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hey guys what's up and welcome back to another video if you didn't see earlier video go check that out in this video we're going to be checking out Kathy Wood she's talking about the AI and the new growth Revolution I'm always interested in what Kathy Wood has to say she makes some bold predictions and even though I don't really invest in Arc I believe she can see the future so let's see what she has to say chat G gbt captured the imagination of uh the investor we had been talking about artificial intelligence since the firm started in 2014 uh and we our confidence if anything has increased because of what's happening with artificial intelligence finally chat G GPT captured the imagination of uh the investor we had been talking about artificial intelligence since the firm started in 2014 uh and we had been very focused on Nvidia as the pure play uh in this space so we were there when Nvidia was five we're on to the next thing now and I I would say you're you're picking uh early 21 the the drop from early 21 in our strategies uh to the low was worse than the tech and Telecom bust which makes no sense back then the Technologies weren't ready and uh the costs were too high we didn't have the cloud we didn't have deep learning in AI didn't have Transformer technology we were not ready for prime time and the costs were prohibitive today and yet investors were chasing the dream back then and that ended badly today uh talk about investor psychology we're ready for prime time the dream is no longer it's a reality and investors are so fearful uh and so we think that the surprise element out there as our companies take off uh and you know I will say something she has been she she was early on the on the call and also AI used to be a lot more expensive you were taking a risk because nobody else was doing it it's a lot harder to grow when you're the only one doing it it's a lot more expensive and for people to have to uh have tried to make bold calls on it back then when nobody else was the wave but now not only is it more attainable to pay for but it makes every single day easier which will pay for itself in the long run so it's not having to come out of excess pockets and excess spending and uh savings that these companies have come up with over the year to pay for something new this is going to make them more money on its own and it's going to get better to be able to make them more money so it's just going to snowball out of effect and it's really one and it's the only thing like it harnessing these new platforms uh the the element of surprise is going to be significant and we will earn ear our way back into portfolios there are many who stuck with this and average down all the way we think they will uh they will be rewarded handsomely if our research is correct we think it is correct of course we could always be wrong so the the big story you mentioned AI let's just keep stay on that topic um I look at your largest Holdings uh in your main Arc fund uh I see Tesla coinbase Roku Zoom I know You' talked about Tesla and AI Nvidia and AI but describe ai's exposure in your portfolio where where does it where does it help other than Tesla you've talked about before Nvidia look at all these other ones we've got here twilio Roblox Unity uh some of the other ones uh block as well speak about it broadly what you're where where it fits in here sure most of the stocks in our portfolios are there because we've used an AI lens she's kind of like a stock market venture capitalist almost she puts money into the small companies that that the vision is too big for the average person to see and she has the money to help them get what they need so they they help her she helps them and she has a portfolio full of them now um we wrote a paper called investing in artificial intelligence where will Equity value surface um it's on ar-f funds.com uh now uh I think many people people feel comfortable they're on the right horses the mega cap tech companies or the Magnificent 7 one of which is Tesla so we clearly agree with that one uh we are not sure when it comes to the others uh we think that AI is going to be highly disruptive is going to disintermediate some of these platforms not all of them and that it may be the the worst thing that has happened to uh to to a company like Google Google um if I can go to chat G GPT and just get an answer right away and not be bothered with links and advertisements I might do that well guess what Google is responding and now giving me answers so it could be the best thing that happened to Google we don't know all I know is that when there are major changes in platforms um especially user interfaces now that we're thinking about glasses and other wearables um that that's interesting she's one of the first people I've heard to say especially directly about Google that AI could hurt them and she brings up an interesting point the the winners of the last round in technology typically are not the winners in the next round so we're on guard in that regard and we know that most large cap portfolio managers own all of these our portfolios are a highly Diversified way to participate in artificial intelligence for every dollar in Hardware that companies spend on artificial intelligence it will probably pull $20 through in software so that's why you see a company like uip path robot robotics process automation um which we think using it is harnessing the foundation models that open AI anthropic and others Meta Meta llama 2 it's harnessing those Foundation models but is using specialized models with its proprietary data uh to to become the robotics process automation company uh in the world the largest uh and and she was kind of tapping on what I was talking about earlier she she rounded it up in actual numbers every you know x amount of dollars you spend on Hardware to be able to the computers to be able to handle this AI it's going to bring you 20 fold the money back so so it's it really is a revolution that's why companies like Nvidia are just out of stock every single company is willing to spend the thousands and tens of thousand dollars on these CPUs and gpus because it's going to return 10x they're going to have these these things in the AI verse getting information learning from itself and just making their company invaluable same with twill a what kind of data and and you'll hear a four four variables that we think are critically important as all companies approach Ai and try and figure out how can I harness the productivity gains uh from this new technology one is they have deep domain expertise they obviously know what they're doing and they have a vision about where their own technology and Company is going in the future they have artificial intelligence expertise they're taking this seriously they have good distribution preferably Global uh not always and then most important beyond that they have proprietary data and most of the companies you'll see in our portfolios have proprietary data that no one else has that they can use to help their customers twilio is another example a trillion business consumer interactions every year and growing at an accelerated rate they can help marketers and salespeople understand hey these were the interactions that caused uh movement towards your company or your product that is very valuable information that nobody else has so here's another what what she's saying is essentially this is a variation on software eats the world it's just the more advanced kind of software that eats the world that makes uh things more productive uh and efficient I mean what she was saying with proprietary data we had a couple companies go public here in the last uh couple of months and one of the things they told me was they get hired to have access to the databases of various companies and provide highlevel analysis AI obviously is in higher level analysis than you can provide so what she's saying makes perfect sense in terms of improving productivity for companies that are using the software around this well all right I wanted to let him finish nothing against this other gentleman we are not here for him we're talking about Kathy Wood she gives some interesting points of course we all know she's been talking about AI forever we all have at this point she's been talking about it for even longer I hope you guys enjoyed the video AI is going to take over the world it's just in about every single company now it's just how good are they going to be able to utilize it as always hit the like button and I'll will catch you in the next one guys take it easy
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