ARK Invest founder Cathie Wood says that artificial intelligence could mean unheard of economic growth in as little as six years.
“@ARKInvest must share more of our research about #artificialgeneralintelligence (AGI) and how it is likely to transform the way the world works,” Wood tweeted. “Within 6-12 years, breakthroughs in AGI could accelerate growth in GDP from 3-5% per year to 30-50% per year. New DNA will win!”
She quote tweeted a post by ARK Director of Research Brett Winton.
“(You) are distracted by noise … over the past 2 months, the estimated time to Artificial General Intelligence has fallen by between 60 and 70% (find me a chart that is more macro-economically meaningful than this one; I’ ll wait),” Winton tweeted. (Chart at bottom.)
“You could reasonably conclude that these revisions in estimated time to AI imply a change in the net present value of real GDP of ~100x (at a 10% discount rate.),” I added. “See for example, this paper, which finds that the introduction of AGI would lead to a GDP doubling time of ~2 years as compared to 16 ex-ante.”
Wood’s funds have suffered heavy losses this year, with the flagship ARK Innovation ETF (NYSEARCH:ARKK) down 50% and the ARK Autonomous Technology and Robotics ETF (BATS:ARKQ) off 34%.
Roku (ROKU) replaced Tesla (TSLA) as Cathie Wood’s top holding last week.