Ark's Cathie Wood Calls AI Slowdown Pledge a 'Positive Step' for the Industry

Ark Investment Management founder Cathie Wood on Tuesday endorsed a recent pledge by top artificial intelligence executives to slow the pace of the technology's advancement. Wood characterized the move as a "positive step" to help secure and safeguard the industry's long-term development, according to a Reuters report from Sydney.

AI Leaders Call for Caution

The call for a more measured pace of development was initiated over the weekend by Anthropic CEO Dario Amodei, who cited rising global concerns that advanced AI is being misused. The initiative was immediately backed by other industry leaders, including OpenAI Chief Executive Sam Altman and xAI and Tesla founder Elon Musk.

The pledge follows heightened debate over AI safety, including recent social media posts from two Anthropic researchers who warned of a rising risk that AI could pose an existential threat to humans. Wood dismissed these specific claims as "ridiculous," but emphasized the importance of the broader conversation.

Market Reacts to Uncertainty

The push for a development slowdown has rattled investors who had recently driven equity markets to record highs, largely fueled by enthusiasm for AI. The news prompted a sell-off in the sector:

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• Global AI-related stocks slid on Monday as investors reassessed the industry's future growth trajectory.
• Pessimistic sentiment continued into Tuesday, with Asian chip and AI stocks remaining under pressure.

Wood's Perspective on Risk

Speaking to reporters, Wood, whose firm's funds hold positions in key AI players like Tesla, OpenAI, and Anthropic, welcomed the increased scrutiny. "Having been in the tech and telecom bubble, which ended in a bust, I’m happy that the leaders of the industry are advertising the risks associated with this new technology," she stated.

Wood added that the current focus on risk provides a "great opportunity to focus the world on cybersecurity in this space." She concluded that for a complex issue like AI safety, "half of the solution is understanding the problem."