On April 20, Ark Invest, led by Cathie Wood, stated that many market participants have accepted the narrative of a weakening dollar. We continue to see reasons for potential upside. We believe that capital-friendly tax policies, deregulation, and enhanced relative returns on U.S. investments may support sustained demand for dollar-denominated assets. If foreign direct investment continues to strengthen and capital flows favor the U.S., the dollar could strengthen even if many investors expect otherwise. In our view, this is another example of how consensus thinking may overlook the full implications of an innovation-led, investment-driven cycle.