Artificial intelligence (AI) is rapidly changing industries in ways that remind veteran investors of the internet frenzy of the late 1990s. The potential is so large that it can be difficult to comprehend.

Cathie Wood, the CEO of Ark Invest, believes AI will enable the largest productivity increase in history and that huge gains for investors are right around the corner. Ark Invest expects global software spending to surge from roughly $1 trillion annually in 2022 to $14 trillion in 2030, driven mainly by AI.

It's still too early to know which businesses will flourish as Amazon did in the late 1990s, and which will fizzle out like Pets.com and so many of its peers did. So it makes sense to pay attention to successful investors with a track record of finding the next big thing.

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Source Fool.com