Investors are constantly looking for the next big thing; lately, the artificial intelligence (AI) space has captured their imagination. AI is transforming every aspect of our lives, from cutting-edge language models like ChatGPT to game-changing innovations like self-driving cars.
However, in a sea of flashy, high-profile startups, it can be easy to overlook some of the “hidden gems” in the AI space. According to Cathie Wood of Ark Invest, one of these gems is Tesla. This blog post will explore Wood’s perspective on why Tesla is among AI’s “hidden gems” and what differentiates it from other players.
– Cathie Wood of Ark Invest has noted that ChatGPT has sparked excitement among investors due to its Artificial Intelligence capabilities.
– She claimed that Tesla and Exact Sciences are likely to benefit significantly from implementing artificial intelligence.
Cathie Wood says:
“We believe that the hidden gems that will benefit the most from artificial intelligence are those companies with proprietary datasets.”
Cathie Wood of Ark Invest has warned against disregarding other pioneers in AI, despite the enthusiasm that ChatGPT’s emergence has caused on Wall Street. She encourages people to access their preferred subjects through personalized feeds while away from home.
Wood expressed her delight on Thursday during an interview with Yahoo Finance Live that ChatGPT has sparked the interest of investors, even though they usually don’t invest in companies that focus on being pioneering.
She mentions that AI can provide productivity enhancements and notes the Meta Platforms, owned by Facebook, as an example of using the technology for greater efficiency.
ChatGPT has demonstrated its capacity to perform various activities, like creating stock stories, letters for layoffs, and even messages for dating apps.
OpenAI’s latest foray into AI has already pushed multiple AI-related stocks to dizzying heights. Even smaller cap companies have experienced major stock price up since ChatGPT was launched on November 30.
Wood noted that only some businesses that can benefit from AI are evident.
Wood went on to say:
“We believe that the hidden gems that will benefit the most from artificial intelligence are those companies with proprietary datasets.”
Wood asserted that Tesla has the most extensive repository of essential driving information, granting it a head start in artificial intelligence and permitting it to be at the forefront of autonomous-driving services.
Cathie Wood continues to say:
“It’s also a winner-take-most opportunity.”
“The company that is able to get an autonomous vehicle from point A to point B the most safely and quickly is going to be the winner. That’s going to be the go-to service.”
Exact Sciences provides testing and screening services for the early recognition of cancer. Its laboratory services offer a viable way to detect the disease in its earliest stages.
Wood suggested that this company will likely possess the most data due to the amount of information it holds about oncology molecular diagnostic testing. Artificial Intelligence is being utilized to leverage that data to detect cancer at its earliest stage.
Exact Sciences is an example of a company that satisfies all three criteria that she has for investing in artificial intelligence stocks: possessing proprietary data, having the necessary domain expertise, and being knowledgeable about AI.
Cathie Wood went on to say:
“These are scientists with a deep understanding of biology, AI expertise and data,”
“So those are the kinds of companies we’re looking for.”
According to Ark Invest CEO Cathie Wood, Tesla is one of the “hidden gems” in artificial intelligence. She said Tesla’s self-driving car and battery efforts make it a compelling investment. The electric carmaker’s shares have surged more than 700% this year as investors bet on its growth potential.
Source: Markets Insider
