25 The Cost Of Authoring The Written Word Has Collapsed Over the past century, the cost of authoring written content has been relatively constant in real terms. During the past two years, as the writing quality of LLMs has improved, the cost has collapsed. TheCost of Authoring Written Content $1,000 E C N E $100 G GPT4 32k I L L $0.16 E T Median GRE N I $10 Analytic Writing AL I C I F I T $1 Claude 2 AR $0.04 Top Decile GRE $0.10 $0 Analytic Writing Cost Per 1000 Words Written, 2023 Dollars, Log Scale$0 2 5 8 11 0 3 6 9 2 5 8 1 4 7 0 3 6 9 2 5 8 1 4 7 0 3 6 9 2 5 8 1 4 7 0 3 6 9 0 0 0 19 14 17 2 2 2 2 3 3 3 4 4 4 5 5 5 5 6 6 6 7 7 7 8 8 8 8 9 9 9 0 0 0 1 1 1 1 22 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 Post 1997 assumes constant words per employed writer over time Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of data sources as of Jan 9, 2024, which are available upon request. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.