predict distant tech horizons.
• 00:37:04 Why Perplexity focuses on augmenting human curiosity—rather than chasing AGI or superintelligence.
• 00:38:15 Perplexity’s role in debugging and breaking through AI tool limitations—rather than generating code.
• 00:40:01 Charles responds to “just a wrapper” critiques, explaining Perplexity’s orchestration layer and search infra.
• 00:43:13 Execution velocity as a cultural differentiator—and why adaptability is key to Perplexity’s growth.

In this episode of FYI, ARK CEO Cathie Wood and Analyst Nick Grous sit down with Vlad Tenev, Co-Founder and CEO of Robinhood. Together they explore how Robinhood is redefining retail investing and financial services—from expanding access to private markets and tokenized assets to transforming its product ecosystem into a fintech super app.

Vlad discusses Robinhood’s long-term vision at the intersection of capitalism and democracy, why retail ownership matters more in the age of AI, and how the company is building around the upcoming $124 trillion generational wealth transfer. He also shares the strategic thinking behind Robinhood's expansion into credit, crypto, and international markets, including the development of its own blockchain and stablecoin.

Finally, they explore the role of AI in Robinhood’s platform evolution, including the launch of Cortex, and the guiding philosophy behind the company’s product velocity and value-driven subscription model.

• 00:00:00 Introduction
• 00:11:10 Cathie and Vlad discuss how navigating the bear market made Robinhood and ARK stronger.
• 00:13:25 Vlad outlines Robinhood’s mission and long-term opportunity to empower retail through ownership.
• 00:17:28 ARK’s and Robinhood’s shared focus on expanding retail access to private markets through innovation and regulation.
• 00:20:45 Why treating retail investors as a first-class constituency is an underutilized advantage for public companies.
• 00:23:32 How Robinhood’s product velocity and innovation position it to capture assets during the $124T generational wealth shift.
• 00:24:34 Designing features that work across extended families and using AI to eliminate frictions in moving assets between institutions.
• 00:29:24 How the company decides when to partner, build in-house, or acquire based on speed, capability gaps, and strategic alignment.
• 00:33:16 Vlad explains how Robinhood adapted its crypto strategy across regulatory cycles, culminating in its European tokenization launch.
• 00:39:42 The internal "aha moment" that led to Robinhood’s push into tokenizing real-world assets—from equities to real estate.
• 00:43:44 The tradeoff between adopting existing chains and owning the full product experience via Robinhood Chain.
• 00:45:38 How Robinhood sees the stablecoin market evolving—especially in terms of yield, utility, and international access.
• 00:52:40 Breaking down Robinhood’s growing credit product suite and the reasoning behind its Sage Home Loans partnership model.
• 00:58:41 How Robinhood is using AI to simplify investing and help users understand market movements and options strategies.
• 01:02:13 The extent to which Robinhood is using fine-tuned AI models across internal operations, especially customer service.
• 01:04:49 Why the traditional view that retail investors aren’t “ready” for private markets no longer applies in the internet era.
• 01:07:41 Vlad shares how the company is thinking about retention vs. pricing as Gold adoption scales.
• 01:10:16 Cathie and Vlad reflect on the shared mission to educate investors and broaden access to financial innovation.

In this episode of the Brainstorm, Sam Korus and Nicholas Grous dive into the intriguing world of prediction markets, focusing on the recent partnership between Robinhood and Kalshi. They explore how this collaboration is reshaping access to sports betting across the U.S., especially in states where traditional sports betting remains illegal. The discussion also touches on the broader implications for the industry, including the competitive landscape with major players like DraftKings and FanDuel.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

Key Points From This Episode:

• Robinhood and Kalshi's partnership is expanding access to prediction markets, allowing users to bet on sports outcomes through the Robinhood app, even in states where traditional sports betting is illegal.
• Prediction markets offer a unique fee structure, with Robinhood charging a flat two-cent fee per contract, making it an attractive option compared to traditional sportsbooks.
• The collaboration between Robinhood and Kalshi highlights a significant shift in the sports betting landscape, posing potential challenges and opportunities for established players like DraftKings and FanDuel.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

