This Industry Will Be Worth $14 Trillion by 2027, Says Ark Invest -- Here's the Stock to Buy Now
Ark Investment Management is led by Cathie Wood, one of the most vocal technology bulls on Wall Street. Wood has a reputation for making large, long-term bets on innovative companies through Ark's portfolio of exchange-traded funds (ETFs). Ark Invest just released its "Big Ideas 2023" report, and it made a blockbuster call on the autonomous ride-hailing industry. It says that by 2027, the sector could amass a $14 trillion enterprise value based on $4 trillion in annual revenue.
Ark is betting that self-driving vehicles will reduce the cost of mobility by a whopping 88% compared to human-driven ride-hailing services. The savings would be so substantial that robotaxis could replace up to 60% of short-haul airline flights, according to Ark's financial models.
The business case for autonomous vehicles is in its infancy, but if Ark Invest's predictions prove accurate, Uber Technologies (NYSE: UBER) could quickly become one of the biggest winners.
Source Fool.com
