Cathie Wood sees this technology accelerating GDP growth by 50% per year
Renowned fund manager and Ark Invest founder Cathy Wood Saturday suggested artificial general intelligence (AGI) is likely to provide a big boost to economic growth.
The fund manager believes that a breakthrough in AGI will lead to the acceleration of GDP in the next six to 12 years. The analyst estimates that GDP growth will rise from the current 3-5% annual rate to 30-50% per year. “The new DNA will win,” she added.
@ARKInvest need to share more of our research on #artificialgeneralintelligence (AGI) and how it is likely to transform the way the world works. Within 6-12 years, breakthroughs in AGI could accelerate GDP growth from 3-5% per year to 30-50% per year. The new DNA will win! https://t.co/RxVp8K4IK4
— Cathie Wood (@CathieDWood) May 22, 2022
Related link: Why Cathie Wood says record stocks could drive prices down
Wood’s opinions came in the form of a quote tweet from the Ark Invest analyst Bret Winton, who shared a graph showing that the estimated time for AGI has dropped by 60-70% over the past two months.
“You can reasonably conclude that these revisions to the estimated time for AI imply a change in the net present value of real GDP of about 100x (at a 10% discount rate),” Winton said.
The results of the research paper show that the introduction of AGI would cause GDP to double in about two years, notably faster than the 16 times without it, he added.