Growth-heavy equities had been beaten down by the fear of rising interest rates in the face of inflationary pressures since mid-February but bottomed out in mid-May (remember, high-growth stocks are much more interest-rate sensitive than any other equity grouping). Investors are predicting what businesses will be running our rapidly digitalizing economy by the end of the Roaring 20s and have been placing their bets this past month.Relatively discounted growth names are being bought up with vigor as they fall back into market favor. You can see this illustrated in the Ark Innovation ETF ARKK, which was up more than 2% today and has rallied 27% in less than 6 weeks of trading.Cathie Wood Is Back in The SpotlightCathie Wood's Ark Innovation ETF (ARKK) was the most talked-about ETF of 2020, exhibiting a 360% return from its 2020 March lows to its mid-February 2021 highs. These returns were driven by the active ETF's penchant for "disruptive innovation," which is synonymous with extreme-growth stocks that have proven to be high-risk, high-reward. The 10 years of economic digitalization in 10 months amid the global lockdowns combined with ultra-low interest rates propelled Ark's growth-heavy holdings to the moon.This ETF has become the high-growth tech index in the markets today. Its holdings include innovative market disruptors in numerous tech-powered spaces like the revolutionary EV start-up Tesla TSLA (the most significant holding at 9.5%). Retail digitizers like Shopify SHOP and Square (SQ). AI-powerhouses like Twilio TWLO and UIPath PATH. DNA manipulators like CRISPR Therapeutics CRSP, 10x Genomics TXG, and Invitae (NVTA), and so many other visionary enterprises that are poised to explode in the 4th Industrial Revolution.Mid-February marked a narrative shift away from rich multiple growth names as the soaring US 10-Year yield instilled profit-pulling fear in tech. ARKK hit its peak on February 16th and troughed on May 13th for a 39% (nearly) 3-month decline, illustrating the risk of Cathie's high-multiple holdings in her innovative ETF. However, the short-term bottom for next-generation enterprises is in, and high multiple stocks are returning to investors' favor.It may be prudent to consider either this ETF or some well-positioned growth-heavy tech names for a long-term investment. I believe that stocks of the future like CrowdStrike CRWD, Twilio TWLO, and Splunk SPLK are going to be market drivers through the next decade.Breakout Biotech Stocks with Triple-Digit Profit PotentialThe biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.See these 7 breakthrough stocks now>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Tesla, Inc. (TSLA): Free Stock Analysis Report Splunk Inc. (SPLK): Free Stock Analysis Report UiPath, Inc. (PATH): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report Twilio Inc. (TWLO): Free Stock Analysis Report ARK Innovation ETF (ARKK): ETF Research Reports CRISPR Therapeutics AG (CRSP): Free Stock Analysis Report CrowdStrike Holdings Inc. (CRWD): Free Stock Analysis Report 10x Genomics Inc. (TXG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research