The trope of robots taking over the world might soon be moving from science fiction into reality, as more and more companies use machine workers to do everything from making pizzas to patrolling city streets. Robots have a dual appeal to many companies: they are often more efficient and cheaper than human workers.
Amazon, the one-stop shop for buyers looking for virtually any product under the sun, already uses robots to handle packaging in some of its facilities. But ARK Invest CEO Cathie Wood says she thinks that within the next few years, Amazon’s use of robotic workers is about to explode.
To grasp the magnitude of the robotics age now emerging, know that Amazon is adding 1,000 robots a day at its warehouses, says Wood.
To date, Amazon has more than 500,000 robots, about one-third of its 1.6 million employees, and by 2030, Amazon will be run by more robots than humans, Wood told CNBC’s “Squawk Box” Wednesday.
“We are just at the dawn of the robotics age,” Wood added. “And I would say, artificial intelligence and battery technology are all a part of that movement as well.”
Robotics will spread widely among many different types of manufacturing, reducing costs by 50% to 60%, Wood predicts.
“If you look at the cost declines, which drive all of out models, for every cumulative doubling in the number of robots produced, the cost declines are in the 50%-60% range,” she said.
As robots are deployed, their costs will come down, speeding up the transition to fully automated manufacturing, Wood predicts.
Wood shot to investment fame in 2020 when she correctly called the Fed’s interest rate cuts and the growth in high-growth technology stocks fueled by COVID shutdowns and work-from-home protocols.
Amazon, which announced 18,000 job cuts in January, is expected to release its fourth-quarter earnings results Thursday.
To this end, Amazon and other major employers, such as Walmart, have recently raised hourly wages substantially in an attempt to attract and retain employees.
The Bureau of Labor Statistics reports that in the current job market, there are 11 million job openings and 5.72 million unemployed individuals while inflationary pressures increase as firms compete to offer better wages.
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