Cathie Wood takes a stake in OpenAI, betting on an explosion in AI use

107200362 1679435670275 cathie

107200362 1679435670275 cathie

Cathie Wood’s Ark Invest has recently invested in OpenAI, a well-known player in the field of artificial intelligence, known for its ChatGPT technology. The asset manager, based in St. Petersburg, Florida, announced this investment in an email to clients on Thursday. Wood’s ARK Venture Fund joined OpenAI as an investor on Wednesday. In the email, Ark highlighted OpenAI’s position as a leader in the rapid advancement of artificial intelligence, citing their development of influential AI models like GPT and DALLE, as well as the successful launch of ChatGPT, which quickly reached 100 million active users.

Wood’s firm introduced the venture fund in September 2022, providing retail investors with an opportunity to access the venture capital market with a minimum investment of $500. The fund has a portfolio of over 40 companies, including big names like SpaceX, Discord, and Epic Games. Wood specifically praised OpenAI’s ChatGPT for its unique ability to generate high-quality content, attributing this to its comprehensive data collection from the internet. She expressed her bullish outlook on artificial intelligence, considering it a key driver in her disruptive innovation strategy. In particular, Wood sees Tesla’s robotaxi initiative as a significant AI opportunity and has also commended DeepMind, an AI research lab owned by Google, as one of the top AI companies globally.

Cathie Wood’s Ark Invest has recently invested in OpenAI, the company behind the popular ChatGPT artificial intelligence technology. OpenAI has been at the forefront of groundbreaking AI research, including the development of the GPT and DALLE models. ChatGPT, in particular, has quickly gained popularity, reaching 100 million active users in record time. Wood’s Ark Venture Fund, which allows small investors to tap into the venture capital market with as little as $500, has invested in over 40 companies, including SpaceX, Discord, and Epic Games. Wood believes that OpenAI’s data advantage, particularly its ability to scrape the entire internet for information, is what sets them apart. She has been a strong advocate for AI as a key driver of disruptive innovation, pointing to companies like Tesla and DeepMind as examples of the potential for AI to transform industries. Wood has praised Tesla’s robotaxi ambition as the “biggest AI opportunity in the world” and has highlighted DeepMind as one of the best AI companies globally. Wood’s bullish stance on AI underscores her belief in its transformative potential across multiple sectors and industries.

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