A lot happened in our June 2026 webinar. Here are a few topics worth your attention. WE DON’T BELIEVE THIS IS AN INFLATION SCARE Unit labor cost inflation is just 0.5%. Cathie Wood’s message is clear: this growth is not inflationary. The fear that a strong jobs report means rate hikes is the wrong framework. HOUSING IS IN A DEPRESSION, BUT WARSH MAY BE THE ANSWER We believe the housing market is not recovering because of commodity prices. It is depressed because of interest rates. Cathie Wood believes Kevin Warsh will cut rates as inflation surprises to the downside and unlock the housing market. THE ARK VENTURE FUND HITS $1 BILLION The ARK Venture Fund crossing $1 billion in AUM is a milestone for retail access to private equity. SpaceX. Anthropic. OpenAI. These are the kinds of positions the fund was built to hold. EVALUATING ANTHROPIC AND OPENAI Both Anthropic and OpenAI are at the frontier of what is possible in AI. ARK evaluates them on the size of the opportunity, the moat, and the rate of model improvement. As they approach public markets, they become candidates for ARK’s broader exchange-traded funds (ETFs) as well as remaining in the ARK Venture Fund.