To grasp the magnitude of the robotics age now emerging, know that Amazon is adding 1,000 robots a day at its warehouses, says Cathie Wood, CEO and chief investment officer of Ark Invest.
To date, Amazon has more than 500,000 robots, about one-third of its 1.6 million employees, and by 2030, Amazon will be run by more robots than humans, Wood told CNBC’s “Squawk Box” Wednesday.
“We are just at the dawn of the robotics age,” Wood added. “And I would say, artificial intelligence and battery technology are all a part of that movement as well.”
Robotics will spread widely among many different types of manufacturing, reducing costs by 50% to 60%, Wood predicts.
“If you look at the cost declines, which drive all of out models, for every cumulative doubling in the number of robots produced, the cost declines are in the 50%-60% range,” she said.
As robots are deployed, their costs will come down, speeding up the transition to fully automated manufacturing, Wood predicts.
Wood shot to investment fame in 2020 when she correctly called the Fed’s interest rate cuts and the growth in high-growth technology stocks fueled by COVID shutdowns and work from home protocols.
Amazon, which announced 18,000 job cuts in January, is expected to released its fourth-quarter earnings results Thursday.