Episode summary
Cathie Wood Talks Elon Musk at Milken | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · Hosts: Carol Massar, Joe Mathieu · Guests: Cathie Wood
Summary
Cathie Wood argued that Elon Musk’s businesses are increasingly converging around a vertically integrated model spanning SpaceX, Tesla, xAI and data centers, and she said that is exactly the kind of technology convergence Ark Invest was built to identify. She framed Musk’s strategy as one where supply chains are being assembled before the full product exists, so the companies can move faster once the market is ready. Wood also said Tesla’s robotaxi platform could have a much lower cost structure than rivals, with her team modeling transportation costs falling toward 25 cents per mile as scale builds.
On SpaceX, Wood said the expected IPO could be around $75 billion and described demand as “voracious,” adding that the company has “reawakened the dream of space exploration.” She said Ark’s preliminary work suggests orbital data centers could make Tesla’s revenue generation “10 20 times higher,” and she rejected the idea that this is a bubble or a repeat of 1999.
Wood also said AMD’s blowout quarter reinforces her view that investors need both GPUs and CPUs for AI, because agentic AI and inference will activate CPUs more than the market expects. She supported early government access to AI models as a national security measure rather than heavy regulation, and said stablecoins could benefit from deregulation under the current administration.
Key takeaways
- Cathie Wood said Elon Musk’s companies are converging, with Tesla, SpaceX and xAI fitting a vertically integrated strategy around data centers and supply chains.
- Wood’s team models Tesla robotaxi costs falling to 25 cents per mile, while she says Waymo’s cost structure could remain 50% higher by 2030.
- Wood said SpaceX could debut at about $75 billion and expects a volatile pop because demand is already “voracious.”
- She argued orbital data centers could make Tesla’s revenue generation 10 20 times higher, and she does not see that as a bubble story.
- Wood said investors should own both GPUs and CPUs, because inference and agentic AI could make CPUs more important than the market expects.
Notable quotes
“we're seeing of course SpaceX, XAI, rumors about Tesla and really he believes uh that in the new world or to create the new world uh a company has to be vertically integrated”
“So this is only at least what we know so far uh $75 billion. There is so much demand out there”
“I can tell you unequivocally it is not. As I mentioned, the seeds were planted then. Uh now we're ready and we think this technology revolution is going to dwarf the industrial revolution by far”
How the episode opens
Bloomberg Audio Studios podcasts, radio, news. — You're listening to Bloomberg Business Week with Carol Masser and Tim Stenc on Bloomberg Radio. — We welcome everybody on Bloomberg Radio, Bloomberg TV across Bloomberg platforms. Yes, indeed. Carol Masser, Joe Matthew here at the Milkin Institute global conference. We have a special guest and I feel like reading in this morning, the headlines were made. It's like they knew Kathy was going to join us. Kathy Woods, CEO, CIO, and of course the founder of Arc Invest. Um, it's so nice to talk with you again. Thanks so much.
Delighted to be here. You gave me my big break in 2015. I'll never forget that.
Well, it's Well, it's so funny because I want to talk Elon because you kind of put him for me on the radar and I just feel like it was a time when so many people questioned what he was up to. Now, everybody is so excited about the SpaceX IPO. we see increasingly how he's kind of melding his universe together.
Tell us about kind of that bet and and even today we have that he's building um a chip factory at least 55 billion in investment maybe as much as almost 120 um and he's doing this chip factory SpaceX with Tesla. How are you looking at Elon right now and what his next era is?
So this is why I founded Arc Invest. Uh we knew that the seeds that were planted in the 20 years that ended in the bubble, they've been germinating for 20 25 years and now they're flourishing. And uh what we're seeing is 15 different technologies evolving and they're all converging. And Elon about six months ago uh and we've been using the word convergence for a long time.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- spacex ipo
- elon musk ventures
- ai chip manufacturing
- ark invest
- milken institute conference
Companies and tickers mentioned
- Ark Invest
- SpaceX
Watch the episode
Watch “Cathie Wood Talks Elon Musk at Milken | Bloomberg Businessweek” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Businessweek Daily
-
Bloomberg Businessweek Weekend - November 13th, 2026 | Bloomberg Businessweek -
Inside Jensen Huang’s Final Hours as Nvidia CEO | Bloomberg Businessweek -
Jensen Huang's Exit Kicks Off Nvidia Strategy Reset | Bloomberg Businessweek -
Special Episode: Bobby Jain on Why He Chose Millennium Again | Bloomberg Businessweek -
Bloomberg Businessweek Daily Podcast: Jensen’s Nvidia Departure -
Take-Two Releasing Long-Awaited Grand Theft Auto VI Next Week | Bloomberg Businessweek
Bloomberg Businessweek Daily, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
