US domestic profits before tax are hitting highs we haven't seen in many, many decades (13.2% of GDP). Some of that came from massive monetary and fiscal stimulus during COVID, but what's holding it up now is different: companies leaning into AI and productivity gains to protect their margins. I think we're still early in seeing how far that can go, and the companies that get this right are going to separate themselves from the ones that don't. I share more thoughts in the August In The Know. http://ark-invest.com/videos/market-commentary/august-2026-in-the-know-cathie-wood(Cathie Wood)