Cathie Wood, CEO of Ark Invest, recently commented on the impact of artificial intelligence and how it is affecting companies, employees, and investors. She believes that this emerging and extremely competitive AI market will be won by those who have sophisticated domain expertise, a strong AI understanding, as well as unique and proprietary data to capitalize on it.
To showcase her belief, her firm recently dropped around 500,000 shares of Shopify.
Wood believes that a key to success in this market is having proper handling of AI. She mentioned that the generative AI models such as the ChatGPT are charging for use, citing resistance to this. She is also of the opinion that free models are rapidly being developed yet, having the most sophisticated data is key and will be what sets ‘winners’ apart in the industry.
Ark Invest’s portfolio is primarily AI-focussed and Wood has said that there is a common thread between the stocks they are investing in – having proprietary data no one else has.
Cathie Wood is an American investor and the founder, Chief Executive Officer and Chief Investment Officer of ARK Invest. She formerly served as the Chief Investment Officer at AllianceBernstein, with her popular exchange-traded fund picking up traction in 2021. Wood also hosts her own podcast called ‘In The Know’, where she characterized AI as an emerging ‘powerful force’.
