1、FEBRUARY 04,2025RESEARCH REPORTFOR INFORMATIONAL PURPOSES ONLYWWW.ARK-INVEST.COMARK 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 particular securities/cryptocurrencies

2、 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.The reader should not assume that an investment identified was or will be profitable.PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE

3、PERFORMANCE,FUTURE RETURNS ARE NOT GUARANTEED.BIG IDEAS 2025Risks Of Investing In InnovationPlease note:Companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so.ARK aims to educate inv

4、estors and seeks to size the potential investment opportunity,noting that risks and uncertainties may impact our projections and research models.Investors should use the content presented for informational purposes only,and be aware of market risk,disruptive innovation risk,regulatory risk,and risks

5、 related to certain innovation areas.Please read risk disclosure carefully.DISRUPTIVE INNOVATIONRAPID PACE OF CHANGEUNCERTAINTY AND UNKNOWNS EXPOSURE ACROSS SECTORS AND MARKET CAPRISK OF INVESTING IN INNOVATIONREGULATORY HURDLESCOMPETITIVE LANDSCAPEPOLITICAL OR LEGAL PRESSURESources:ARK Investment M

6、anagement 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.ARKS Big Ideas 2025ARKS Big Ideas 2025Table Of ContentsIntroductionConvergenceAI AgentsBitcoinStablec