Video highlights

Wood opened the interview by saying she was happy to be back in Korea, her second visit after one in June.

Wood thanked viewers for the warm welcome and said she felt the love everywhere ARK went during the trip.

Semiconductor stocks fell in June after a strong US employment report pushed interest rates up. Wood had warned that memory is the most volatile segment of semiconductors, but she believes a technology revolution lasting years is underway.

She offered two offsets: Korean companies will likely shift more aggressively toward high-bandwidth memory, which carries higher value added, and AI demand growth is expected to be explosive. Using a baseball analogy, she said the industry is not even in the first inning and is still in the parking lot.

The common view is that semiconductor stocks fall when rates rise, but Wood said that is not always true. After COVID, rate increases wiped out nearly everything in the sector.

She split the rate move into inflation and real growth, arguing the recent rise comes from real yields reflecting real GDP growth. AI companies are expected to grow fast enough to absorb higher rates, though more mature companies may be hurt.

Wood said Korean memory stocks will not stop being volatile, because they are the most cyclical and most commoditized part of the market. That is why the shift to high-bandwidth memory matters.

She said volatility should continue, but she does not think there is much further downside after the correction already seen.

She noted Shopify is the back end for many merchants, and that Instagram uses Shopify to help fulfill orders.

Wood described research director Nick Gruss as heavily dependent on Muse. He reportedly used a single prompt to recover about $1,500 in deposits and refunds he had been owed.

He also uses the agent for nutrition planning, daily workout rotation, and calendar organization and reservations.

Wood said Muse reached up to 2 million weekly average US users and has been the number one productivity app on the iOS App Store for 28 consecutive days, a run she said no app has matched since ChatGPT.

She said the team does not believe the upside for Muse-related holdings is capped yet.

Wood said ARK trimmed Meta not on an investment view but because the fund had a chance to buy a private stake in prediction-market company Kalshi, and its portfolios run with little cash, so it took a little from most holdings.

She said ARK may be the only US ETF holding Kalshi, and that it also owns OpenAI in its private holdings.

She said Korean players are likely to keep an edge in high-bandwidth memory, where the revenue mix will shift.

Wood said technology works best when prices fall or quality improves at the same price, and that bringing memory prices down would revive the consumer device side of the economy.

She said she is nervous because demand for devices is highly price-elastic, and consumers have already responded to recent price increases.

Asked about the common view that October is strong for bitcoin, Wood said she has not seen it recently and does not think in month-to-month terms.

Wood said bitcoin and gold can both benefit as stores of value if the debasement trade is about inflation, but she disagrees that it implies a weaker dollar.

Wood said her long-held bull case for bitcoin remains, with the base case closer to 750,000 dollars, still a very large acceleration.

Asked whether bitcoin falls when the dollar rises, she said bitcoin's role as a new asset class and its very low correlation with gold are the reasons she expects it to keep rising.

She expects emerging markets to use stablecoins for daily payments, with bitcoin as a way to preserve wealth as incomes grow.

The interview ended with an exchange about timing: when asked whether she would return, Wood answered after a short pause, and she joked that in Korea's fast-paced culture even that counted as slow.