Cathie Wood Says AI Will 'Disrupt The Traditional World Order' And Replace Search Engines Like Google

by Erica Kollmann Benzinga Staff Writer

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Cathie Wood warns that Europe could be a threat to Palantir’s remarkable growth if the EU moves further into the AI space.
ARK Invest sells nearly $80 million in Palantir stock this week alone.
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Tech investor and CEO of ARK Invest, Cathie Wood, on Friday re-emphasized her bullish calls on Bitcoin BTC/USD and Tesla, Inc. TSLA. However, Wood shed some light on potential headwinds ahead for Palantir Technologies, Inc. PLTR and Alphabet, Inc. GOOG GOOGL.

PLTR: ARK Invest has been reducing its position in Palantir across its portfolio funds, selling nearly $80 million worth of shares this week alone. Palantir is now Ark’s fifth-largest holding, making up 6.62% of the portfolio with a total value of $324.4 million.

In a Friday morning interview on CNBC's Squawk Box, Wood said Palantir's government business remains strong and its "commercial business is on fire." However, she warned that Europe could be a threat to the company's remarkable growth if the EU moves further into the AI space.

GOOG: The disruptive tech investor pointed to artificial intelligence as a force that will "disrupt the traditional world order" and predicted that everyone will have an AI-powered personal assistant in the future. Wood said that humans using a search engine to find information will become a thing of the past as the "assistants will do much of the walking for us."

Referencing an Apple executive's comments on AI replacing search engines earlier this week, Wood said that it comes as "no surprise" that large language models are already taking market share from Google.

BTC: Wood reiterated ARK Invest's bitcoin thesis with a base case scenario of $750,000 and a bull case of bitcoin reaching $1.5 million by 2030.

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Limited supply, emerging markets use case and institutions continuing to move into bitcoin will drive the price of bitcoin higher, she predicted.

"We still have miles to go," Wood said as bitcoin traded around $103,000 Friday morning after reclaiming the $100,000 level on Thursday.

TSLA: Wood has long been a Tesla bull and on Friday she again doubled-down on her call for the Elon Musk-led company to reach $2600 per share within the next five years.

She added that the $2600 Tesla price target does not include revenue from humanoid robots which Wood pegged as a $26 trillion revenue opportunity.

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