Cathie Wood, founder, CEO, and CIO of ARK Invest and a self-proclaimed believer in disruptive technology, tweeted that her company “must share more of our research about #artificialgeneralintelligence (AGI) and how it is likely to transform the way the world works.”
AGI is a technology through which robots or smart machines are built to perform human-like tasks. Ark’s funds invest in innovative technologies such as artificial intelligence, robotics, genomic revolution, cybersecurity, cloud computing, and so on.
Her tweet was essentially a quoted retweet of Brett Winton’s (Ark’s Director of Research) take on AGI. He stated that over the past two months, the estimated time to AGI has fallen by between 60% and 70% due to chaotic macroeconomic conditions. As per Ark’s research, innovations in AGI could accelerate growth in GDP from 3% to 5% per year to around 30% to 50% annually.
However, the prediction of AGI contributing such humongous percentages towards GDP has left many on the micro-blogging site baffled. The tweet is garnering hate replies from critics who are stating that it is this very absurd thesis that has dragged down the performance of Ark’s line of funds.
A few are even questioning how they arrived at the forecast of a six-to-12-year time frame for AGI breakthroughs and the related impact on GDP when it has become increasingly difficult to even time the market correctly in the short run.
Some are bashing Cathie for her wrong calls on stocks like Tesla (TSLA) and Palantir Technologies (PLTR). A few even suggest that her funds must be invested in the likes of Microsoft (MSFT), Apple (AAPL), Alphabet (GOOGL), and Meta Platforms (FB), which are the forerunners of the AGI shift.
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