ARK Invest CEO Cathie Wood says her firm is now considering freezing hiring for junior roles to pay for the cost of using higher-tier AI tools.
In a new interview with Bloomberg, Wood highlights the growing run-rate revenues of Anthropic and OpenAI.
According to Wood, the rapid growth indicates that more companies are paying for AI tools to boost productivity.
“We monitor the revenue run rate. So you look at the revenues per month for some of these large language model companies, and we’re astonished at what’s happening. Anthropic, for example, was at a $9 billion revenue run rate in December, and it’s already up to $19 billion. So, really justifying the investment that they’re undertaking. OpenAI has gone from $20 to $25 billion. This is in the span of a little more than two months. So, I think what that’s telling us is the impact on productivity of these tools is astonishing.”
Inside ARK Invest, Wood says the firm is already paying multiple seats worth $200 per month each. She says the firm is now considering just paying for more tokens instead of hiring for roles typically offered to college graduates.
“We’re even getting to the point where we can see justification for $2,000 a month. And what that means is, we would not be hiring another research associate. We would be engaging these large language models to help us with our research.”
Just last week, ServiceNow CEO Bill McDermott said that AI agents are now capable of performing tasks that fresh graduates do for firms. According to McDermott, youth unemployment could soar from 9% today to over 30% in the next two years as AI agents take over routine workflows.
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