[Music] Welcome to the brainstorm episode 90 today in person. Great to see you guys. We're going through and speedrunning the Mary Maker AI trends report.340 slides in 20 15 minutes. We'll see if we can do it. Uh pull up your Subway Surfer next to this because this is going to be uh fastpaced here.Biggest takeaway maybe we just start there. The whole 340 slides to me is this is happening fast, very fast. Any Yeah. Any other takeway.And we kind of already knew that. So So is that the only trend. Are we done. ...

innovationbased strategies are at near record low valuations. Uh when I say record low, this is the history uh this is the history of ARCs life. But innovation based strategies broadly are selling at a very low premium uh to the S&P 500 as measured by uh enterprise value to adjusted EBITA.We worked with S&P 500 to adjust for stockbased compensation and R&D both the S&P and the various innovation strategies and you can see very very modest valuation premium the average over the life or at least ARK's life on ...

But one point I would like to make is that all of these findings on brain algorithms are also going to enable next generation AI because AI right now as much as it is exciting has very severe limitations which is that it uses unbelievable amount of energy for tasks that are relatively easy for human beings. And so us as human beings the human brain is designed to have very good energy efficiency. I believe after like learning a lot about how the brain algorithm works, the brain's main design principle is en ...

Welcome to the Brainstorm episode 87. Nick, we're talking Apple losing its dominance. Is that is that what's happening.Is this finally the moment. Maybe. What happened.Well, one, we should we should say up front that we are a little bit late to this story. Um, but um here we are. This is the story's just starting. This is just we're two weeks late to the actual ruling.Um, but we'll we'll get right into it here. So, April 30th, um, there was an updated ruling to the Apple and Epic lawsuit. Um, where Epic a f ...

This is a very important slide. Um it illustrates the laugher curve. Uh when you cut taxes, if tax rates are too high, uh then you the revenue actually will increase.Why is that. Uh because companies and individuals stop using tax shelters and uh and stop trying to avoid taxes. So here you can see the history of the corporate tax rate and that is the black line there and you can see over time uh what has happened.This goes back to uh the early 1900s when uh we first put in place various income tax rates. Uh ...

In terms of the digital gold use case, I think we're already kind of like seeing Bitcoin exceeding expectations. When you see the launch of the ETFs last year compared to the gold ETF, you have some of this on big ideas. I think it took 12 months or basically a year for Bitcoin to acrew the same um AUM that took about 7 years for the gold ETF.Just to give you an idea of what um how Bitcoin is already like exceeding expectations relative to to gold when you look back at that ETF launch versus Bitcoin. ...

It's really interesting because in order to interact in order for the agent to interact with the world, you need two things. You need communication protocols between the agent and services. You want agent to order Door Dash, you need to you need to have Door D. You need to have them talk to Door Dash. You want it search the internet, you need to have them talk to the internet.If you want them to work with another agent, you need to have them talk to the other agent. That is accomplished by the internet and ...

I'm Nemo and I'm multiomic analyst and art team. Most of the art companies are US-based companies like Tempest, Matera, Twist, Recursion and we don't see that any of these tariffs are going to be impacting them. We see these tariffs as a positive development because these tariffs are there to actually bring more of the biotech footprint and expand it in the US which we think it's a great long-term for the whole sector.What is really unique about ARC is that we don't just invest in pharmaceuticals or diagnos ...