ARK Invest founder Cathie Wood is reportedly predicting massive growth for innovative companies after US President-elect Donald Trump takes office next month.
In a new interview with CNN’s Inside Politics, Wood says Trump will likely usher in more business-friendly regulations for artificial intelligence (AI), digital assets and other tech-related businesses, causing them to flourish.
“In the last four years, we saw massive concentration towards very few stocks. I think the market’s going to broaden out right now and reward companies who are at the leading edge of innovation, not just those who have already been very successful… We think it’s going to help small and medium businesses.”
Wood says that US regulations on crypto, in particular, have hampered the country’s ability to lead in the sector. She also blames outgoing U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler’s aggressive position on digital assets for hurting the crypto sector.
“I think the biggest problem we have is regulation, too much regulation, and we as a country, the US, almost lost our footing in the cryptocurrency world… Chairman Gary Gensler at the SEC didn’t think it was safe or what have you. And so we drove a lot of talent away from the United States. We think that’s going to change with a focus on crypto and AI.
There are five major platforms evolving in the world today. I mentioned AI as the biggest platform shift. Crypto, or we call it blockchain technology, digital assets, is the second. Robotics, energy storage and multiomic sequencing.
Those are all technology platforms that the US must seize and harness really, and lead the way, much like we did in the Internet. We were about to lose that given our regulatory system. And I think a change in the regulatory system with both crypto and AI as prime focuses is going to be quite meaningful.”
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