Cathie Wood: Employment Data Shows Surface Pressure, Bitcoin and Stablecoins to Become Biggest Beneficiaries of the Agentic Economy

Odaily Planet Daily Report: ARK Invest stated on X platform that despite the latest US employment data appearing weak on the surface, the overall economic situation is not as pessimistic as it seems. Cathie Wood noted that the US federal deficit as a percentage of GDP is currently at 5.6%, and if productivity and technology adoption continue to improve, it could approach 5% by year-end.

On the inflation front, ARK Invest believes recent data has continued to weaken, with June CPI at -0.4% month-over-month, PPI at -0.3% month-over-month, and core PCE deflator at 0.1% month-over-month. Looking ahead, deflationary risks warrant greater caution than inflation.

Additionally, ARK Invest projects the US dollar index could rise to 102.6 this year, and points out that market narratives regarding foreign governments selling off US Treasuries are off the mark. On energy, ARK Invest believes the oil market is forming a supply surplus, with further downside room for oil prices, which would constitute a deflationary driver for most global economies.

Cathie Wood also stated that AI-related capital expenditure has broken through the range of the past 30 years. This is not the peak of a bubble, but rather the early stage of a technological revolution. Regarding crypto assets, she believes Bitcoin's performance relative to gold is stabilizing, and as the agentic economy develops, Bitcoin and stablecoins could become the primary beneficiaries.