Ark Invest's Cathie Wood said Zoom Video and Teladoc , which enjoyed explosive growth during the pandemic, are much more than just stay-at-home plays. "Zoom and Microsoft are going to be the biggest beneficiaries of the first rip-and-replace cycle in the enterprise communication space," Wood said Tuesday on CNBC's "TechCheck." "We think this is a very big idea. Those who have dismissed it as nothing but stay-at-home we think are going to be quite surprised at the reacceleration of the revenue growth in the years ahead." The innovation investor said the enterprise communication space will produce $1.5 trillion in revenue per year. Zoom is the second-largest holding in Ark's flagship fund Innovation , accounting for more than 8% of the ETF. Shares of Zoom have tumbled more than 57% this year as rising rates hit growth stocks particularly hard. The video conferencing company skyrocketed nearly 400% in 2020 as the pandemic boosted consumer demand for its service. "This is an enterprise communications play, not a consumer play. Same with Teladoc," Wood said. "Teladoc is building the information backbone, which is going to unite hospitals, doctors, insurance companies and patients over time." Teladoc is also having a rough year, with shares down nearly 70%. The telehealth company also enjoyed massive growth in 2020 as the stock rallied 138% that year. Wood reiterated that innovation solves problems and her tech darlings are poised to stage a big comeback as interest rates and inflation expectations peak. "We are managing a deep value strategy," Wood said. "It has been the most maligned for the last 18 months as inflation fears and interest rates have moved up, and we think that's going to unwind now."