Cathie Wood-Led Ark's Prediction: AI Will Turn Digital Wallets Into $9 Trillion E-Commerce Powerhouses — Google, Amazon Dominance Set For Disruption?

Quick Summary:

What Happened: The Cathie Wood-led firm’s latest research suggests that AI “purchasing agents” embedded in digital wallets like Shopify Inc‘s (NYSE:SHOP) Shop Pay, Cash App owned by Block Inc (NYSE:SQ), and Apple Inc.’s (NASDAQ:AAPL) Apple Pay could transform the traditional one-click checkout into a streamlined one-query purchase experience.

ARK Invest said in November that artificial intelligence-powered digital wallets could revolutionize e-commerce, potentially driving nearly $9 trillion in global online spending by 2030 through the integration of Large Language Models into payment platforms.

This development comes as major tech companies, including Alphabet Inc.(NASDAQ:GOOGL) (NASDAQ:GOOG) and Amazon.com Inc.(NASDAQ:AMZN), are rapidly advancing their AI shopping capabilities.

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Author / Journalist: Kaustubh Bagalkote

Category: Technology

Markets: United States

Topics: Equities US5949181045 GOOG Markets AMZN ARK Invest Large Language Models Kaustubh Bagalkote Tech SHOP US38259P5089 Benzinga Artificial intelligence MSFT US38259P7069 Cathie Wood Benzinga neuro US0378331005 SQ GOOGL AAPL US0231351067

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-03 @ 05:18:23 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 501 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 26 words per sentence (average)

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Copyright Owner: © Benzinga

News ID: 24081238

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