X: https://twitter.com/public

In this episode of the Brainstorm, Sam, Nick, and ARK Chief Futurist, Brett Winton, explore whether browsers are worth billions and the implications of launching L1 blockchains with stable coins. From the strategic importance of browsers in the AI arms race to the potential future of financial systems, this episode is packed with insights and debates.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

Key Points From This Episode:

• A discussion around the potential worth of browsers, questioning if they are truly worth billions and exploring the strategic importance of browsers in the AI arms race.
• The conversation delves into the launch of L1 blockchains by companies like Circle to support stable coins, examining the implications for financial systems and institutional adoption.
• A recurring theme is the tension between centralization and decentralization, particularly in the context of stable coins and their role in the financial ecosystem.

Source mentioned: https://tomtunguz.com/chrome-valuation-safari-comparison/

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

X: https://twitter.com/public

In this episode of the Brainstorm, Sam, Nick, and ARK Chief Futurist, Brett Winton, dive into the world of OpenAI’s latest model, GPT-5, exploring its advancements and the impact on user experience. They discuss the balance between performance and user engagement, the evolving role of AI personalities, and the potential for AI to become an integral part of daily life. Tune in to hear their insights on the future of AI and its implications for both consumers and enterprises.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

Key Points From This Episode:

• GPT-5 offers a significant improvement in user experience, despite mixed opinions on its performance benchmarks.
• OpenAI's strategy involves balancing consumer and enterprise needs, with a focus on enhancing AI's practical utility.
• The emotional connection users form with AI models through personalities is influencing their adoption and usage patterns.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

X: https://twitter.com/public

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to host a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin ecosystem. Published through the For Your Innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints.

Guests on this month’s Bitcoin Brainstorm include:

Cathie Wood: Founder, CEO and CIO, ARK Invest

Lorenzo Valente: Director of Research, Digital Assets, ARK Invest

Paolo Ardoino: CEO, Tether

Dr. Arthur Laffer: American Economist

Rod Roudi: Co-Founder, Bitcoin Park

• 00:00:00 Introduction
• 00:01:04 The origin of Bitcoin and stablecoins
• 00:04:22 Understanding Tether (USDT)
• 00:10:33 USDT's global growth amid pandemic shifts
• 00:12:15 Dr. Laffer’s history of private money
• 00:17:32 Understanding the USDT mechanics of issuance, reserves, and redemptions
• 00:23:14 Transparency, audits and regulation
• 00:30:26 Challenges of value stability vs dollar peg
• 00:35:20 Gold-backed solutions and the alloy product
• 00:38:58 The role of stablecoins in developed markets
• 00:44:40 Potential competition
• 00:46:00 Commodity trade and global adoption trends
• 00:51:00 Emerging markets
• 00:53:50 Dollar dominance vs local stablecoins
• 01:08:01 Vision for the future

• Learn more about Bitcoin Park: bitcoinpark.com

In this episode of the Brainstorm, Sam, Nick, and Multiomics Research Analyst, Shea Wihlborg, dive into the complexities of the FDA's recent decisions and their implications for gene therapy. They discuss the controversial halt of a Duchenne muscular dystrophy treatment, the role of AI in drug discovery, and the exciting future of genomics. 

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

Key Points From This Episode:

• Discussion on the FDA's recent halt of a Duchenne muscular dystrophy treatment due to safety concerns.
• Exploration of the role of AI in improving drug discovery and clinical trials.
• Insights into the future of gene therapies for both rare and common diseases.
• The potential impact of regulatory changes on innovation in the biotech industry.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

X: https://twitter.com/public

In this episode of the Brainstorm, Sam, Nick, and Director of Research, Digital Assets, Lorenzo Valente, dive into the latest developments from Coinbase, focusing on the launch of the BASE app. They explore the three pillars of the BASE ecosystem: BASE chain, BASE build, and BASE app, and discuss how these innovations aim to enhance user experience with faster transactions, developer tools, and a reimagined non-custodial wallet. The conversation also touches on the integration of social media and financial markets, the evolving landscape of crypto trading, and the potential for new user engagement.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

