24 Text-To-Image Models Are Reinventing Graphic Design Eight years after researchers at the University of Toronto introduced the first modern text-to-image model, the output from image models now rivals that of professional graphic designers. A human designer can create an image—like a herd of elephants walking across a green grass field—in several hours for several hundred dollars. Text-to-image models can produce the same graphic in seconds for pennies. Professional apps like Adobe Photoshop and consumer apps like Lensa and ChatGPT are integrating image models into their products and services. E C N E A herd of elephants walking across a green grass field G I L L E T N I AL I C I F I T AR February 2016 February 2022 November 2022 December 2023 alignDRAW Midjourney v1 Midjourney v4 Midjourney v6 Sources: ARK Investment Management LLC, 2024. Images sourced from Masimov et al. 2016 and Midjourney. 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.