Digital wallets and genomics are two greatest disruptive technologies after Tesla and electric vehicles

Digital wallets and genomics are two greatest disruptive technologies after Tesla and electric vehicles

Ark Invest’s Cathie Wood said advanced digital wallets and genomics are the following two greatest problematic patterns after Tesla and electric vehicles.

“We’re extremely amped up for computerized wallets,” Wood said on CNBC’s “The News with Shepard Smith” on Tuesday. “We truly imagine that these computerized wallets and two-sided commercial centers, traders and consumers…are going to usurp a great deal of the job the banks play today.”

Wood — CIO and CEO of Ark Investment Management — has become famous by putting resources into “problematic advancement” stocks. Wood’s lead reserve, ARK Innovation, has seen more than $16.7 billion flood into the asset in the previous year, as indicated by FactSet.

Wood has huge wagers on names like Square and PayPal, which overwhelm the computerized wallet space. Square is the second biggest holding in Ark Innovation, addressing over 7% of the ETF.

In China, Wood said WeChat Pay and AliPay are the significant players.

“It’s going digital, its going mobile. A little bank branch in you’re pocket,” said Wood. ” We’re going to have all kinds of financial services available through them, including loans, debit cards, credit cards, stock buying, bitcoin buying.”

Somewhere else, Wood said the genomics space is additionally set to hit get away from speed.

“DNA sequencing is going to introduce science into healthcare decision making for the first time”, said Wood. “We can honestly say that until now more than half of all healthcare decisions were in some part made through guesses or experiences. Now we’re going to have the data.”

ARK’s Genomics ETF has large wagers on Exact Sciences, which makes up almost 5% of the ETF, and Invitae. CRISPR Therapeutics is another significant holding in the ETF.

“We’re going to be able to cure diseases that we never thought it would be possible to cure, including cancer,” said Wood.

Portions of ARK Innovation are up 2.5% this year and portions of ARK Genomic Revolution are up under 1% in 2021.

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Scott Fischer

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