According to Cathie Wood’s Ark Invest, artificial intelligence (AI) is expected to drive a ‘deflationary boom’ by 2024, leading to a significant economic transformation. The firm believes that AI will increase productivity and efficiency across various industries, resulting in lower costs and prices for consumers. This ‘deflationary boom’ is anticipated to offset inflationary pressures and potentially revive economic growth. Ark Invest’s research suggests that AI’s impact will be widespread, affecting sectors such as healthcare, transportation, and manufacturing. The firm predicts that AI-driven automation and optimization will lead to cost savings and improved resource allocation, ultimately benefiting both businesses and consumers. However, the report also acknowledges potential challenges, including job displacement and the need for workforce retraining. Overall, Ark Invest’s analysis presents an optimistic outlook on the transformative power of AI in driving economic growth and deflation in the coming years.
Source: https://www.businessinsider.com/ark-venture-fund-cathie-wood-ai-2024-10