November 02, 2025

I asked Cathie Wood the question no one else will

42 minutes

My First Million

Key Takeaways

Tesla as AI’s Largest Play: Tesla represents the world’s largest AI project, combining robotaxis ($8-10T opportunity, 50% platform capture) and humanoid robots ($26T opportunity in 7-15 years)

Embodied AI (physical + digital) is severely underappreciated by markets
Elon’s recent FSD breakthrough, solving “the last mile” problem, positions Tesla to dominate autonomous mobility

Wright’s Law Investment Framework: Cost per unit falls by a constant percentage with every cumulative doubling of production

This mathematical certainty drives exponential adoption in AI compute, EV batteries, robotics, and DNA sequencing
EVs have unlimited doublings ahead; internal combustion engines have none—making legacy automotive “no shot” to compete long-term

Portfolio Management Beyond Headlines: Selling Nvidia from early entry at $0.20 per share was not necessarily a mistake if proceeds were used to buy another stock that 10x’d in price

Opportunity cost matters more than hindsight narratives
ARK trades volatility thresholds around conviction holdings without thesis changes

Bull Market Discipline and Rebalancing: Top-performing stocks go crazy in bull runs; this requires active diversification and profit-taking

End-point sensitivity in performance criticism ignores the fund timeframe
Her future strategy: aggressive rebalancing guidance to counter fear/greed cycles inherent to retail investor behavior

Read the full notes @ podcastnotes.org

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Episode 760: Shaan Puri ( ⁠https://x.com/ShaanVP⁠ ) talks to Cathie Wood ( https://x.com/CathieDWood ) about her fund’s performance, her biggest bets on AI, and the most misunderstood stock on earth.

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Show Notes:

(0:00) McDonald’s to Managing Billions

(8:54) A day in the life of Cathie Wood

(17:29) ARK’s Performance Review

(30:00) Cathie’s #1 stock pick

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Links:

• ARK - https://www.ark-funds.com/

• The MFM Newsletter Challenge - https://www.beehiiv.com/application/mfm

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Mercury is a financial technology company, not an FDIC-insured bank. Banking services provided by Choice Financial Group, Column, N.A., and Evolve Bank & Trust, Members FDIC

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Check Out Sam's Stuff:

• Hampton - https://www.joinhampton.com/

• Ideation Bootcamp - https://www.ideationbootcamp.co/

• Copy That - https://copythat.com

• Hampton Wealth Survey - https://joinhampton.com/wealth

• Sam’s List - http://samslist.co/

My First Million is a HubSpot Original Podcast // Brought to you by HubSpot Media // Production by Arie Desormeaux // Editing by Ezra Bakker Trupiano

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