8 Converging Technologies Are Generating A Historic Technological Wave Estimated Economic Impact of General Purpose Technologies (Annual Percentage Point Additions to Real GDP Growth And Consumer Surplus) 18 3D Printing Reusable Rockets Adaptiverobots Advanced Batteries Internal Combustion Engine Autonomous Mobility 13 Electricity Internet Cloud Computing Telephone Cell phones Radio GPS CE Refrigeration The Web AI N Air Conditioning E Chemicals & Synthetic G 8 PCs E-Commerce R Materials E Automobile Biotech Renewables V Railroads Fiber optics N Telegraph Assembly Line Intelligent Devices CO Photography Television Integrated Circuit Multiomic Technology Steam Engine Bicycle Jet Engine Nuclear Power Precision Therapies 3 Containerization Programmable Biology Digital Wallets Smart Contracts Cryptocurrencies -2 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 5 0 5 0 5 0 5 0 5 5 0 5 0 5 F 0F 8 9 0 10 15 2 2 3 3 4 4 5 5 6 7 7 8 8 9 9 0 10 15 2 2 3 3 0 4 5 5 6 7 7 8 8 0 9 0 1 1 20 253 8 9 0 18 6 0 19 4 6 9 0 25 0 17 17 17 17 18 18 18 18 18 18 18 18 18 18 18 18 18 18 18 18 18 18 18 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20 20 20 20 20 2020203 20 Sources: ARK Investment Management LLC, 2024. This ARK analysis is based on a range of underlying sources, including Bekar et al. 2017, which may be provided upon request. The chart uses GPT 4 prompting to survey a comprehensive list of general purpose technologies using the identification framework detailed therein. Where available, academic literature is also used to assess attributable economic impact. A GPT-4 scoring rubric assesses technology-by-technology impacts. The impact measured directly is matched against the scoring to tune all scores to produce technology-by-technology estimates of economic impact (even when direct measures of economic impact are unattainable). Consistent with General Purpose Technology theory, these technologies are assumed to go through a period of investment in which economic impact is negative before productivity advances begin to realize into economic data. All technologies are assumed to have the same diffusion and realization cycle. If recent technologies are assumed to diffuse more quickly, the current wave would appear steeper. 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.