Key Points From This Episode:

• Coinbase launched the BASE app, featuring a faster BASE chain, developer tools, and a rebranded non-custodial wallet.
• The BASE app integrates NFT minting and decentralized social feeds, creating a hybrid platform for trading and social interaction.
• There’s potential for BASE to compete with platforms like Robinhood by offering a more crypto-native experience.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

X: https://twitter.com/public

In this episode of the Brainstorm, Sam, Nick, and Research Analyst, Jozef Soja, dive into the latest advancements in AI with a focus on Grok4 and Meta's strategic moves. They explore Grok4's impressive benchmark performances, the real-world implications of AI tool use, and Meta's aggressive investments in AI talent and infrastructure.

If you know ARK, then you probably know about our long-term research projections, like estimating where we will be 5-10 years from now! But just because we are long-term investors, doesn’t mean we don’t have strong views and opinions on breaking news. In fact, we discuss and debate this every day. So now we’re sharing some of these internal discussions with you in our new video series, “The Brainstorm”, a co-production from ARK and Public.com. Tune in every week as we react to the latest in innovation. Here and there we’ll be joined by special guests, but ultimately this is our chance to join the conversation and share ARK’s quick takes on what’s going on in tech today.

Key Points From This Episode:

• Grok4 has set new standards in AI benchmarks, particularly in GPQA and Humanities Last Exam, showcasing its advanced reasoning and tool use capabilities.
• Real-world applications still present challenges for Grok4, highlighting the gap between theoretical performance and practical use.
• Meta is making aggressive moves in the AI space, acquiring stakes in companies like Scale AI and investing heavily in AI talent to build a super intelligence team.

For more updates on Public.com:

Website: https://public.com/

YouTube: @publicinvest

X: https://twitter.com/public

In this episode of FYI, Chief Futurist, Brett Winton, and Analyst Nemo Marjanovic speak with Alex Zhavoronkov, founder and CEO of Insilico Medicine. Together, they explore the promise of artificial intelligence in transforming the drug discovery process—cutting years off timelines and dramatically reducing costs. Alex shares Insilico’s journey from algorithm-first beginnings to a full-stack AI-driven biotech company, highlighting their unique “pan flute” model approach to drug development and the vision of building a “pharmaceutical superintelligence.” The discussion touches on Insilico’s clinical progress, including a molecule that recently completed a Phase 2 trial, and how its generative platforms are helping to tackle complex diseases with a focus on longevity.

• 00:00:00 AI's promise in streamlining the drug discovery process
• 00:03:06 The economics of preclinical development and AI’s role in optimization
• 00:04:43 Potential cost and timeline reductions: $2.4B down to $600M, 13 years to 8
• 00:07:39 Comparing Insilico’s approach to peers like Recursion and AbSci
• 00:10:35 Literature-driven vs. biology-driven models in drug discovery
• 00:13:07 Why a dominant AI platform could reshape biotech industry consolidation
• 00:14:57 Why biologics may be more suited to AI than small molecules
• 00:17:35 Alex Zhavoronkov on founding Insilico and his mission in longevity science
• 00:21:00 From algorithms to real drugs: Insilico’s transition to clinical development
• 00:23:15 Managing the pace of AI progress vs. the slow cycle of experimental validation
• 00:27:10 How “pharmaceutical superintelligence” enables prompt-to-drug workflows
• 00:32:26 Validation, trust, and why Insilico runs on both old and frontier models
• 00:39:22 The “pan flute” architecture: stacking specialized models with reinforcement learning
• 00:42:36 Building and training a unified multimodal model for chemistry and biology
• 00:45:32 Public data, clean pipelines, and Insilico’s automated validation lab
• 00:50:47 The business model behind Insilico: selling candidates and licensing platforms
• 00:55:12 Why pharma buyers care more about data room quality than pricing
• 01:00:25 On profitability, licensing success, and the dream of a self-sustaining AI biotech
• 01:01:38 Longevity and the search for fundamental mechanisms of aging