73 AI Could Redefine Personal Computing As computing transitioned, hardware cycles compressed from 35 years for the personal computer to 20 years for the smartphone, causing the consolidation of software players. More rapid adoption of AI-enabled hardware could accelerate the consolidation of software providers. Time To Penetrate 75% Of The US Population Software Expansion Operating System Consolidation S R Windows, Commodore 64 OS, E Computer 35 Windows, MacOS, Linux M Atari TOS, Amiga, Linux, MacOS… U S N CO L A BB OS, Windows Phone, iOS, T I Smartphone 20 Symbian, Android, Palm OS… iOS, Android G DI AI-Enabled GPT-4, Claude 2, Mixtral, ? Hardware ? Llama 2, Grok… 0 10 20 30 40 Years Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying data from external sources, including DeGusta 2012, which may be provided 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.