Cathie Wood says AI already boosting labor productivity

Investing.com -- Artificial intelligence is already raising labor productivity and is set to unlock more significant gains in the coming decade, according to Cathie Wood of ARK Investment Management LLC.

Wood said non-farm productivity has risen 2.8% year-over-year, but new AI tools should see this pace pick up to as much as 6% annually.

"The productivity we are enjoying from these large language models is astonishing," Wood said in an interview on Bloomberg Television. Even "former skeptics" within her firm have been "blown away by what they can do," she added.

Wood pointed to revenue growth among frontier AI model providers, noting that Anthropic's annualized revenue has reached $19 billion, while OpenAI has grown from $20 billion to $25 billion.

"We're going to see $10 to $12 trillion in revenue generation within the next five to ten years from almost nothing now," she said. "That is going to be a needle mover in terms of GDP."

The comments came as Nvidia CEO Jensen Huang projected at least $1 trillion in sales through 2027.

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