Cathie Wood Forecasts Widespread Layoffs as Companies Turn to AI to Cut Costs
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Cathie Wood predicts widespread layoffs are coming as companies deal with weak revenues and attempt to protect margins.
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She believes employers will turn to AI and automation to cut costs and improve efficiency.
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Wood says economic pressures will soon force companies to reduce excess labor.
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Her comments echo previous predictions of a "harder than soft" economic landing.
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ARK Invest's actively managed funds have seen mixed returns in 2023, with ARKG down 18.5% and ARKF up 24.7%.
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