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Article Summary and/or Excerpt:
Cathie Wood and Ark Invest are bullish on the future of artificial intelligence. The high-profile innovation-focused investor highlighted the importance AI and the convergence of technology platforms in a “Big Ideas 2023” investor report.
Wood and her team outlined that market participants should be looking at five converging innovation platforms that have the ability to “define this technological era.” At the center is artificial intelligence, with robotics, multiomic sequencing, public blockchains and energy storage orbiting nearby.
ARK believes that these technologies can together provide exponential growth into the future of the global economy. The firm predicated that AI training cost reductions continued at an annual rate of 70%. To put that into perspective, the cost to train a large language model to GPT-3 level performance dropped to $450,000 in 2022 after being near $4.6 million in 2020, ARK noted.